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Healthcare M2M Market to Exceed US$10.05 Billion by 2023, Says TMR
ALBANY, New York, April 12, 2019 /PRNewswire/ -- According to TMR analysts, the global healthcare M2M market was valued at US$1.56 bn in 2014. The global market is projected to grow at an impressive 22.5% CAGR during the forecast period of 2015 to 2023 and reach US$10.05 bn by the end of 2023.
Among all applications in the global healthcare M2M market, the patient-wellbeing category is expected to gain maximum revenue share of the healthcare M2M market. This gain is due to the continuous rise of old-age group patients and rising occurrences of chronic disorders globally.
North America is leading and presently holds maximum revenue share of the healthcare M2M market. This is mainly due to rising implementation of the latest innovations that have recently launched in the market. Also, Asia Pacific is projected to develop quickly in the global healthcare M2M market in the near future.
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Growing Demand for Wearable Devices a Boon for Healthcare M2M Market
The growing number of patients dependent on supported living in which having key responder connectivity is essential to drive the market. Moreover, the growing demand for wearable devices among individuals who are health conscious is driving the demand for healthcare M2M-based devices. The application enables patients or individuals to be conscious about their fitness levels within a few clicks. The prime advantages of healthcare M2M is projected to cut down cost and lessen the risks associated with diagnosis and treatment, and this will eventually drives the global healthcare M2M market.
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Less Trust on Advanced Devices to Deter Growth of the Healthcare M2M Market
Individuals in emerging economies are still far from the digitalization of the healthcare sector and most recent innovations in the same, and this has resulted into the less trust on advanced devices. Increment in the data and privacy security concerns is constraining the development of healthcare M2M market. This is due to HIS being additional equipment which utilizes and saves an individual's medical data. Also, the absence of legitimate IT infrastructures in emerging economies is hampering the development of healthcare M2M market. However, telemedicine services are projected to boost the healthcare M2M market in the forthcoming years.
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The global healthcare M2M market has a robust vendor landscape and highlights an intensified competition, says Transparency Market Research. This is predominantly attributable to the existence of numerous new entrants who are trying to venture into the global healthcare M2M market. There are also mature players in the industry who are exceling in the global healthcare M2M markets such as Sierra Wireless, Deutsche Telekom, China Mobile, Telefonica, and Telit Communications.
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As stated by the American Heart Association, approximately 5 mn citizens of America are alive with heart disorder. Along with these, there is nearly 600 thousands new cases diagnosed every year. Therefore, to overcome this situation efficiently the ReliantHeart, American manufacturing ventricular assist Devices Company launched a Heart Assist Remote Monitoring System. This system is called as HeartAssist5. It is an M2M gadget that helps the patients feel safer about their heart health while traveling or at home. This device was created in association with Numerex, and uses the highly scalable, integrated, secure, fully hosted, and cloud-based Numerex FAST platform.
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The study presented here is based on a Transparency Market Research report titled "Healthcare M2M Market (Component - M2M Modules (Cellular and Satellite), Connectivity Services, and M2M Applications, and Platforms; Application - Patient Well-being, Medical Facilities, Sports and Fitness, Implants, and Research and Education) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023."
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