A location-based service (LBS) is a general term used for software and services, which utilize geographical data or location data to provide services to the users in their devices such as smartphones, laptops, and others. For instance, Google maps is a location-based service (LBS) or navigation software developed by Google Inc. and Apple Maps LBS software was developed by Apple Inc. These navigation software uses GPS technology to provide location information to the users. Furthermore, LBS can be used in various industries including healthcare, entertainment, security, and others. In the healthcare sector, it is used for asset management, staff management, and patient management.
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The increasing adoption of real-time location system (RTLS) to track the medical shipment is expected to drive growth of the global LBS in the healthcare sector market during the forecast period. Various companies are rapidly adopting RLTS to track their shipments from manufacturing site to the end users. It helps the companies to keep continuous track of the package and reduces the overall time in the supply chain. Due to such benefits, the adoption of real-time location system (RTLS) is expected to increase over the forecast period. According to Coherent Market Insights’ analysis, the global real-time location systems (RLTS) market was valued at US$ 2,836.8 Mn in 2019 and is expected to reach a value of US$ 33,716.0 Mn by 2027, at a CAGR of 5.6% between 2020 and 2027. Thus, increasing adoption of real-time location system (RTLS) is expected to drive the global LBS in the healthcare sector market growth during the forecast period.
In the recent past, government investments in the healthcare sector has increased. Various countries are largely investing in the healthcare sector to prevent the spread of COVID 19. For instance, on June 11, 2020, the Government of India decided to invest in 52 healthcare startups, which are providing advanced technical solutions such as location-based patient monitoring, use of AI technology to predict virus spread, and others. Such government initiatives will help drive growth of the global LBS in the healthcare sector market.
High initial cost of implementation is expected to hamper growth of the global LBS in the healthcare sector market during the forecast period.
On the basis of region, the global LBS in the healthcare sector market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held a major share in the global LBS in the healthcare sector market in 2019, owing to the presence of large number of key players such as General Electric Company, The Hewlett Packard Enterprise Company, Axcess International, CenTrak, Cisco Systems, Inc., International Business Machines Corporation, Infor, Navizon, Inc., PLUS Location Systems, TeleTracking Technologies Inc., and others.
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Various companies are expanding their businesses in the North America region, which is expected to drive growth of the LBS in the healthcare sector market during the forecast period. For instance, in June 2019, DHL International GmbH, a Germany-based courier company, expanded its pharmaceutical and medical device distribution network in the U.S., for which the company invested US$ 150 million in advanced technology such as LBS and infrastructure, to provide real time location data of parcel to the customers.
Key players operating in the market include AiRISTA Flow, Inc., General Electric Company, The Hewlett Packard Enterprise Company, Axcess International, CenTrak, Cisco Systems, Inc., DecaWave Limited, International Business Machines Corporation, Infor, Navizon, Inc., PLUS Location Systems, Radianse, Inc., RF Technologies, Inc., Siemens Healthineers AG, Sonitor Technologies AS, STANLEY Healthcare, TeleTracking Technologies Inc., ThingMagic, Inc., Versus Technology, Inc., and others.
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• To gain competitive knowledge of leading market players
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