The competitive landscape of the global healthcare M2M market is fragmented with the presence of plethora of players, notes Transparency Market Research (TMR). Key players in the market are ramping their investment in development of innovative healthcare data management solution to gain a competitive edge. Introduction of user-friendly IoT solutions and M2M solutions on cloud models are major trends observed among key players in the global healthcare M2M market. Some of the prominent players operating in the global healthcare M2M market are AT&T, Verizon, Gemalto, Vodafone, China Mobile, Sierra Wireless, Telefonica, Telit Communications, and Deutsche Telekom.
Apart from this, leading players in the global healthcare M2M market are developing advanced M2M platforms to address remote patient monitoring. This is helping in bridging the patient-physician gap. Numerous companies are entering into strategic alliances, in a move to solidify their market hold and enhance brand value.
According to TMR, the global healthcare M2M market was noted at a valuation of US$1.56 bn in 2014. The market is anticipated to grow at a whopping CAGR of 22.5% from 2015 to 2023. Growing at this rate, the global healthcare M2M market is expected to attain a valuation of US$10.05 bn by the end of 2023.
Regionally, North America is expected to dominate the healthcare M2M market during the forecast period. This is mainly due to the high acceptance of advanced technology and increasing expenditure on healthcare in the region. The healthcare M2M market in North America is likely to expand at a CAGR of 20.7% from 2015 and 2023. On the basis of application, the patient-wellbeing segment is projected to hold a majority of share in the market. This is because of the widening pool of geriatrics patients and growing cases of chronic diseases across the globe.
Increasing Demand for Personalization of Patient Services to Expand Market
The global healthcare M2M market is anticipated to grow substantially during the forecast period. This is because of the several factors such as increasing demand for home telehealth services, increasing prevalence of diseases and limited resources. M2M equipment have sensors that record specific physiologic condition on the patients. Some of them are heart rate, brain image, and pulse rate. These recordings are transmitted to specific software application, which converts recorded data into usable information for physician that are at a far distance from patient. Machine to machine healthcare devices aid in advanced quality of patient care and offer convenience to both caregiver and care receiver. This is expected to rise the global healthcare M2M market in future.
Increasing Adoption of M2M Equipment in Hospitals to Propel Growth
Apart from this, hospitals find it extremely difficult to monitor multiple patients due to increasing patient flow. In such scenarios, M2M devices help physicians monitor patients at remote locations, and thus reduce burden on healthcare infrastructure. This is increasing the demand of M2M healthcare equipment in the healthcare market.
However, lack of technical skills among medical professionals to use these high tech devices especially in developing region is restraining the growth of global healthcare M2M market. Nevertheless, rising cost of hospital admission, increase use of smart healthcare products and increasing inclination of self-monitoring is fueling expansion of the global healthcare M2M market.
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The study presented here is based on a report 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 is segmented based on:
- M2M Modules (Cellular and Satellite)
- Connectivity Services
- M2M Applications and Platforms
- Patient Well-being
- Medical Facilities
- Sports & Fitness
- Research & Education
- North America
- Asia Pacific
- Latin America
- Middle East and Africa