Healthcare M2M Market will rise at a CAGR of 22.5% between 2015 and 2023
Innovation and simplicity in healthcare data management will be a key factor for the global healthcare M2M market in the coming years. Transparency Market Research states that companies will develop cloud-based ecosystems to keep up with the inflow of data along with ensuring its flawless management to keep in line with this trend. For instance, GE Healthcare launched its “GE Health Cloud” in November 2015, which promises to lend flexibility and ease in managing large volumes of healthcare data.
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The key players leading the global healthcare M2M market are Vodafone Plc, AT&T, Inc., and Telefonica S.A. with their own M2M platforms. “Companies will also try to reduce the gap between patients and physicians to increase their brand presence,” said the author of this research report. To maintain the brand value companies will enter strategic alliances that will help them update their platforms in the near future. How these companies incorporate technologies to make healthcare extremely accessible and accurate to the everyday user will remain the focal point of this market in the coming years.
Need to Add Accuracy to Healthcare Pushes Adoption of Healthcare M2M Platforms
Statistics by World Health Organization (WHO) indicate that as of 2014 there was a deficit of 7.2 million healthcare professionals across the globe to cater to the medical needs of the population. Researchers predict that this gap will widen by 2.5% with each passing year. The need to bridge this gap between demand and supply is expected to boost the adoption of M2M solutions in the overall healthcare industry.
The increasing administrative work that is escalating the operational costs of healthcare facilities is also coaxing managements to utilize M2M-based solutions. Not only are these solutions cost-effective but also bring in efficiency by eliminating the cumbersome paperwork. These solutions also reduce the risk of medical errors and are thus known to deliver accurate results.
Alternate Technologies Interfere with Successful Deployment Healthcare M2M
The large-scale deployment of M2M solutions in the healthcare industry is being hampered by the presence of alternate technologies such as IMAX, Satellite, 2G/3G, and Bluetooth. The wireless standards of these technologies differ, making it exceptionally difficult for adopting M2M across the sprawling healthcare sector. As the wireless technology still remains in the nascent stage in the developing countries such as Africa, the global usage of M2M solutions is expected to take time.
Smart healthcare has a huge potential to grow in the near future due to the proliferation of Internet of Things (IoT) in the majority of sectors. Developing regions that are focusing on patient-centric health that ensure efficient treatment procedures will also open up new growth opportunities for the global healthcare M2M market in the near future.
According to Transparency Market Research, the opportunity in the global healthcare M2M market was worth US$1,562.4 mn in 2014 and is expected to reach US$10,052.3 mn by the end of 2023. This market will rise at a CAGR of 22.5% between 2015 and 2023. The key application segment in this market is anticipated to be sports and fitness segment as it expands at a CAGR of 26.5% between 2015 and 2023. Geographically, though North America will be a key regional contributor, Asia Pacific is estimated to growing at the fastest CAGR of 26.9% during the forecast period.
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