The healthcare M2M market was valued at US$1.56 bn in 2014 and is expected to expand at a CAGR of 22.5% between 2015 and 2023.
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The increasing number patients in need of assisted living, where first responder connectivity is critical has become the leading factor supporting the growth of healthcare M2M market. The rising trend of wearable devices amongst the health-conscious people has also spurred a demand for healthcare M2M-based solutions as it allows users to track their fitness levels with just a few clicks.
The prominence of Internet of Things (IoT) across all verticals is also expected to boost this market in the coming few years. The biggest advantage of M2M-based healthcare services is anticipated to bring down administrative costs and cut down risks pertaining to diagnoses and treatment, which is propelling the market’s growth.
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Transparency Market Research states that these factors are likely to provide an opportunity worth US$10.05 bn by the end of 2023 to the global healthcare M2M market.
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Regionally, North America is predicted to be the leading segment in the overall market due to a high acceptance of technology and the increasing expenditure on healthcare. TMR says that the North America healthcare M2M market was valued at US$530.7 mn in 2014.
However, by the end of 2023, this market is expected to reach US$3.08 bn, expanding at a CAGR of 20.7% from 2015 and 2023. The growing awareness of the benefits M2M-based healthcare solutions can render has led to an increased deployment of these solutions.
The patient-centric attitude of facilities has also led a burgeoning demand for M2M solutions in the recent past. This trend will continue to be persistent in the North America market due to a widening pool of geriatrics and growing cases of chronic diseases.
On the other hand, Asia Pacific is projected to be the fastest-growing segment between 2015 and 2023, at a very high double-digit CAGR of 26.9%. This growth will be a result of increasing M2M connections, especially in countries such as Australia, Japan, and China.
Furthermore, the growing support from governments to upgrade the healthcare infrastructure and provide affordable healthcare is also anticipated to boost this market in the Asia Pacific region. The medical facilities segment will be the leading segment in Asia Pacific due to a strong presence of service providers, who are outsourcing telehealth services.
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The patient well-being application segment is gaining is tremendous importance as hospital staffs across the globe operate under high pressure to provide patient care. The ease of operations brought about by M2M-based healthcare solutions in patient care is a welcome change in this high responsibility job, thereby easing the load on staffers.
The decreasing dependency of patients on healthcare professionals has add value to the efficiency of the industry. Furthermore, the sports and fitness application is expected to be the leading segment with a robust CAGR of 26.5% during 2015 and 2023.
The key players in the global healthcare M2M market are Sierra Wireless, Inc., Athenahealth, Inc., GE Healthcare, Apple Inc., Cisco Systems Inc., IBM Corporation, Stanley Healthcare, Allscripts Healthcare Solutions Inc., AT&T Inc., and Gemalto NV. Several players designing and developing cloud-based M2M-healthcare solutions to provide a long-term solution that improves the accessibility to the mammoth volumes of healthcare data.
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