LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global location-based services (LBS) in the healthcare sector is expected to grow at a CAGR of close to 33% during the forecast period.
This research report titled ‘Global LBS in the Healthcare Sector 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
According to Abhishek Sharma, a lead analyst at Technavio for enterprise application research, “The adoption of connected devices among consumers in the healthcare sector is witnessing significant growth. The rapid deployment of high-speed communication networks worldwide is also driving the growth of the LBS market.”
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The market research analysis categorizes the global LBS in the healthcare sector into three major application segments. They are:
- Asset management
- Staff management
- Patient management
Global LBS in healthcare sector by asset management
The global LBS in the healthcare sector by asset management is expected to witness significant growth and reach close to USD 4 billion by 2021. This is because of the rapid adoption of RFID in asset management to locate equipment such as hospital beds, wheelchairs, ventilators, sensitive equipment, oxygen cylinders, and infusion pumps for smooth functioning in hospitals.
Global LBS in healthcare sector by staff management
The global LBS in the healthcare sector by staff management is expected to grow at a CAGR of more than 37%. LBS are used in hospitals to track staff and their productivity. Beacons deployed in a hospital's vicinity help in wayfinding, faster check-ins, real-time equipment registry, asset management, monitoring, and digital support for the impaired.
Indoor LBS help track medical personnel, patients, as well as equipment through the received signal strength indicator (RSSI) associated with different devices. Indoor LBS is primarily used in hospitals to improve operational efficiency and reduce high cost in monitoring assets. It also helps to enhance staff productivity and work efficiency. Companies such as infsoft and Navizon provide LBS in hospitals to ensure operational effectiveness and process automation management.
Global LBS in healthcare sector by patient management
The global LBS in the healthcare sector by patient management is expected to grow at a CAGR of more than 14%, during the forecast period. Real-time location system (RTLS) are used in hospitals to monitor patients' health outside and inside the hospital and to ensure the safety of babies. LBS are used to protect new-born babies and infants in the hospital and maternity departments.
“The reduction in the price of RFID tags will increase the adoption of RTLS among hospitals. RTLS adoption increases the operational efficiency and improves the productivity of hospitals,” says Abhishek.
The top vendors highlighted by Technavio’s ICT market research analysts in this report are:
- General Electric Company
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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