Healthcare M2M Market Size Estimated to Observe Significant Growth by 2024

The demand within the global healthcare M2M market is rising at a sturdy pace in recent times. The sizable growth of this market can primarily be attributed to sophistication and digitalisation across the healthcare industry. Several analysts point to the need for establishing greater connectivity across healthcare verticals. These analysts argue that ease of communication and data transfer across the healthcare industry shall help improving treatments. Furthermore, the increasing load of patients who glut healthcare centers has also led to the development of machine-to-machine systems within healthcare. Considering the factors stated above, it is legit to expect that the global healthcare M2M market would expand at a sturdy pace.

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• The healthcare industry is faced with the challenge of understanding, decoding, and addressing the healthcare needs of a large industry. In the contemporary times, the healthcare M2M market cannot be undervalued as it endows lucrative opportunities for growth and maturity. Healthcare professionals concur with the use of machine-based technologies to accelerate the process of treatment and analysis. In the contemporary times, the global healthcare M2M market is projected to encapsulating new opportunities for investors and entrants.
• The use of machine learning within healthcare has played an underhanded role in driving demand within the global market. In addition to this, the relevance of electronic health records that can help in accessing patient from multiple locations has also aided market maturity. The total volume of revenues within the global healthcare M2M market shall touch new heights in the times to follow.
• The recent outbreak of the corona virus has shifted the focus of the healthcare fraternity towards new and improved technologies. Relevance of using machine-based technologies to communicate and transfer data has unravelled new opportunities for growth. In this context, it is safe to expect that the global healthcare M2M market would grow by leaps and bounds.

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Assisted Living Requirements Propel Adoption of Healthcare M2M Solutions

The increasing number patients in need of assisted living, where first responder connectivity is critical has become the leading factor supporting the growth of healthcare M2M market. The rising trend of wearable devices amongst the health-conscious people has also spurred a demand for healthcare M2M-based solutions as it allows users to track their fitness levels with just a few clicks. The prominence of Internet of Things (IoT) across all verticals is also expected to boost this market in the coming few years. The biggest advantage of M2M-based healthcare services is anticipated to bring down administrative costs and cut down risks pertaining to diagnoses and treatment, which is propelling the market's growth.

Transparency Market Research states that these factors are likely to provide an opportunity worth US$10.05 bn by the end of 2023 to the global healthcare M2M market. The market was valued at US$1.56 bn in 2014 and is expected to expand at a CAGR of 22.5% between 2015 and 2023.

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Patient-Centric Facilities Give Deployment of M2M Solutions in North America a Boost

Regionally, North America is predicted to be the leading segment in the overall market due to a high acceptance of technology and the increasing expenditure on healthcare. TMR says that the North America healthcare M2M market was valued at US$530.7 mn in 2014. However, by the end of 2023, this market is expected to reach US$3.08 bn, expanding at a CAGR of 20.7% from 2015 and 2023. The growing awareness of the benefits M2M-based healthcare solutions can render has led to an increased deployment of these solutions. The patient-centric attitude of facilities has also led a burgeoning demand for M2M solutions in the recent past. This trend will continue to be persistent in the North America market due to a widening pool of geriatrics and growing cases of chronic diseases.

On the other hand, Asia Pacific is projected to be the fastest-growing segment between 2015 and 2023, at a very high double-digit CAGR of 26.9%. This growth will be a result of increasing M2M connections, especially in countries such as Australia, Japan, and China. Furthermore, the growing support from governments to upgrade the healthcare infrastructure and provide affordable healthcare is also anticipated to boost this market in the Asia Pacific region. The medical facilities segment will be the leading segment in Asia Pacific due to a strong presence of service providers, who are outsourcing telehealth services.

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M2M Healthcare Solutions Gain Traction in Sports and Fitness Applications

The key players in the global healthcare M2M market are Sierra Wireless, Inc., Athenahealth, Inc., GE Healthcare, Apple Inc., Cisco Systems Inc., IBM Corporation, Stanley Healthcare, Allscripts Healthcare Solutions Inc., AT&T Inc., and Gemalto NV. Several players designing and developing cloud-based M2M-healthcare solutions to provide a long-term solution that improves the accessibility to the mammoth volumes of healthcare data.

Key segments into which the healthcare M2M market is divided based on component are M2M modules, M2M applications and platforms, and connectivity services. On the basis of application, patient well-being, sports and fitness, medical facilities, and others are the key segments into which the healthcare M2M market is divided.
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