LBS IN THE HEALTHCARE SECTOR MARKET ANALYSIS

Market Challenges And Opportunities

Factors Driving Growth of the Global LBS in the Healthcare Sector market:

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.