RTLS Market for Healthcare Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global RTLS market for healthcare is anticipated to grow from USD 2.0 billion in 2023 to USD 5.8 billion by 2028, at a CAGR of 23.5% from 2023 to 2028. A real-time location system (RTLS) facilitates improved decision-making by automating business processes. The healthcare industry makes use of RTLS solutions to improve operations by getting enhanced location intelligence and business-critical information essential for decision-making processes; therefore, the demand for RTLS solutions in this industry is likely to grow at a high rate. Some factors contributing to the adoption of RTLS solutions are the increasing focus on the optimum utilization of resources through efficient asset and personnel tracking and monitoring with RTLS, as well as the declining cost of RTLS solutions owing to technological advancements.

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By offering, the hardware segment held the largest share of the RTLS market for healthcare in 2022. RTLS solutions consist of hardware components such as tags/badges, which are affixed to an asset or individual for tracking purposes. RTLS badges, tags, and sensory networks are designed to work in the background, communicating locations of people and equipment, automatically and accurately all the time. These tags periodically transmit information to readers or trackers. A reader communicates with a tag and collects and processes tag signals, thereby subsequently sending them to the software platform, which analyzes and correlates this data to provide the exact location in real time.

By technology, Bluetooth Low Energy (BLE) technology is expected grow with an impressive CAGR during the forecast period. BLE is an optimized version of the Bluetooth technology. In BLE technology, data packets are transmitted through radio waves after regular periods of time. BLE offers similar communication as Bluetooth technology, with the added advantage of low power consumption, and long battery life. Some of the companies that are offering BLE tags include Zebra Technologies Corporation (US), Aruba Networks (US), and AiRISTA Flow, Inc. (US). For instance, BLE devices offered by Zebra Technologies Corporation (US) can be deployed quickly and easily and used for asset tracking and other location solutions. Similarly, Aruba networks's BLE tags and beacons are used in healthcare facilities for efficient tracking of assets and people.

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By region, Europe is expected to hold the second-largest market share, in terms of the deployment of RTLS solutions, after North America in 2022. The tremendous growth of the healthcare industry in Europe is the major driving factor for the growth of the RTLS market for healthcare in this region. The UK, Germany, and France are the major countries spending the highest on RTLS solutions in Europe. The markets in other European countries such are also gaining traction with the gradual increase in the adoption of RTLS solutions. RTLS solutions will gain further traction in the coming years as businesses seek to integrate these solutions to further improve their processes and drive growth.

News also Covered: https://www.prnewswire.com/news-releases/rtls-for-healthcare-market-worth-5-8-billion-by-2028---exclusive-report-by-marketsandmarkets-301810549.html

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This release was published on openPR.