The global RTLS market for healthcare share is predicted to grow from USD 2.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 23.5% during 2023 to 2028.

Healthcare is one of the largest adopters of RTLS solutions. Different wireless technologies, such as Radio-Frequency Identification (RFID), Wireless Fidelity (Wi-Fi), Ultrasound, Infrared (IR), Ultra-Wideband (UWB), and Bluetooth Low Energy (BLE), are being used in modern-day RTLS solutions, depending on the use case or application area. RTLS market players continuously strive to develop more robust and innovative solutions to stay ahead in the competition. As a result, ultra-wideband (UWB) and Bluetooth Low Energy (BLE) technologies have made a mark recently and are expected to witness exponential growth in the near future. Rapidly growing startups are providing various innovative solutions based on relatively new RTLS technologies such as UWB, BLE, ZigBee, and RuBee.

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Services segment is expected to grow with the highest CAGR during the forecast period.

In RTLS market for healthcare, the services segment mainly comprises consulting, support and maintenance, and deployment and integration services necessary for the successful operation of an RTLS solution. These services help to deliver and implement solutions at customer sites and also look after the maintenance after the solution has been implemented. Services are a critical part of the overall RTLS implementation, which can affect the budget of an enterprise in a significant manner if ignored. The services segment is expected to witness the highest growth in the RTLS market for healthcare size, among other offerings. The cost of services includes installation and regular maintenance costs, which would result in higher expenditure.

The market for UWB technology is projected to grow at highest CAGR during the forecast period.

In the RTLS market for healthcare, UWB is one of the most dynamic and fastest-growing technologies, and the UWB technology-based RTLS industry for healthcare has huge potential for growth during the forecast period. This technology functions similarly to active RFID, wherein the tag is continuously sending out RF energy into the environment for receivers to pick up. UWB-based RTLS solutions operate in a large bandwidth spectrum. In larger environments with many tags, receivers are placed at larger intervals with sub-receivers in between to improve accuracy. The signals from the tags are extremely short and obtain the unique ID of the tag. UWB is highly accurate on a room-level and zone-level basis and can calculate the location within a few centimeters due to its short, narrow transmissions.

The market in Asia Pacific is projected to grow at the highest CAGR from 2023 to 2028.

Asia Pacific is one of the key future potential markets for RTLS solutions. The market in this region is expected to exhibit the highest CAGR during the forecast period. Asia Pacific is witnessing advancements in the healthcare sector as several healthcare facilities adopt newer technology-based products to improve their performance and automate certain processes. Japan is the early adopter of RTLS in this region and has witnessed the highest growth in the RTLS market for healthcare. Countries such as South Korea, China, and Australia are now expected to witness high growth in the RTLS market for healthcare. The growing healthcare sector of China is expected to be the driving factor for the development of the RTLS market for healthcare in China.

Key Market Players

Securitas Healthcare, LLC (US), Zebra Technologies Corporation (US), Aruba Networks (US), Impinj, Inc. (US), Savi Technology (US), TeleTracking Technologies, Inc. (US), CenTrak, Inc. (US), Advantech Co., Ltd. (Taiwan), Ubisense Ltd. (UK), and GE HealthCare Technologies Inc. (US) are the RTLS companies for healthcare among the key players.