Increasing Application of M2M Technology in Healthcare Industry Opens Up New Avenues for Growth of Global Healthcare M2M Market
The healthcare sector is being positively influenced by machine-to-machine (M2M) technology in the past few years. This technology has introduced the healthcare industry to the IT ecosystem, enabling it to widen its scope of services with efficiency. The development of the healthcare M2M market has simplified sharing of healthcare-related data, which may include personal information of the patient, medical history, clinical data, diagnostic results, prescription information, and other data relevant to the treatment of the patient. Application of M2M services in the healthcare industry has also brought in the convenience of assisted living, home monitoring, clinical monitoring, and telemedicine. With a wide range of applications, M2M healthcare systems are poised to revolutionize the quality of healthcare for the ever-increasing global population.
Cisco Leads Healthcare M2M Market
Some of the key players in the global healthcare M2M market are Gemalto NV, GE Healthcare, Apple Inc., Athenahealth, Inc., Allscripts Healthcare Solutions Inc., IBM Corporation, Cisco Systems Inc., Stanley Healthcare, AT&T Inc., and Sierra Wireless Inc. Cisco holds a key position in the healthcare M2M market. The company caters to a very niche demand for cellular-based router products. Its hardened routers come with 3G/4G connectivity and are on the higher side of the price and functionality. The M2M network security solution provided by Cisco is known as Cisco Integrated Services Router 819 M2M gateway. This includes Cisco IOS software, which is a very secure solution specifically made for M2M applications.
The global healthcare M2M market is segmented on the basis of component, application, and geography. On the basis of component, this market is segmented into connectivity services, M2M modules, and M2M applications and platforms. The applications of these components are seen in areas of patient well-being, medical facilities, sports and fitness, and others such as implants and research and education. Geographically, the market is segmented into Latin America, Asia Pacific, Europe, North America, and the Middle East and Africa.
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Increasing Healthcare Expenditure Propels Global Healthcare M2M Market
According to research analysts, the global M2M healthcare market is expected to grow at an accelerated pace due to the increasing healthcare expenditure across the globe. Furthermore, the increasing efficiency in healthcare IT systems with better connectivity, high adoption of wearable devices, and increasing usage of M2M in healthcare are also expected to fuel the growth of this market.
Asia Pacific Healthcare M2M Market to Expand at a CAGR of 26.9% from 2015 to 2022
In terms of geography, North America held the largest share of 34% in the healthcare M2M market in 2014. This was attributable to the improving healthcare productivity in the region as well as a good balance between the demand and supply of patient-centric healthcare. The growing demand for healthcare in North America is a result of the high incidence of chronic diseases and the rising geriatric population. Analysts predict that the healthcare M2M market in Asia Pacific will show a CAGR of 26.9% from 2015 to 2022 due to expanding healthcare infrastructure.