Machine-to-machine (M2M) technology has impacted the healthcare sector heavily, unlike the trivial impact of the technology on an array of other verticals. M2M connected healthcare, which operates in an IT ecosystem, enables a range of healthcare service offerings, such as easy sharing of healthcare-related data pertaining to the medical history, personal information, diagnostic results, prescription information, clinical data, and other data regarding patients. The other uses of M2M connected healthcare lie in home monitoring, assisted living, clinical monitoring, and telemedicine.
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Thus, M2M healthcare systems hold the potential to cater to the increasing demand for quality healthcare for the increasing global population. Already, numerous M2M applications are in use in hospitals and other medical facilities, with more expected to be used in the near future.
M2M Model Sustainable for Constant Healthcare Needs of Geriatrics
In the last couple of years, the global M2M connected healthcare market is witnessing growth due to a number of advantages associated with the use of these systems, such as reduced healthcare cost, reduced time, remote healthcare monitoring, and easy sharing of healthcare data.
Worldwide, increasing healthcare costs have been a concern for both healthcare providers and patients and need to be addressed on priority. To serve the large patient pool suffering from chronic diseases, age-related diseases, and other health conditions, technology-based healthcare solutions that allows easy sharing of patient healthcare data for referral, diagnostic, and other purposes while ensuring the security of patient information will be sustainable in the long run.
According to projections made by the World Health Organization (WHO), the global geriatric population was around 524 mn in 2010 and is anticipated to reach 1.5 bn by 2050. Thus, M2M connected healthcare systems are a viable solution to cater to the consistent healthcare needs of the increasing geriatric population across the world.
As such, the adoption of M2M connected healthcare technology is a sustainable solution for a few formidable situations that will arise in the healthcare services sector in the future. In an M2M connected healthcare system, which can either have wired or wireless connectivity, sharing of healthcare data happens between web-connected devices without human involvement. In addition, an M2M model enables better patient control over their treatment regime due to access to physician’s instructions remotely in the instance of loss of written instructions.
However, access to internet connection is a prerequisite for functioning of M2M connected healthcare, which may affect the market’s growth in developing regions, since internet penetration is not as high in regions such as Southeast Asia as in North America or Europe.
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Ease of Use Leads to Faster Adoption of M2M Connected Healthcare Model in North America
The global market for M2M connected healthcare is divided on the basis of type of service and geography. By type of service, home monitoring, clinical trials, assisted living, clinical remote monitoring, clinical monitoring, and telemedicine are the segments of the M2M connected healthcare market.
From a geographical consideration, North America, Asia Pacific, Europe, and Rest of the World (RoW) are the regional segments of the global market for M2M connected healthcare. In 2013, North America represented the largest market for M2M connected healthcare. This is mainly due to the presence of a well-established healthcare infrastructure and the majority of patients being technology-savvy in the U.S. and Canada.
Europe stands as the second largest market for M2M connected healthcare, with Germany, the U.K., Spain, France, and Italy as the most potent markets for M2M healthcare services in the region. These countries collectively account for more than 60% of the Europe market for M2M connected healthcare.