Healthcare M2M Market to Reach US$10.05 bn by 2023, Asia Pacific Most Lucrative With CAGR of 26.9%: Transparency Market Research

Jan 18, 2016, 04:30 ET from Transparency Market Research

ALBANY, New York, January 18, 2016 /PRNewswire/ --

According to a new market report published by Transparency Market Research entitled "Healthcare M2M Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023," the global healthcare M2M market is expected to reach a value of US$10.05 bn by 2023. The market is estimated to grow at a CAGR of 22.5% during the forecast period from 2015 to 2023. Growing healthcare expenditure all over the world, increases in the efficiency of healthcare IT systems through connectivity, the growing use of M2M in healthcare, and the growing adoption of wearable technology devices are driving the expansion of the healthcare M2M market, globally.

Browse the full Healthcare M2M Market (By Component - M2M Modules, Connectivity Services, M2M Applications & Platforms; By Application - Patient Wellbeing, Medical Services, Sports & Fitness and Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023 report at http://www.transparencymarketresearch.com/healthcare-m2m-market.html

North America was the largest market for healthcare M2M in the year 2014, with a market share of around 34%. The adoption of healthcare M2M in the healthcare facilities of North America have improved the healthcare productivity and helped balance the demand and supply of patient-centric healthcare across its major cities. Growing demand comes from the presence of a high number of chronic diseases, and the growth of the geriatric population in North America, which has made the region a key market for healthcare M2M suppliers. Asia Pacific is expected to be the fastest-growing market for healthcare M2M at a CAGR of 26.9% during the forecast period (2015-2022). A rising number M2M-based connections, demand for low-cost medical connectivity services and increased government initiatives to improve the healthcare infrastructure are expected to aid the growth of the healthcare M2M market in this region.

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M2M modules occupied approximately 74% of the healthcare M2M market in 2014. The healthcare M2M modules enable enhanced connectivity features for cellular and satellite-based connectivity to improve reaction times. These systems also help enhance first-responder connectivity for emergency situations like cardiovascular illness. Healthcare M2M solutions provide a high value of patient engagement and a monitoring mechanism with greater focus on decreased hospital admissions. On the basis of components, M2M applications and platforms is the fastest growing segment, at a CAGR of 44.5% in 2014. The increase of smartphone penetration has led to the growth of applications and platforms for self-monitoring services.

Medical facilities was the largest application area of the healthcare M2M market, accounting for approximately 50.5% of the total market in 2014. In order to efficiently manage healthcare demands with a high value of patient engagement experience, healthcare providers are significantly adopting healthcare M2M for medical facilities. Sports and fitness is the fastest-growing application area of healthcare M2M market at a CAGR of 26.5% during the forecast period. In recent years, there has been significant growth in government initiatives and healthcare infrastructure to enhance the overall healthcare structure globally; this has resulted in the growth of M2M in medical facilities around the globe

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During the recent years, the leading healthcare M2M vendors are looking to offer advanced healthcare M2M as per the specific needs of healthcare providers, patients, and individuals. Leading healthcare M2M providers in 2014 included GE Healthcare, Athenahealth, Inc., Apple Inc., IBM Corporation, Cisco Systems Inc., Allscripts Healthcare Solutions Inc., Stanley Healthcare, AT&T Inc., Gemalto NV, and Sierra Wireless Inc.

The global healthcare M2M market is segmented as below:


Healthcare M2M Market  


By Component 

  • M2M Modules (Cellular and Satellite)
  • Connectivity Services
  • M2M Applications and Platforms 

By Application 

  • Patient Well-being
  • Medical Facilities
  • Sports & Fitness
  • Others (Implants and Research & Education) 

By Geography 

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East and Africa

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