Healthcare is one of the most fundamental necessity that not only increases the quality of living but also increases the life expectancy thereby providing future security to an individual. Machine to Machine (M2M) is an important tool in the healthcare that assist to improve patient care and provide remote diagnostic solutions. It consist of sensor that records particular physiologic condition such as heart rate, brain image etc. Furthermore, recording is transmitted either through wired or wireless communication to specific software application, which converts recorded data into usable information for physician seating far distance from patient. These sensors may be attached to patient’s body 24x7 in order to gauge health status by the physician. Machine to machine can improve healthcare facilities in various way, as it provides advanced quality of care to patients and convenience to both caregiver and care receiver. Machine to machine technology consists of two types, wired and wireless technologies that are connected with the devices of their own kind and allows communication within the same types. These devices play important role in the reduction of healthcare costs, improve patient care and increase the adherence to medical regimes. The M2M healthcare is beneficial, as it saves time by connecting the healthcare providers, patients, and treatment systems over the internet. The major functions carried out by M2M healthcare systems includes home monitoring, assisted living, clinical monitoring, and telemedicine.
Healthcare M2M Market: Market Dynamics
Major factor driving growth of the healthcare M2M market is increasing expenses on healthcare worldwide, especially in the developed regions such as North America. According to statistics given by World Economic Forum in 2016, Norway, Switzerland, and the US are the world’s three biggest healthcare spenders and spent nearly US$ 9,715 per person, which is 9.6% of GDP, US$ 9,276 per person which is 11.5% of GDP, and US$ 9,146 per person which is 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 United Nation report titled World Population Prospect- 2017 revision, global population of people aged over 60 years is expected to rise 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 key factor driving growth of the healthcare M2M market.
Healthcare M2M Market: Regional Insights
North America region is dominating the 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 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 (Penalty through affordable care Act if patient readmitted to hospital after discharged within certain time) would also promote use of healthcare M2M market.
Economies such as China and India are expected to be lucrative for growth of the healthcare M2M market as these countries have highest world population and lack of proper healthcare facilities. Also, telemedicine facilities are expected to drive growth of the market in these regions over the forecast period.
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.
Healthcare M2M Market: Market Taxonomy
On the basis of Component:
- M2M Modules
- Connectivity Services
- M2M Platforms
On the basis of Application:
- Patient Well-being
- Medical Facilities
- Sports & Fitness
On the basis of Region:
- North America
- Asia Pacific
- Latin America
- Middle East