The global healthcare machine-to-machine (M2M) market features a large number of companies and many new vendors are entering the market at a steady pace. As a result, the market is highly competitive and companies are finding innovative ways to increase their brand presence, says a recent report by Transparency Market Research. Companies are increasingly attempting to bridge the gap between physicians and patients and are entering into strategic alliances to expand their portfolios. Incorporating technologies that can make healthcare more easily accessible and accurate to the user is the focal point of companies presently.
Transparency Market Research states that the global healthcare M2M market had an opportunity of US$1977.1 mn in 2015 and is expected to rise to US$10,052.3 mn by 2023. Over the report’s forecast period, the market is expected to exhibit a remarkable 22.5% CAGR.
In terms of application, the market will be dominated by the sports and fitness segment. With a staggering CAGR of 26.5% from 2015 through 2023, the segment will be the most promising application segment for companies wanting to invest in the healthcare M2M market. From a geographical perspective, the market in North America is expected to be the one with the dominant share in the global market’s revenue by 2023. Nevertheless, the Asia Pacific market will exhibit the most promising growth rate, at a nearly 27% CAGR from 2015 through 2023.
Promise of Increased Efficiency of Healthcare Systems through Connectivity to Drive Adoption of Healthcare M2M
In the past few years, the operational and administrative costs of healthcare organizations have significantly increased and the need to find cost-effective alternatives to the way healthcare organizations operate has become intense. In this situation, IT-enabled healthcare has emerged as a viable and highly profitable alternative to the conventional paper-based operational model for the healthcare industry.
The increased realization of the long-term cost benefits of IT-enabled operations and services has also compelled a large number of healthcare organizations to adopt M2M solutions. Through years of application, it has been understood that the use of proper IT solutions can enable healthcare organizations to cut down on the frequency and intensity of administrative and medical errors and bring substantial improvement in overall patient safety.
By allowing an easy access to the detailed health records of patients, such solutions help clinicians to diagnose and assess the ailment with increased efficiency. As a result, healthcare companies are able to gain higher accuracy and an increased level of performance in a vast number of healthcare services with the help of appropriate IT solutions. With M2M solutions, an effective level of connectivity is enabled in such IT systems, further enhancing the overall efficiency of operations.
Availability of Alternate Technologies to Hinder Market’s Growth Prospects
Despite the vast potential advantages of healthcare M2M solutions across a number of application areas, the wide-scale deployment of these solutions is interfered due to the ubiquity of alternate connectivity technologies such as Bluetooth, IMAX, and ZigBee in conventional digitally-enabled healthcare infrastructures. These technologies operate on different wireless standards and this creates a huge challenge for the large-scale adoption of M2M across healthcare facilities with such technologies in place.
Another factor hindering the potential growth of the global healthcare M2M market is its nascent stage of development across many emerging and under-developed economies across Asia Pacific and Africa. These regions still have traditional healthcare providers at dominant positions and M2M is not a prominent trend. As a result, healthcare M2M is expected to take time for penetrating these regional markets.
This evaluation of the market is based on a recent market research report published by Transparency Market Research, titled “Healthcare M2M Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2023.”
For the study, the global healthcare M2M market is segmented into:
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