Global Statistics Representing Machine-to-Machine Healthcare Scenario
Machine-to-machine healthcare refers to the use of communication technology and medical devices to monitor diseases and symptoms. From inpatient treatment to emergency care and nursing, machine-to-machine (M2M) technology is significantly improving several areas in healthcare.
The increasing need to remotely monitor patients on a real-time basis drives the growth of the M2M healthcare market. A number of people with chronic diseases reside alone, especially those aged above 65. As per the World Health Organization, the number of people aged 65 years or older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, with developing countries accounting for a majority of the growth. The advent of sensor-equipped medical devices with internet connectivity has allowed physicians and other healthcare professionals to receive alerts regarding patient status when a decision or action needs to be taken.
The ubiquitous adoption of wireless technology in personal lives has accelerated the acceptance of machine-to-machine healthcare in recent years. One of the biggest advantages of machine-to-machine healthcare is its ability to cut down risks pertaining to diagnoses and treatment. The reduced cost of the technology also fuels its adoption globally.
The machine-to-machine (M2M) Healthcare market can be segmented by technology and application.
On the basis of technology, the machine-to-machine healthcare market can be segmented into wired and wireless. While both the technologies play a vital role in reducing healthcare costs, improving patient care, and increasing adherence to medical regimes, the wireless segment is expected to register the highest CAGR during the forecast period, as the technology makes M2M communication easier and enables the connection of more applications in healthcare.
On the basis of application, the market can be segmented into remote health monitoring, clinical monitoring, fitness and wellness, and others. The remote patient monitoring segment is likely to hold the largest market share in the machine-to-machine healthcare market during the forecast period due to the rising applications in chronic disease monitoring.
Geographically, the global machine-to-machine healthcare market has been segmented into four regions, namely North America, Europe, Asia-Pacific, and Latin America and the Middle East & Africa (LAMEA).
North America is expected to dominate the machine-to-machine healthcare market, with health systems and hospitals in the U.S. shifting their business models dramatically. The U.S. has an average healthcare spending of nearing 20% of the national GDP, which provides the M2M healthcare market a promising approach to expand healthcare services cost-effectively.
Europe is projected to hold the largest market share after North America. The U.K.’s National Health Service (NHS) has begun investigating ways to deploy M2M healthcare. One of the prominent areas for M2M application is patient monitoring wherein the technology is used to bring better compliance with prescribed treatments, faster reaction times to medical emergencies, and generally better outcomes for patients.
Asia-Pacific is projected to grow at the fastest rate in the machine-to-machine healthcare market during the forecast period. The region offers substantial potential for market growth, backed by rapid growth in economies such as India and China.
The Middle East is expected to grow at a considerable rate in the machine-to-machine healthcare market. The UAE government is leading the way in establishing necessary integrated and secure data ecosystems to expedite the implementation of future technologies such as Artificial Intelligence (AI) in healthcare, which is further driving the growth of the market in this region.
Some of the key players in the machine-to-machine healthcare market are 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.
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Machine-to-Machine Healthcare Market Segmentation