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Technavio’s market research analyst predicts the global location-based services (LBS) market in the healthcare industry to grow at a CAGR of approximately 32% during the forecast period. The rising need to locate and track people as well as equipment will foster the adoption of LBS in the healthcare industry. Recently, it has been observed that a large number of hospitals are deploying real-time location systems (RTLS) tags to enhance operations and profitability. These tags facilitate asset management and the location of equipment like hospital beds, wheelchairs, ventilators, oxygen cylinders, and infusion pumps quickly. Moreover, the ability of RTLS tags to monitor sensitive equipment, patients that require special attention, and hospital staff will result in its augmented adoption during the forecast period.
The rapid adoption of Wi-Fi and WLAN networks in hospitals is a critical factor that will drive market growth during the forecast period. With the growing adoption of radio frequency identification (RFID) bands, the deployment of LANs, WLANs, and Wi-Fi in hospitals will also increase. Wi-Fi enabled RTLS are used to track the location of various assets inside the hospital campus. As a result, many hospitals are also developing indoor applications based on the hospital floor map to offer location-based services that help to track patients, staff, and equipment.
In this market study, analysts have estimated the indoor LBS segment to account for a market value of more than USD 4000 million by 2020. The prospects for growth in this market segment will be driven by the augmented adoption of LBS for indoor asset tracking. The ability of indoor LBS to enhance efficiency and track sensitive medical vaccines and drugs will result in its increased adoption during the estimated period.
This segmentation analysis identifies the asset management segment to be the highest market revenue generating segment during the predicted period. Significant 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 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.
Leading vendors in the market include -
Other prominent vendors in the market include Axcess International, Awarepoint, 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.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by usage
PART 07: Market segmentation by product
PART 08: Market segmentation by technology
PART 09: Market segmentation by types of RTLS technology
PART 10: Market segmentation by application
PART 11: Geographical segmentation
PART 12: Market drivers
PART 13: Impact of drivers
PART 14: Market challenges
PART 15: Impact of drivers and challenges
PART 16: Market trends
PART 17: Vendor landscape
PART 18: Appendix
PART 19: Explore Technavio
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