Covina, Aug. 13, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global RTLS for healthcare market size and share is projected to grow from USD 3.3 Billion in 2024 and is forecasted to reach USD 17.16 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 19.8% during the forecast period (2024 - 2034).
RTLS for Healthcare Market Report Overview
RTLS for Healthcare is a term that is designed to provide precise tracking and management of assets, patients, and staff within healthcare facilities. RTLS technology leverages a combination of wireless communication, sensory data, and software applications to deliver real-time visibility and actionable insights, enhancing operational efficiency, safety, and patient care.
RTLS relies on various communication technologies including WiFi, Bluetooth, infrared, radio frequency identification, etc. These technologies facilitate the transmission of location data tags to the central system.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The RTLS for Healthcare Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- CenTrak
- GE HealthCare
- Sonitor Technologies Inc.
- TeleTracking Technologies, Inc.
- AiRISTA Flow
- Zebra Technologies Corporation
- Stanley Black & Decker
- Impinj
- Savi Technology
- Aruba Networks
- Ubisense
- Intelligent InSites
- Alien Technology
- Borda technology
- Identec Group (Liechtenstein)
- SIEMENS AG
- Cerner Corporation
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Analyst View:
RTLS for Healthcare Market is expanding rapidly due to the growing demand for improved patient safety, operational efficiency, and cost control in healthcare institutions. Growth in this industry has significantly developed technologies in RTLS which includes enhancements in precision, range, and integration capabilities.
Market Dynamics:
Drivers:
Rising Demand for Operational Efficiency
- Healthcare facilities are under constant pressure to optimize their operations and reduce costs. Real-time visibility into the location and status of patients and staff is made possible by RTLS technology which helps to address these issues. The adoption of RTLS systems is fuelled by this increased visibility, which also results in better workflow efficiency, decreased equipment loss, and better resource utilization.
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Market Trends:
Focus on Patient Safety and Quality of Care
- In healthcare settings, patient safety is of the highest priority. By enabling continuous monitoring lowering the possibility of medical errors and avoiding situations like patient escape or newborn abduction, RTLS significantly contributes to improving patient safety. Real-time tracking and patient monitoring guarantee rapid reaction and better care coordination all of which are essential for positive patient outcomes.
Segmentation:
RTLS for Healthcare Market is segmented based on Component, Application, Technology, and Region.
Component Insights
- This sector includes Hardware, Software, and Services. The hardware segment is expected to dominate the target market growth as it provides the fundamental building blocks required for the operations of RTLS systems.
Application Insights
- In the target market asset tracking is the most dominant segment as this asset tracking through RTLS significantly enhances operational efficiency by providing real-time visibility into the location and status of medical equipment.
Technology Insights
- In the target market glass packaging is the most dominant segment as glass is an inert substance and its contents have no effect on it. As pasta sauces frequently contain acidic components like tomatoes this quality is essential. Glass packaging preserves the natural flavor and quality of the sauces ensuring that the taste remains the same.
Distribution Channel Insights
- In the target market radio frequency identification is the most dominant segment as it has been a foundation of RTLS for many years with a well-established track record in various industries including healthcare.
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Recent Development:
- In April 2024, Aesculap, Inc., a market leader in sterile container systems, launched AESCULAP Aicon RTLS, which pairs real-time location service (RTLS) technology with the AESCULAP Aicon Sterile Container System to help improve the efficiency of Sterile Processing Departments (SPD). Aesculap will debut this new technology at the Healthcare Sterile Processing Association (HSPA) annual conference.
Regional Insights
- North America: In this region the broad adoption of RTLS technology to improve workflow efficiency, asset management, and also patient tracking is supported by this infrastructure.
- Asia Pacific: Healthcare environments are becoming more complicated in the Asia Pacific region due to rising healthcare demands and rapid urbanization.
Browse Detail Report on "RTLS for Healthcare Market Size, Share, By Component (Hardware, Software, Services), By Application (Asset Tracking, Personnel Tracking, Patient Flow Management, Supply Chain Management, Security and Safety), By Technology (Radio Frequency Identification, Ultra-Wideband (UWB), Wi-Fi, Bluetooth Low Energy (BLE)), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/rtls-for-healthcare-market-5551
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