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The Location-based Services (LBS) in the Healthcare Sector Market size is projected to increase by USD 34.59 billion, at a CAGR of 31.07% between 2023 and 2028. The growth rate of the market depends on several factors, including the adoption of location-based fitness applications, rising demand for security and automation in operation and increased use of RTLS to track sensitive medical shipments. LBS is provided via location-enabled mobile devices. This software application uses real-time data in order to track the geographical location of the mobile user via geographic information system technology as well as the Internet.
The report includes a comprehensive outlook on the LBS In The Healthcare Sector Market offering forecasts for the industry segmented by Technology, which comprises RTLS and GPS or AGPS. Additionally, it categorizes Type into indoor LBS and outdoor LBS and covers Region, including North America, APAC, Europe, Middle East and Africa, and South America. The report provides market size, historical data spanning from 2018 to 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.
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Rising demand for security and automation in operation is notably driving the market growth. Many hospitals have vulnerable patients or those suffering from mental illness or distress, as well as volatile or intoxicated patients. To prevent any unforeseen situations, tags are being placed by some of the hospitals on room doors, which trigger an alert to staff if these patients start wandering around the facility or going outside allocated areas. LBS enables hospitals to automate inventory counts as well as free staff to help with patient care. Today healthcare facilities are facing increased patient volumes as well as higher expectations for patient experience and satisfaction.
Consequently, to meet these growing demands, they need to eliminate wasted steps as well as create more streamlined workflows. LBS can also alert staff of upcoming medication expiry dates and monitor and maintain optimal temperatures of the medication. Therefore, these factors are expected to drive the growth of the global LBS in the healthcare sector market during the forecast period.
The presence of new and cost-effective technologies is an emerging trend shaping the market growth. The introduction of new cost-effective technologies such as ultra-wideband (UWB) and Siemens AG is a significant contributor to the growth of the RTLS market in healthcare. Apart from being effective in helping to improve day-to-day operations, functions, and efficiency of staff, these technologies help reduce operational costs to a great extent. The adoption of these technologies is projected to grow owing to their advantages over active RFID as well as Wi-Fi-based RTLS solutions. These technologies can be availed at a low cost and also offer high accuracy, precision, as well as reliability in the healthcare sector. Moreover, UWB RTLS technology offers high accuracy over short-to-medium distances as well as it is inexpensive compared to other RTLS technologies.
Also, Zebra Technologies Corp. offers Dart UWB, which has been developed for applications that are accurate, precise, and with a high update rate in real-time location. It uses patented UWB systems to provide these unique RTLS benefits with tags with long battery life. This is expected to fuel the demand for LBS during the forecast period. Hence, the global LBS in the healthcare sector market is expected to grow during the forecast period.
Security and privacy issues a significant challenges hindering the market growth. The main issues concerning the integration of the LBS architecture are security while using the technology as tags are prone to many physical and virtual attacks in the system, the need for privacy in the data collection as the recorded observation used for breaches in privacy and the data collected among systems, primarily where passive tags are used, produces data characteristics for making the systems harder to use.
Therefore, these security issues while using RFID tags are a serious concern that hinders the growth of the global LBS in the healthcare sector market. Hence, these factors are likely to hinder the growth of the global LBS in the healthcare sector market during the forecast period.
The market share growth by the RTLS segment will be significant during the forecast period. RTLS provides numerous applications, including asset monitoring, patient safety, employee management, clinical monitoring, work-in-progress tracking, personnel tracking, temperature and humidity monitoring, and hand hygiene tracking. These valuable applications provided by RTLS help hospitals and government organizations in the healthcare sector improve their efficiency and reduce costs considerably.
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The RtLS segment was the largest and was valued at USD 3.05 billion in 2018. The RTLS segment can be further classified into RFID, Wi-Fi, and UWB. Among these, RFID accounts for the largest market share and is likely to continue dominating the location-based services (LBS) in the healthcare sector market. However, the revenue from UWB and Wi-Fi technologies is expected to grow rapidly compared with RFID technology. Therefore, owing to these reasons, this segment is expected to contribute to the growth of the global LBS in the healthcare sector market during the forecast period.
Indoor LBS has improved patient care, streamlined healthcare processes, and increased overall efficiency to transform the healthcare industry completely. These services provide exact location data inside healthcare facilities by utilizing technologies like Bluetooth, Wi-Fi, and RFID. In the global LBS in the healthcare sector market, indoor location services are essential for patient navigation. LBS is being adopted in the healthcare sector as it provides a maximum personalized experience to patients inside hospital premises, reduces the chances of contamination inside the premises, enables to reach doctors and nurses faster, ensures monitoring of medicines and medical devices, and enhances the safety of these devices. Owing to these factors, the demand for indoor LBS is expected to increase in the healthcare sector during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional market trends and analysis and drivers influencing the market's trajectory throughout the forecast period. The US contributes the maximum revenue to location-based services (LBS) in the healthcare sector market in North America because of the high adoption of RFID tags and RTLS solutions in the country. Most hospitals are installing LBS solutions for the smooth functioning of operations. Cardinal Health Inc., Cisco Systems Inc. and General Electric Co. are the major LBS providers in this region. Many vendors are using RTLS solutions for tracking their assets.
In addition, connecting location-based service apps to IoT allows doctors to alert patients of their arrivals. This app also recognizes the arrival time of the next patient. Patient apps are being infused with location-based tech to allow nurses to greet patients ahead of time in case of their early arrival to optimize patient flow times in the office. These factors are expected to increase the demand for LBS in the healthcare sector in the region during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their lbs in the healthcare sector market growth and trends strategies.
Global LBS in the Healthcare Sector Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acceliot Inc. - The company offers LBS that provide solutions such as Inventory Management, Patient and Infant Tracking, Asset Tracking and others
The LBS in the Healthcare Sector Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
LBS in the Healthcare Sector Market market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The lbs in the healthcare sector market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest market trends and growth opportunities from 2018 to 2028
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LBS In The Healthcare Sector Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 31.07% |
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Market Growth 2024-2028 |
USD 34.59 billion |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
30.47 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 41% |
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Key countries |
US, China, Japan, Germany, and UK |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acceliot Inc., AiRISTA Flow Inc., Cardinal Health Inc., Cisco Systems Inc., Emanate Wireless, Esri Global Inc., General Electric Co., Halma Plc, Hewlett Packard Enterprise Co., Koch Industries Inc., Microsoft Corp., Midmark Corp., Navizon Ltd., Qorvo Inc., Radianse, Securitas Healthcare LLC, Siemens AG, Sonitor Technologies AS, Zebra Technologies Corp., and Ziff Davis Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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