Assisted Living Requirements Propel Adoption of Healthcare M2M Solutions
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.
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. The 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.
Patient-Centric Facilities Give Deployment of M2M Solutions in North America a Boost
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.
M2M Healthcare Solutions Gain Traction in Sports and Fitness Applications
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.
Global Healthcare M2M Market: Overview
Healthcare is a massively growing industry, both in terms of value and volume, and has been gaining traction due to various mechanical and technological advancements. Advanced machine-based processes ensure a high success rate in treatments and diagnosis and also provide better quality of services. The global healthcare machine to machine (M2M) market is set to benefit from developments under healthcare modules, wireless wearable devices, and various applications and platforms.
Based on components, the healthcare M2M market can be segmented into M2M modules, connectivity services, and M2M applications and platforms. In terms of application, the market can be categorized into medical facilities, patient well-being, sports and fitness, and others.
The report provides a comprehensive breakdown of market segments and the competitive landscape. It also offers insights on drivers and restraints in the global healthcare M2M market. It also profiles prominent players in the market based on various attributes such as company overview, business strategies, financial overview, and recent developments.
Global Healthcare M2M Market: Trends and Prospects
Healthcare M2M-based solutions are in high demand as they assist in cutting down escalating operational costs of healthcare facilities due to increased administrative work. These cost-effective solutions improve efficiency by eliminating the cumbersome paperwork, reducing the risk of medical errors, and delivering accurate results.
However, the presence of alternate technologies such as IMAX, Satellite, 2G/3G, and Bluetooth is acting as an obstacle for the deployment of M2M-based solutions in the healthcare industry. The adoption of M2M across the extensive healthcare sector is also facing difficulty due to difference in wireless standards of these technologies. The global optimum usage of M2M-based solutions will take time as wireless technology still remains in the nascent stage in many developing economies.
Based on application, the patient well-being segment is expected to gain prominence. The segment is leading as a majority of hospital staff across the globe operates under high pressure to provide patient care. Here, M2M-based solutions make the operations tad easier and it is a highly appreciated move by the hospital staff.
The connectivity services component segment is expected to account for a large share in the market. These services are extensively used in inventory tracking in medical warehouses and can also be used to track medical personnel and monitor patients. There has been a rise in investments from telecom companies in regions such as Africa towards the development of the M2M network infrastructure in order to provide effective dual-mode M2M healthcare applications. This is expected to boost the segment’s growth during the forecast period.
Global Healthcare M2M Market: Regional Analysis
On the basis of geography, the global healthcare M2M market can be segmented into Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. North America accounts for a large market share and is expected to lead during the forecast period. This region’s dominance can be attributed to growing expenditure on healthcare and high acceptance of new and advanced technologies. Moreover, a large pool of geriatrics, escalating cases of chronic diseases, and rising awareness of the benefits of M2M-based healthcare solutions are some of the factors driving the market in North America.
Another promising regional market for healthcare M2M is Asia Pacific, which is also slated to be one of the fastest growing markets during the said period. Increasing government support to improve healthcare infrastructure and provide affordable healthcare is expected to give impetus to this market.
Companies Mentioned in the Report
Some of the leading players operating in the global healthcare M2M market are Stanley Healthcare, AT&T Inc., GE Healthcare, Athenahealth, Inc., IBM Corporation, Cisco Systems Inc., Apple Inc., Allscripts Healthcare Solutions Inc., Gemalto NV, and Sierra Wireless Inc.
The global healthcare M2M market is segmented as follows:
Global Healthcare M2M Market, by Component
- M2M Modules
- Connectivity Services
- M2M Applications and Platforms
Global Healthcare M2M Market, by Application
- Patient Well-being
- Medical Facilities
- Sports & Fitness
- Others (Implants and Research & Education)
Global Healthcare M2M Market, by Component
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis