LONDON–With growing adoption of location based applications, the Global LBS Market in the Healthcare Industry is expected to grow at a CAGR of 31.23 percent from 2015-2019, says research firm TechNavio.
“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”
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, thus positively impacting the Global LBS Market in the Healthcare Industry.
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TechNavio is a leading global technology research and advisory company.
Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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