Real-Time Location Systems (RTLS) Market to grow by USD 13.83 billion from 2022 to 2027

The potential growth difference for the real-time location systems (RTLS) market from 2022 to 2027 is USD 13.83 billion, according to Technavio. The growing use of RTLS tags in the healthcare sector is a key factor driving market growth. Many hospitals are implementing RTLS tags to improve healthcare operations and profitability.

RFID tags have many applications. RTLS is used to quickly find devices such as wheelchairs, ventilators, oxygen tanks, hospital beds, and infusion pumps in asset management. Additionally, hospitals use RTLS tags to observe sensitive equipment, violent patients, and hospital staff, including doctors and nurses. They also keep track of surgical instruments and other reusable medical devices with an RTLS solution that automates aseptic handling.

This process includes cleaning, sterilizing; and distributing medical equipment, surgical and dental instruments, and essential supplies. Hence, these factors are expected to drive market growth during the forecast period. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more.

The market share growth by the healthcare segment will be significant during the forecast period. There has been a significant increase in patient monitoring and asset tracking in hospitals due to benefits such as low cost and real-time tracking provided by RTLS, ensuring patient and asset safety. RTLS solutions are mainly used in hospitals to improve operational efficiency and reduce asset monitoring costs. For example, Stanley Healthcare has integrated Tableau Software's visual data analytics software with Wi-Fi RTLS. Additionally, the system allows hospitals to monitor infusion pump levels so they can be refilled. Hence, these factors are expected to drive segment growth during the forecast period.