LBS in healthcare: Key market research findings
- Wide deployment of RTLS tags in hospitals
- Rapid adoption of Wi-Fi and WLAN in hospitals
- Major market vendors include AeroScout, Awarepoint, Ekahau, GE, HP, and Zebra Technologies
Technavio’s market research analysts predict the global LBS market in the healthcare industry to grow at an impressive CAGR of almost 32% between 2016 and 2020. The growth of the location-based services (LBS) market in the healthcare sector will be predominantly driven by the rapid increase in the application of real time location systems (RTLS) solutions in hospitals and the improvement in connectivity such as Wi-Fi and wide local area network (WLAN) networks in the healthcare facilities. Hospitals are using RTLS for several applications like asset management, staff management, patient management, and clinical monitoring to enhance efficiency, minimize expenses, and provide a competitive advantage. APAC will be the fastest-growing region in the market, registering a growth rate of more than 39% over the predicted period. Much of the region’s growth comes from the high adoption of RTLS in the healthcare industry in countries such as China, Japan, Australia, and South Korea.
The new market research report from Technavio provides a breakdown and analysis of the LBS segments by technology.
Of late, several hospitals are deploying beacons that offer a feasible solution to address information gaps and challenges in the healthcare industry. Beacon is a low-cost device that is used in hospital rooms and galleries to ensure effective communication with nearby RTLS tags. Healthcare providers as well as patients can easily retrieve real-time information by using beacons while connecting to a larger network of information and services. These beacons will play a crucial role in transforming the healthcare industry with its increased adoption in the coming years, with majority vendors coming up with this cos-effective solution,” says Rakesh Panda, Lead Analyst, ICT, Technavio Research.
The asset management segment is the largest market revenue-generating segment during the predicted period. High growth in this market segment can be attributed to the rapid utilization of RFID to locate equipment like hospital beds, wheelchairs, ventilators, sensitive equipment, oxygen cylinders, and infusion pumps. The global LBS market in the healthcare industry by asset management will grow at a CAGR of more than 35% until 2020.
The major vendors in this market include AeroScout, Awarepoint, Ekahau, GE, HP, and Zebra Technologies. The competitive environment of this market is expected to intensify with an increase in R&D innovations and M&A activities. The market is also likely to witness a growing trend of local acquisitions by the leading players. Many IT solution providers are also expected to enter this market by acquiring some of the existing leading players. This is mainly attributed to the increasing demand for innovative technology solutions and the maturity of Wi-Fi and UWB technology-based RTLS solutions.
A more detailed analysis is available in the Technavio report, Global LBS Market in the Healthcare Industry 2016-2020.
We can customize reports by other regions and specific segments upon request.
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