Real Time Location System In Healthcare Market Poised to Hit $8.17 Billion by 2029 with Accelerating Growth Trends

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How Large Will the Real Time Location System In Healthcare Market Size By 2025?
The healthcare sector has seen a substantial rise in the market size of its real time location system in recent years. Forecasted to increase from $3.19 billion in 2024 to $3.87 billion the following year, the system anticipates a compound annual growth rate (CAGR) of 21.4%. The growth experienced during the historic period can be credited to factors such as the surge in the requirement for asset tracking, heightened emphasis on optimizing workflow, the necessity for enhanced patient safety protocols, an increase in patient security, along with government measures prioritizing healthcare system modernization.

How Big Is the Real Time Location System In Healthcare Market Size Expected to Grow by 2029?
Over the next few years, the real time location system (RTLS) in healthcare market is projected to experience a significant increase in size. It is predicted to reach a value of $8.17 billion in 2029, with a compound annual growth rate (CAGR) of 20.6%. This projected growth during the forecast period can be linked to a multitude of factors including the expanding global population, increasing patient numbers, heightened demand for improved patient care and safety, RTLS adoption in healthcare settings, global rise in healthcare expenditure, and an emphasis on healthcare system modernization from governments. The forecast period is also expected to witness key trends such as the use of technology by healthcare professionals to track medical equipment, increased investments in RTLS and other technologies, technological innovation, application of Ultra-Wideband (UWB) technology, plus the fusion of artificial intelligence and machine learning with RTLS.

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Which Key Market Drivers Powering Real Time Location System In Healthcare Market Expansion and Growth?
The rise in cancer cases is predicted to spur the advancement of the real-time location system in the healthcare industry. Patients battling cancer, a set of illnesses distinguished by unregulated growth and dissemination of abnormal body cells, are increasing. This rise is attributed to factors such as an aging demographic, lifestyle influences, genetic susceptibility, and healthcare access. With real-time location systems (RTLS), care for cancer patients becomes more efficient, coordinated, and patient-oriented, thus enhancing their results and experiences within the healthcare framework. Data from the National Institutes of Health (NIH), a government organization based in the U.S., predicts that there will be approximately 18.1 million cancer survivors by May 2024. This number, comprising roughly 5.4% of the population in 2022, is set to escalate by 24.4% to 22.5 million by 2032, and further increase to 26.0 million by 2040. As such, the escalating cancer cases are fueling the growth of the real-time location system in the healthcare sector.

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Which Fast-Growing Trends Are Poised to Disrupt the Real Time Location System In Healthcare Market?
Leading healthcare corporations involved in the real-time location system within the healthcare industry are concentrating on the development of AI-enabled digital technologies. These technologies are aimed at improving patient tracking, operational efficiency, and overall quality of care, facilitating more effective resource management and enhanced patient results. AI-enabled digital technology systems incorporate AI to process data, automate functions, and generate insights. A prime example of this is the launch of Evinova by Astra Zeneca, a UK-based biopharmaceutical firm, in November 2023. Evinova, a new health-tech enterprise, is designed to foster innovation in the life sciences sector, with an emphasis on clinical trials and patient health outcomes. The focus of Evinova will be to introduce established and scaled digital technology solutions already in use worldwide by AstraZeneca, to refine clinical trial design and delivery. This will likely lead to decreases in time and cost involved in creating new drugs, bring healthcare closer to patients, and alleviate the strain on health systems. Evinova also plans to explore opportunities in digital remote patient monitoring and digital therapeutic sectors, having a pipeline of digital innovations in these fields.

What Are the Emerging Segments in the Real Time Location System In Healthcare Market?
The real time location system in healthcaremarket covered in this report is segmented -

1) By Offering: Hardware, Software, Service
2) By Technology: Radio Frequency Identification (RFID), Wi-Fi, Ultra-Wideband (UWB), Bluetooth Low Energy (BLE), Infrared, Ultrasound, Other Technologies
3) By Facility Type: Hospitals And Healthcare Facilities, Senior Living Facilities
4) By Application: Inventory Or Asses Tracking And Monitoring, Personnel Locating And Monitoring, Access Control And Security, Environmental Monitoring, Supply Chain Management And Automation, Other Applications

Subsegments:
1) By Hardware: Tags And Sensors, Readers And Antennas, Gateways
2) By Software: RTLS Software Platforms, Data Analytics Software, Monitoring And Reporting Software
3) By Service: Installation And Integration Services, Maintenance And Support Services, Consulting And Training Services

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Who Are the Global Leaders in the Real Time Location System In Healthcare Market?
Major companies operating in the real time location system in healthcare market are 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

Which are the Top Profitable Regional Markets for the Real Time Location System In Healthcare Industry?
North America was the largest region in the real time location system in healthcare market in 2024. Asia-Pacific is expected to be the fastest growing region in the market. The regions covered in the real time location system in healthcare market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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