About the Location-Based Services (LBS) in the healthcare industry
The use of LBS in the healthcare industry can improve the operational efficiency of small and large hospitals worldwide. The growth of the market 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 of hospitals. Healthcare organizations use RTLS solutions for asset management to locating equipment like hospital beds, wheelchairs, ventilators, oxygen cylinders, and infusion pumps. Hospitals are implementing RTLS solutions to improve their efficiency and reduce cost.
Technavio’s analysts forecast the global LBS market in the healthcare industry to grow at a CAGR of 32.47% during the period 2016-2020.
Covered in this report
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, Technavio considers the revenue generated from RTLS and GPS technology. Under RTLS technology, it covers revenue generated from RFID (both active and passive), Wi-Fi, and ultra-wideband (UWB) tags.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Location-Based Services (LBS) Market in Healthcare Industry 2016-2020
Technavio recognizes the following companies as the key players in the global location-based services (LBS) market in healthcare industry: AeroScout, Awarepoint, Ekahau, GE Healthcare, HP, Zebra,
Other Prominent Vendors in the market are: Axcess International, Centrak, Cisco Networks, Elpas, IBM, Infor Global, Navizon, Plus Location Systems, Radianse, RF Technologies, Siemens Healthcare, Sonitor Technologies, ThingMagic, TeleTracking Technologies, and Versus Technology.
Commenting on the report, an analyst from Technavio’s team said: “Rising popularity of LBM will be a key trend for market growth. In the healthcare sector, proper communication between patients and doctors and patients and caretakers is the most important thing. Poor communication between hospital staff and patients may lead to delays, which can even be fatal. Earlier, pagers were used inside hospitals. However, using this outdated technology, hospital staff loses an average of 46 minutes per working day in communication. To improve efficiency and reduce cost, most hospitals now use LBM. LBM is mainly used for patient communications, patient help-button alerting, and staff safety alerting.”
According to the report, growing use of healthcare wearables will be a key driver for market growth. 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. Additionally, patients have to wait in long queues for long hours. To resolve this problem, vendors have introduced remote patient monitoring (RPM). This application 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. It also helps in reducing healthcare cost, travel time, and hospital visits for both patients and staff. Healthcare wearables such as activity trackers, smartwatches, health monitors, and pedometers are used to track the activities of doctors, staff, and patients
Further, the report states that a major challenge for the market will be safety and security concerns. The security and privacy of patient data are an important concern for hospitals as medical data is highly confidential. LBS healthcare applications provide the exact location and the information on the condition of patients in the hospital. Hospital authorities often cannot control the leakage of information about patients and doctors in social networking sites. So, companies providing LBS should undertake the responsibility of maintaining the privacy of their clients and preventing the unauthorized tracking and misuse of information.
eroScout, Awarepoint, Ekahau, GE Healthcare, HP, Zebra,Axcess International, Centrak, Cisco Networks, Elpas, IBM, Infor Global, Navizon, Plus Location Systems, Radianse, RF Technologies, Siemens Healthcare, Sonitor Technologies, ThingMagic, TeleTracking Technologies, Versus Technology.