The real-time locating systems (RTLS) market for healthcare is estimated to grow from USD 1,271.2 million in 2018 to USD 2,941.2 million by 2023, at a CAGR of 18.3% during the forecast period (2018–2023).

The RTLS market study involves various hardware devices and software solutions being used in RTLS and analyzes the adoption of RTLS across various applications, facilities, and geographic regions. The increased market competitiveness with the emergence of startups providing innovative and customized RTLS solutions based on newer technologies is one of the major factors fueling the growth of the RTLS market for healthcare.

The market for services segment is expected grow at the highest CAGR during the forecast period

Healthcare facilities using RTLS solutions are expected to spend a substantial amount, especially on support and maintenance services on a regular basis. The demand for consulting services is likely to increase rapidly as consultation is the most critical parameter that helps in deciding the type and scale of an RTLS solution required for the specific use case.

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The market for UWB technology-based RTLS solutions is expected to grow at the highest CAGR during the forecast period

The high precision and accuracy offered by UWB technology for tracking objects will be the major factor to drive the growth of the market for UWB technology-based RTLS solutions. The increasing adoption of UWB in the RTLS market for healthcare is primarily due to the advantages offered by solutions based on this technology such as high precision, long battery life, high capacity, and fast update rates.

Senior living facilities are expected to exhibit a higher CAGR in the RTLS market for healthcare during the forecast period

These facilities adopt RTLS for improving the experience of residents and increasing operational efficiency. RTLS, in combination with wearable sensors or tags/badges, can assist with situations that are potentially harmful to patients/residents, such as patient wandering and access to unauthorized or sensitive areas. RTLS solutions help locate individuals who have wandered or entered unauthorized areas by immediately and accurately pinpointing their exact location.

RTLS vendors may expect the growing demand for RTLS solutions from APAC and RoW 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 in the past. Countries such as South Korea, China, and Australia are now expected to witness high growth in the RTLS market for healthcare.

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