Healthcare sector has been largely driven by technological advancements and machine interference. Conventional healthcare processes are being replaced by advanced machine-based processes thereby increasing the probability of successful treatment and diagnosis by healthcare providers. Adoption of machine to machine technology in the healthcare sector is emerging as a global trend due to the resultant enhanced connectivity and accessibility. The global healthcare M2M market is estimated to expand at a CAGR of 22.5% during the period between 2015 and 2023. The overall market is projected to be worth US$10.05 bn by 2023.
Adoption of Wearable Technology Devices to Boost Growth of Global Healthcare M2M Market
Rise in healthcare expenditure across the globe, coupled with increased efficiency of healthcare IT systems through connectivity, has propelled the growth of the global healthcare M2M market. Wide adoption of wearable technology devices has further augmented the growth of the market. However, the initial high costs associated with installation of machine to machine technology in the healthcare sector will restrict the growth of the market, especially across developing economies.
Medical Facilities Dominated Global Healthcare M2M Market in 2014
According to components, the global healthcare M2M market has been categorized into connectivity services, M2M models, and M2M applications and platforms. In 2014, M2M modules accounted for a share of 74% in the market. The healthcare M2M modules offer enhanced connectivity features for emergency situations such as cardiovascular illness. The M2M applications and platforms segment is anticipated to register the fastest growth in the near future due to increased usage of smartphones.
Based on applications, the global healthcare M2M market has been broadly classified into medical facilities, patient well-being, sports and fitness, and others including implants, research, and education. Medical facilities held around 50.5% of the overall market in 2014 and emerged as the largest application segment. Healthcare professionals are increasingly adopting healthcare M2M for medical facilities to effectively manage healthcare demands with a high value of patient engagement experience. During the period between 2015 and 2023, sports and fitness segment is expected to register the fastest CAGR of 26.5%.
Key Regions in Global Healthcare M2M Market
The global healthcare M2M market has been segmented into five key regions: Europe, North America, Asia Pacific, Middle East and Africa, and Latin America. In 2014, North America was the largest market for healthcare M2M and accounted for a share of 34% in the market. The growth of the market in this region can be attributed to the rise in geriatric population and prevalence of a number of chronic diseases. The adoption of healthcare M2M in North America has improved the productivity across the healthcare sector.
However, during the period between 2015 and 2022, Asia Pacific is expected to be the fastest growing region in the global healthcare M2M market, expanding at a CAGR of 26.9%. Increased government initiatives and demand for low-cost medical connectivity services have fuelled the growth of this regional market.
Key Players in Global Healthcare M2M Market
Some of the key players operating in the global healthcare M2M market are Athenahealth Inc., GE Healthcare, Apple Inc., Cisco Systems Inc., IBM Corporation, Allscripts Healthcare Solutions Inc., AT&T Inc., Stanley Healthcare, Gemalto NV, and Sierra Wireless Inc. The key vendors are focussing on advanced M2M according to the specific needs of healthcare providers and patients.
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