The RTLS for healthcare market is expected to grow from US$ 2.37 billion in 2022 to US$ 9.36 billion by 2030; it is anticipated to record a CAGR of 18.7% from 2022 to 2030.

Real-time location services (RTLS) in healthcare provide real-time tracking and management of staff, medical equipment, and patients in all types of healthcare facilities. Healthcare facilities such as hospitals, senior living facilities, ambulatory centers, and diagnostic laboratories are using RTLS to track medical equipment, patients, healthcare professionals, and reports. For instance, senior living facilities uses tags and badges connected through RTLS to track the geriatric population majorly suffering from Alzheimer's disease or who suffer from memory loss. Increasing awareness about the advantages of RTLS for staff management and high return on investment with reduced capital expenditure propels the RTLS for healthcare market size.

Shortage of Heathcare Professionals is Driving the RTLS for Healthcare Market Growth.

The shortage of healthcare professionals and the increase in the use of RTLS are among the factors driving the RTLS for healthcare market growth. There has been a considerable shortage of healthcare professionals worldwide. In 2020, the first report of the State of the World's Nursing (SOWN), published by the World Health Organization (WHO), stated that the nursing workforce was at 27.9 million globally and projected a shortfall of 5.9 million nurses by 2030 globally. According to the Association of American Medical Colleges (AAMC) data, the US is expected to face a shortage of about 120,000 physicians by 2030, impacting overall patient care across the nation. In an article published by Siemens, nurses spend about 72 minutes per shift searching for equipment, and the average equipment utilization rate is below 40%, while the share of lost or stolen assets is estimated to be around 10% in facilities without real-time location services (RTLS). With the shortage of staff, searching for equipment becomes an unnecessary task for the nurses. Therefore, to manage the time of the available staff, healthcare facilities are focusing on installing RTLS systems to locate the required equipment or staff easily. Thus, due to the shortage of healthcare professionals, healthcare facilities have begun using RTLS technology to manage workflow in their facility.

Based on geography, the RTLS for healthcare market is segmented into North America (theUS, Canada, and Mexico), Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe), Asia Pacific (China, Japan, India, South Korea, Australia, and Rest of Asia Pacific), the Middle East & Africa (the UAE, Saudi Arabia, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America). North America is the largest contributor to the growth of the global RTLS for the healthcare market. Asia Pacific is predicted to show the highest CAGR in the RTLS for healthcare market during 2022-2030. In North America, the US held the largest RTLS for healthcare market share in 2022. The growth of this market is largely driven by increasing adoption of RTLS, a transformation of digital healthcare, and support from the federal government to implement RTLS to improve the quality of care. The US RTLS market for healthcare is also driven by other factors such as a higher rate of software technologies in healthcare, a higher number of hospitals, and the implementation of strategic government policies are driving the US RTLS market. Additionally, the need for automated systems due to the increasing patient population and crunch of healthcare resources are projected to fuel the adoption of RTLS systems in the US.

World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), Food and Drug Administration (FDA), and National Library of Medicine (NLM) are a few key primary and secondary sources referred to while preparing the report on the RTLS for healthcare market.