The global market for healthcare M2M is expected to grow at a healthy pace with a high level of competition among the key players, states a research study by Transparency Market Research. The rising demand for simplicity and innovations is expected to encourage the growth of the healthcare M2M market throughout the forecast period. This is expected to help the leading players in the expansion of their product portfolio and attain a leading position in the overall market in the near future. Some of the prominent players operating in the global healthcare M2M market are AT&T, Inc., Vodafone Plc, and Telefonica S.A. To enhance their brand presence, these players are emphasizing on developing cloud-based ecosystems in order to continue with the inflow of data and ensure its faultless management. These factors are likely to encourage the growth of the global market in the coming years.
According to the research report by Transparency Market Research, in 2014, the global healthcare M2M market was worth US$1.56 bn. The market is anticipated to reach a value of US$10.05 bn by the end of 2023, registering an impressive 22.50% CAGR between 2015 and 2023.
Rising Healthcare Expenditure to Bolster North America Market
From a regional point of view, North America is likely to lead the global healthcare M2M market throughout the forecast period. The high growth of this region can be attributed to the rising healthcare expenditure and the rising acceptance of advanced technology. In addition, the patient-centric attitude of facilities has resulted in a high demand for healthcare M2M solution in the last few years. As per the research study, this trend is anticipated to be followed in the next few years, thus encouraging the growth of the North America healthcare M2M market. On the flip side, a progressive growth is expected in the coming years across Asia Pacific. The rising contribution from China, Australia, and Japan is expected to accelerate the market’s growth in the near future.
Among the key applications, the patient well-being segment is expected to experience a healthy growth in the forecast period. The increasing pressure on hospital staff to offer patient care and the rising awareness regarding the benefits of using healthcare M2M solutions are the major factors that are expected to fuel the growth of the patient well-being segment in the next few years. In addition, the ease of operations provided by these solutions is likely to supplement the market’s growth in the near future. Furthermore, the sports and fitness segment is anticipated to register a substantial growth over the forecast period.
Advent of Internet of Things to Offer Promising Growth Opportunities
The rising administrative work in healthcare facilities, resulting in a substantial rise in the operational costs is one of the major factors anticipated to encourage the growth of the global healthcare M2M market throughout the forecast period. The increasing number of new products in order to enhance the ease of operations for the healthcare facilities is likely to accelerate the market’s growth.
On the other hand, the global healthcare M2M market is estimated to witness several challenges in the coming years, which is likely to hamper the growth of the market in the near future. The emergence of alternate technologies, including satellite, Bluetooth, 2G/3G, and IMAX is projected to curtail the growth of the global healthcare M2M market in the coming years. Nevertheless, the increasing use of smart healthcare with the growing adoption of Internet of Things is expected to generate promising growth prospects for the leading players operating in the healthcare M2M market across the globe.
This information is based on the findings of a research report published by Transparency Market Research (TMR), titled “Healthcare M2M Market (Component – M2M Modules (Cellular and Satellite), Connectivity Services, and M2M Applications and Platforms; Application – Patient Well-being, Medical Facilities, Sports and Fitness, Implants, and Research and Education) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023.”
The global healthcare M2M market has been segmented as below:
Global Healthcare M2M Market, by Component
- M2M Modules (Cellular and Satellite)
- 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 Geography
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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