The RTLS for healthcare market is projected to expand from US$ 2.37 billion in 2022 to US$ 9.36 billion by 2030, reflecting a compound annual growth rate (CAGR) of 18.7% during this period.

Real-time location services (RTLS) in the healthcare sector facilitate the immediate tracking and management of personnel, medical devices, and patients across various healthcare environments. Facilities such as hospitals, senior living communities, outpatient centers, and diagnostic labs are increasingly adopting RTLS to monitor medical equipment, patients, healthcare staff, and documentation. For example, senior living communities utilize tags and badges linked through RTLS to monitor elderly residents, particularly those with Alzheimer's disease or other memory impairments. The growing recognition of RTLS benefits for workforce management and the significant return on investment, alongside reduced capital expenditures, is driving the expansion of the RTLS market in healthcare.

The Shortage of Healthcare Professionals Fuels RTLS Market Growth.

A critical factor contributing to the growth of the RTLS market in healthcare is the ongoing shortage of healthcare professionals, coupled with the rising implementation of RTLS technologies. A significant global shortfall of healthcare workers has been reported. The World Health Organization (WHO) published the first State of the World's Nursing (SOWN) report in 2020, indicating that there were 27.9 million nurses worldwide, with a projected deficit of 5.9 million nurses by 2030. Additionally, data from the Association of American Medical Colleges (AAMC) suggests that the United States may face a shortage of approximately 120,000 physicians by 2030, which could adversely affect patient care nationwide. An article from Siemens highlights that nurses spend around 72 minutes per shift searching for equipment, with average equipment utilization rates falling below 40%. Furthermore, in facilities lacking RTLS, about 10% of assets are estimated to be lost or stolen. Given the staffing shortages, the time spent searching for equipment is an inefficient use of nurses' time. Consequently, healthcare facilities are increasingly investing in RTLS systems to streamline the location of necessary equipment and personnel. Thus, the shortage of healthcare professionals is prompting the adoption of RTLS technology to enhance operational efficiency within healthcare settings.

Geographically, the RTLS for healthcare market is categorized into several regions: North America (including the US, Canada, and Mexico), Europe (comprising the UK, Germany, France, Italy, Spain, Russia, and other European nations), Asia Pacific (including China, Japan, India, South Korea, Australia, and the rest of the Asia Pacific), the Middle East & Africa (covering the UAE, Saudi Arabia, South Africa, and other regions), and South & Central America (including Brazil, Argentina, and the remaining areas). North America stands as the largest contributor to the global RTLS for healthcare market. The Asia Pacific region is anticipated to exhibit the highest CAGR in the RTLS for healthcare market from 2022 to 2030. In North America, the US accounted for the largest share of the RTLS for healthcare market in 2022. The growth in this sector is primarily driven by the increasing adoption of RTLS, the digital transformation of healthcare, and governmental support for implementing RTLS to enhance care quality. The US RTLS market is also influenced by factors such as a higher prevalence of software technologies in healthcare, a greater number of hospitals, and the execution of strategic government policies that promote the adoption of RTLS. Additionally, the demand for automated systems, driven by a growing patient population and limited healthcare resources, is expected to further accelerate the uptake of RTLS systems in the United States.

Key primary and secondary sources utilized in the preparation of the report on the RTLS for healthcare market include the World Health Organization (WHO), the Centers for Disease Control and Prevention (CDC), the Food and Drug Administration (FDA), and the National Library of Medicine (NLM).