About LBS & RTLS in Healthcare
Real-Time Location Systems (RTLS), an application based on ubiquitous computing, is recognized as a new application that will increase the visibility and operational efficiency of clinical and administrative workflows in the healthcare setting. Location-based services (LBS) refer to a service that takes into account the geographical location of the user to provide information. It is widely used in local news, directions, point of interest, asset tracking, etc. Real-Time Location System (RTLS) refers to the use of electronic systems to locate people or things. It is widely used in trucking fleets of vehicles, complex navigation services, asset tracking as well as personal tracking. The United States LBS and RTLS in the Healthcare market was valued at USD 866.31 Million in 2019 and is expected to reach USD 2,697.32 Million by 2025, growing at a CAGR of 20.84% during 2020-2025. the demand for LBS and RTLS is increasing due to the COVID-19 pandemic across the United States. Due to the increasing demand, the companies are also doing fewer investments in the services of the LBS and RTLS in healthcare. Thereby, more revenue is expected to generate from the United States LBS and RTLS in the healthcare market in the 2020 fiscal year. In 2020 year, the market is expected to generate turnover of USD 1,041.97 million
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 21.04% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are Aruba Networks (HP Company) STANLEY Healthcare Zebra Technologies GE Healthcare Infor. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global LBS & RTLS in Healthcare market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Hewlett Packard Enterprise Development LP (United States), Cisco Systems Inc. (United States), Esri (United States), Koch Industries, Inc (United States), Microsoft Corporation (United States), Oracle Corporation (United States), Stanley Black & Decker, Inc. (United States), Zebra Technologies Corporation (United States), General Electric Company (United States) and International Business Machines (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are HID Global Corporation (United States), IndoorAtlas Ltd. (Finland), Midmark Corporation (United States), Skytron, LLC (United States) and Sanitag (Turkey).
Segmentation Overview
AMA Research has segmented the market of Global LBS & RTLS in Healthcare market by Type (Hardware, Software and Services), Application (Hospital Asset Tracking & Monitoring, Patient Tracking & Monitoring, Ambulance Asset Monitoring and Others) and Region.
On the basis of geography, the market of LBS & RTLS in Healthcare has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement. If we see Market by Location Type, the sub-segment i.e. Indoor will boost the LBS & RTLS in Healthcare market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Increasing Adoption of Location-Based Fitness Monitoring in The United States
Market Growth Drivers:
High Demand Due to Various Applications of Geospatial Data Driving The LBS and RTLS Market Growth
Challenges:
The Issues Related to Privacy and Security
Restraints:
The Concern Regarding Stringent Government Rules and Regulations
Opportunities:
BLE and UWB for Indoor Proximity Services
Market Leaders and their expansionary development strategies
In September 2020, Zebra Technologies Corporation an innovator at the front line of business with solutions and partners that deliver a performance edge announced that it has completed its acquisition of Reflexis Systems, Inc., a privately-held, leading provider of intelligent workforce management, execution, and communication solutions for organizations in the retail, food service, hospitality, and banking industries.
Jan 2020, Infor, a global leader in business cloud software specialized by industry part of Koch Industries Inc., announced it has entered into an agreement to acquire Intelligent InSites Inc. Headquartered in Fargo, North Dakota, Intelligent InSites is a leading provider of healthcare software and services leveraging location-based intelligence from real-time location systems (RTLS).
Key Target Audience
Regulatory Bodies, Governmental Bodies, Research Organizations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.