A new report from on the Global Location-based Services Market in the Healthcare Industry Analysis anticipates 32% annual growth.
Industry insights firm Research and Markets have released the “Global Location-based Services Market in the Healthcare Industry 2016-2020” report, which identifies Location-based Services (LBS) as having a significant and growing role in healthcare industry.
The Research and Markets analysts forecast the global LBS market in the healthcare industry to grow at a Compound Annual Growth Rate (CAGR) of 32.47% during the next few years in the period 2016-2020.
The report covers the present scenario and the growth prospects of the global LBS market in the healthcare industry for 2016-2020. To calculate the market size, the analyst considers the revenue generated from Real-Time Location System (RTLS) and Global Navigation Satellite System (GNSS) technology. Under RTLS technology, it covers revenue generated from RFID (both active and passive), Wi-Fi, and ultra-wideband (UWB) tags.
According to the report, the use of geospatial services in the healthcare industry can improve the operational efficiency of small and large hospitals worldwide. The growth is driven by several factors such as the increased deployment of RTLS tags inside hospitals and the improvement in Wi-Fi and wireless land area network (WLAN) infrastructure. Healthcare organisations have begun using RTLS solutions for asset management to locating equipment like hospital beds, wheelchairs, ventilators, oxygen cylinders, and infusion pumps to improve their efficiency and reduce cost.
It is expected that the growing use of healthcare wearables will also be a key driver for market growth. Healthcare wearables such as activity trackers, smartwatches, health monitors, and pedometers are used to track the activities of doctors, staff, and patients.
With the increase in the number of people with chronic conditions worldwide and the rise in healthcare costs, it is very difficult for the hospital staff to manage all the patients simultaneously. To resolve this problem, vendors have introduced remote patient monitoring (RPM), which allows physicians to monitor the patient from a remote location or home with the help of wearable healthcare devices. RPM helps both patients and doctors and increases the efficiency of hospital management, including the reduction of healthcare cost, travel time, and hospital visits for both patients and staff.
The report states that a major challenge for the market will be safety and security concerns of these technologies. Patient data and medical data is highly sensitive and companies providing LBS will need to develop measures to ensure the privacy of their clients and preventing the unauthorised tracking and misuse of information.
The report also includes a discussion of the significant vendors operating in this market including AeroScout, Awarepoint, Ekahau, GE, HP and Zebra Technologies. Other prominent vendors with a potential to capitalise on this market included Axcess International, Centrak, Cisco Networks, Elpas (Tyco Security Products), IBM, Infor Global, Navizon, Plus Location Systems, Radianse (Airponte), RF Technologies, Siemens Healthcare, Sonitor Technologies, ThingMagic (Trimble Navigation), TeleTracking Technologies and Versus Technology.
