Healthcare M2M Market Growth Insights | 2027 Industry Value Touches Million in Terms of Revenue | by Sierra Wireless, Inc., Deutsche Telekom, Athena health, Inc. etc
Healthcare Machine-to-Machine (M2M) Market report includes historic data, present market trends, environment, technological innovation, upcoming technologies and the technical progress in the related industry. Healthcare Machine-to-Machine (M2M) Market offers complete, proficient report delivering market research data that is relevant for new market entrants or set up players. Key strategies of the companies operating in the market and their impact analysis have been included in the report.
Global Healthcare Machine-to-Machine (M2M) Market
Healthcare is one of the most fundamental necessities, which not only increases the quality of life, but also augments life expectancy, thereby providing future security to an individual. Machine-to-Machine (M2M) is an important tool in the global healthcare sector that aids in improving patient care and provides remote diagnostic solutions. It contains a sensor that records particular physiologic conditions, such as heart rate, brain images, etc. Subsequently, the recording is transmitted either through wired or wireless communication to specific software applications, which convert the recorded data into usable information for physicians who are far away from their patients. These sensors may be attached to the patient’s body 24×7 in order to gauge the health status determined by the physician. The M2M tool enhances healthcare facilities in various ways, as it provides advanced quality of care to patients and ample convenience to both the caregiver and the care receiver. This technology therefore consists of two types – wired and wireless technologies. These devices play a vital role in the reduction of healthcare costs, improvement of patient care, and advancement of medical regimes. Thus, the M2M healthcare technique is immensely beneficial, as it saves time by connecting the healthcare providers, patients, and treatment systems over the internet. The major functions carried out by the M2M healthcare systems include home monitoring, assisted living, clinical monitoring, and telemedicine.
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• Current and future of global Healthcare M2M Market outlook in the developed and emerging markets
• The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
• Regions/countries that are expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market players
Global Healthcare M2M Market Overview
One of the major factors driving growth of the global healthcare M2M market is increasing global expenditure on healthcare, especially in the developed regions of the world, such as North America. According to the statistics presented by the World Economic Forum in 2016, Norway, Switzerland, and the U.S. are the world’s three biggest healthcare spenders, which spend nearly US$ 9,715 per person (9.6% of GDP), US$ 9,276 per person (11.5% of GDP), and US$ 9,146 per person (17.1% of GDP) respectively. Visiting hospitals increases financial burden on patients, as hospitals have high maintaining charges due to expensive machines. Therefore, M2M facilities would be beneficial to all these stakeholder in healthcare industry. Increasing prevalence of chronic disease such as diabetes, cardiovascular disease, and cancer worldwide is further fueling growth of the healthcare M2M market. According to The International Diabetes Federation’s (IDF) Diabetes Atlas in 2017, the worldwide prevalence of diabetes was nearly 425 million patients. According to World Health Organization (WHO), cancer is one of leading non-communicable disease and second leading cause of death worldwide. As reported by the International Agency for Research on Cancer (IARC) in 2012, around 14.1 million new cases, 8.8 million death, and 32.6 million people were suffering from cancer. Thus high prevalence of chronic disease needs continuous monitoring and follow-up with physician, which may not be possible with sole reliance on physical infrastructure. According to the United Nation report, titled ‘World Population Prospect- 2017’ revision, the global populace aged over 60 years is expected to expand from 962 million to 1.3 billion by 2030. Furthermore, continuous advancement in wireless technology to bridge gap between the healthcare provider and healthcare receiver is a key factor propelling the growth of the global healthcare M2M market.
Global Healthcare M2M Market – Regional Insights
North America leads the global healthcare M2M market, owing to growing concern for healthcare expenditure in this region. According to Organization for Economic Cooperation and Development (OECD), 2017, the U.S. has highest per capita health expenditure of around US$ 10,000. Healthcare M2M can reduce this cost at significant rate. It would also facilitate more outpatient visitor than inpatient visitors that cost highest among healthcare expenditures. Increasing prevalence of chronic disease also fuelling the growth of the healthcare M2M market. According to the International Diabetes Federation report in 2017, around US$3 77 Billion are spent annually in the U.S. in which diabetes accounted for around 52% of total healthcare expenditure. According to a study published in American College of Cardiology Journal in 2017, cardiovascular disease accounts for around 800,000 deaths in the U.S. annually, an average of one person dies from CVD every 40 seconds in the U.S. Healthcare M2M allows continuous monitoring of patients and timely follow up thereby helps in reducing sudden cardiac death. Furthermore, lack of skilled physician is expected to propel growth of the healthcare M2M market. According to study conducted by the American Association of Medical Colleges, the U.S. would have shortage of around 40,800 and 104,900 physicians by 2030. Difficulty in getting reimbursement in certain cases would also promote use of healthcare M2M market.
Moreover, the emerging economies of Asia Pacific, such as China and India, are expected to witness lucrative growth of the healthcare M2M market as these countries have highest world population and lack of proper healthcare facilities. In addition, telemedicine facilities are expected to drive growth of the market in these regions over the forecast period.
Global Healthcare M2M Market – Competitive Landscape
The key players operating in the global healthcare M2M market include Sierra Wireless, Inc., Deutsche Telekom, Athena health, Inc., GE Healthcare, Apple Inc., Cisco Systems Inc., IBM Corporation, Stanley Healthcare, Allscripts Healthcare Solutions Inc., AT&T Inc., and Gemalto NV.
On the basis of Component:
- M2M Modules
- Connectivity Services
- M2M Platforms
In terms of Application:
- Patient Well-being
- Medical Facilities
- Sports & Fitness
- North America
- Asia Pacific
- Latin America
- Middle East
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