Latest News- Real Time Location Systems (RTLS) For Healthcare Market: RFID is expected to lead the Technology segment during 2025-2029

The Real Time Location Systems (RTLS) For Healthcare Market is being driven by Need for improved patient safety

The Real Time Location Systems (RTLS) For Healthcare Market is expected to grow at a CAGR of 33.2% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 8691.4 million. The integration of Real Time Location Systems (RTLS) with Electronic Health Records (EHRs) is a significant trend in the global RTLS for healthcare market. This development enables seamless data sharing between RTLS and EHRs platforms, enhancing patient care coordination and workflow effectiveness. By merging RTLS data, such as patient location and mobility, with EHRs, healthcare professionals can gain real-time insights into patient status, leading to more precise and timely treatment decisions. This integration ultimately enhances patient safety, optimizes resource allocation, reduces waiting times, and boosts overall workflow management efficiency in healthcare facilities. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Technology
  • RFID
  • WiFi
  • UWB
  • BLE
  • Others
• Component
  • Hardware
  • Software
  • Services
• Application
  • Inventory or asset tracking and monitoring
  • Personnel locating and monitoring
  • Access control and security
  • Environmental monitoring
  • Others
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
  • Asia
    • China
    • India
    • Japan
  • Rest of World (ROW)

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Need for improved patient safety
• Increasing demand for asset tracking
• Growing focus on workflow optimization

However, the market also witnesses some limitations, which are as follows:

• Interference from other wireless technologies
• Initial high implementation costs
• Issues due to need for integration with existing IT infrastructure

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Market Scope in Real Time Location Systems (RTLS) For Healthcare Market Research Report

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Research Analysis Overview

In the Real Time Location Systems (RTLS) market for healthcare, wireless communication is utilized for data transmission between tagging systems and reader devices. Localization algorithms ensure accurate positioning, while software platforms and positioning engines manage data. Infrastructure costs, implementation services, and technical support are crucial considerations. UI/UX, data privacy, and future technologies shape user experience. Sensor networks enable precision tracking and real-time location-based services (LBS), enhancing indoor navigation and wayfinding in smart hospitals for improved patient safety and healthcare efficiency. Emerging trends include integration with EHR systems and IoT devices.

Market Research Overview

The Real Time Location Systems (RTLS) market for healthcare is a significant segment of the global healthcare industry, encompassing the sales of IT systems and applications, monitoring devices, telehealth technologies, and digital health solutions to healthcare providers. Key components of this market include asset tracking using ultra-wideband (UWB) technology, patient monitoring, staff tracking, and inventory management. The market's size is determined by the combined revenue generated by healthcare technology players, biotechnology firms, pharmaceutical companies, and IT consulting services. Factors driving market growth include the continuous pressure to reduce costs in both developed and developing economies, as well as increasing IT spending in the healthcare sector.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/