Real Time Location System In Healthcare Market Size, Share, Growth 2024-2033 | Key Players & Trends

The Business Research Company recently released a comprehensive report on the Global Real Time Location System In Healthcare Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The real time location system in healthcare market size has grown exponentially in recent years. It will grow from $2.62 billion in 2023 to $3.19 billion in 2024 at a compound annual growth rate (CAGR) of 21.6%. The growth in the historic period can be attributed to increasing demand for asset tracking, growing focus on workflow optimization, the need for improved patient safety, increase in the safety and security of their patients, and governments prioritizing modernizing healthcare systems

The real time location system in healthcare market size is expected to see exponential growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%. The growth in the forecast period can be attributed to the growing global population, rise in the number of patients, the rising demand for enhanced patient care and safety, adoption of the RTLS in healthcare, increasing healthcare spending on a global scale, and governments prioritize modernizing healthcare systems. Major trends in the forecast period include technology enables healthcare professionals to track medical equipment, investments in technologies such as RTLS, technological advancement, incorporation of Ultra-Wideband (UWB) technology, and integration of artificial intelligence and machine learning with RLTS.

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Market Drivers and Trends:
The increase in the prevalence of bone degenerative diseases is expected to propel the growth of the orthopedic surgical robot market going forward. Bone degenerative diseases are conditions that progressively damage bone tissue, resulting in weakened bones, pain, and an increased risk of fractures and other issues. The increase in bone degenerative diseases is linked to factors including the aging population, sedentary lifestyles, poor dietary habits, and the heightened occurrence of chronic conditions such as obesity and diabetes. Orthopedic surgical robots are employed in the treatment of bone degenerative diseases to enhance precision and accuracy during surgical procedures, improving patient outcomes. For instance, in August 2023, according to the Institute for Health Metrics and Evaluation (IHME), a US-based research institution, projections indicate that almost 1 billion individuals are expected to suffer from osteoarthritis, with knee osteoarthritis expected to rise by 75% and hand osteoarthritis by 50% by 2050. Therefore, the increase in the prevalence of bone degenerative diseases is driving the growth of the orthopedic surgical robot market.

Major healthcare companies operating in the real-time location system in the healthcare market are focusing on developing technologically advanced products, such as active radio frequency (RF) tags, to gain a competitive edge in the market. Active radio frequency (RF) tags are battery-powered devices that continuously broadcast their signal, allowing real-time tracking and monitoring of assets over longer distances than passive RF tags. For instance, in June 2021, Inpixon Inc., a US-based technology company, launched the Inpixon asset tag, a small, active radio frequency (RF) tag designed for long-range asset tracking with real-time location systems (RTLS). This tag is pre-configured and ready to use with Inpixon's 2.4 GHz chirp technology, which includes the nanoLOC, swarm bee, nanoANQ PCB anchor circuit board, and nanoLES locating engine. The tag is designed to track hospital equipment, tools, vehicles, robots, dangerous or sensitive materials, and other high-value assets that need to be tracked or located quickly.

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Major Key Players of the Market:
Cisco Systems Inc., Oracle Corporation, GE HealthCare Technologies Inc., Securitas AB, Zebra Technologies Corporation, Aruba Networks, Impinj Inc., Midmark Corporation, TeleTracking Technologies Inc., CenTrak Healthcare Inc., Alien Technology, Enlighted Inc., Kontact.io, Savi Technology Inc., purple.ai, Identec Solutions AG, Ekahau Inc., Ubisense Group PLC, Inpixon Inc., Sonoitor Technologies Inc., Vizzia Technologies, AiRISTA Flow Inc., Tagnos Inc., Awarepoint Corporation

Real Time Location System In Healthcare Market 2024 Key Insights:
• The real time location system in healthcare market size is expected to see exponential growth in the next few years. It will grow to $7.08 billion in 2028 at a compound annual growth rate (CAGR) of 22.1%.
• Growth Of Real-Time Location Systems In Healthcare Driven By Increasing Patient Numbers
• Technological Advancements In Healthcare Real Time Location System
• North America was the largest region in the real time location system in healthcare market in 2023

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