With growing adoption of location based applications, the global LBS market in the healthcare industry is expected to grow at a CAGR [compound annual return rate] of 31.23% from 2015-2019, says research firm TechNavio (www.technavio.com).
Real-time performance monitoring (RPM) has been gaining popularity in the healthcare industry, as it assists both patients and doctors, and helps increase hospital efficiency. These days, wearable devices like activity trackers, smart watches, health monitors and pedometers are being used to track the activities of doctors, staff and patients.
“In 2014, around 10 million units of wearable devices were sold worldwide and this number is expected to grow nearly tenfold in the coming years,” says Faisal Ghaus, vice president of TechNavio. “The constant use of wearable devices in the healthcare industry is anticipated to reduce hospital costs by a significant amount over the next six years.”
Additionally, many hospitals are incorporating data analytics software for tracking hospital resources and monitoring patients. Advanced analytics will help hospital staff collect large data sets, extract real-time information and make better decisions when maintaining medical equipment, positively impacting the global LBS market in the healthcare industry, according to TechNavio (a global technology research and advisory company).