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Global Healthcare M2M Market: Demand for Remote Patient Monitoring to Bolster Uptake
July 7, 2017 | Transparency Market ResearchEstimated reading time: 3 minutes
Some of the leading players operating in the healthcare M2M (machine-to-machine) market are Telefonica S.A., AT&T Inc., Vodafone Group plc, and GE Healthcare. Developing innovative healthcare data management methods and offering user-friendly IoT solutions are seminal factors governing the competitive dynamics in the market. Several players are keen on offering M2M solutions on cloud models to gain a competitive edge over others, finds Transparency Market Research (TMR).
The leading players are developing advanced M2M platforms that address remote patient monitoring and help in bridging the patient-physician gap. Numerous companies are entering into strategic alliances, in a move to consolidate their market presence and enhance their brand value. These M2M solutions are aimed at improving the affordability and quality of care, reducing administrative costs, and increasing the accuracy of diagnosis.
The valuation of the healthcare M2M market stood at $1.56 billion in 2014 and is anticipated to grow at a CAGR of 22.5% from 2015 to 2023. Growing at this pace, the opportunities in the market is expected to surge to $10.05 billion by the end of the forecast period.
Ease of Operations in Patient Care Bolster Adoption of M2M Solutions
Geographically, North America is expected to dominate the healthcare M2M market throughout the forecast period. The increased deployment of healthcare M2M solution in this regional market is attributed to the several benefits, attributed mainly to patent-centric focus of a number of healthcare facilities. The regional market is projected to reach US$3.08 bn by the end of the forecast period.
Based on application, the healthcare M2M market is segmented into patient well-being, medical facilities, sports and fitness, implants, and research and education; of these the patient well-being segment is expected to occupy a gargantuan share in the market. The application of M2M technologies in the area of patient well-being is driven by the substantial benefits enjoyed by healthcare institutions in terms of operational improvements and reduced administrative costs.
Healthcare M2M Solutions Become More Pervasive With Proliferation of IoT
A variety of factors are pushing the demand for M2M solutions in the healthcare sector. The demand for reducing the gap between patients and physicians, the need for safer patient care, and substantial improvements in efficiency and accuracy are the crucial factors boosting the uptake of M2M connectivity solutions in healthcare. The paucity of qualified care professionals has led to a marked gap between patients and physicians. The demand for better patient monitoring methods for a large part of populations suffering from chronic ailments is anticipated to boost the healthcare M2M market. The need for remote monitoring of populations through the connectivity of patient care devices with the implementation of IoT systems at hospitals and care centers has bolstered the uptake of M2M in healthcare.
The need for reducing operational cost for the management of large number of operations in hospitals has propelled the need for the healthcare M2M solutions across various regions. The advent of patient-centric solutions in various developing regions to improve treatment procedures has catalyzed the market.
The lack of a standardized connected device platform among vendors is a key factor likely to hinder the healthcare M2M market to some extent. Nevertheless, with the proliferation of IoT, the adoption of M2M solutions will become more pervasive, which is expected to open promising opportunities for the development of a common platform for the delivery of M2M solutions. Furthermore, the growing popularity of IoT and advancements in alternate connected technologies are expected to accentuate the healthcare M2M market. In addition, the adoption of wearable devices among health-conscious people is expected to open up abundant opportunities for market players.
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