Machine-to-machine (M2M) concerns with communication between two or more devices using a communication channel, whether wired or wireless. M2M communications not just decrease (if not completely eliminate) possibilities of errors, they also are remarkably faster as compared to human communications. In the healthcare sector, M2M is of immense importance because even a minute mistake or delayed transaction can put lives at risk. M2M is not only enabling the transfer of information rapidly but is also bringing down administrative costs and cutting errors. Transparency Market Research (TMR) has forecast the healthcare M2M market to expand at a significant CAGR of 22.5% during the period of 2015 to 2023, by when it is estimated to value US$10.05 bn.
Which geographical regions are most lucrative for healthcare M2M market?
According to TMR, North America accounts for the largest chunk of the global healthcare M2M market due to high acceptance of technology and increasing expenditure on healthcare in the region. The research study states that North America’s healthcare M2M market was valued at US$530.7 mn in 2014 and it is projected to breach the US$3.0 bn mark by 2023. That translates to a robust CAGR of 20.7% in the region, which has a widening pool of geriatric population and growing cases of chronic diseases.
However, Asia Pacific is projected to be the fastest-growing geographical segment among all, rising at a remarkable CAGR of 26.9% until 2023. This incredible expansion is a result of increased support from regional governments to upgrade the healthcare infrastructure and provide efficient support.
How are M2M healthcare solutions revolutionizing the sports and fitness sector?
The sports and fitness industry are witnessing an explosion of innovative devices and sensors due to rapid advancements in wearable technology. These devices and sensors, with the help of M2M communications, can instantly relay important health related information to smartphones of the end-users. Fitness brands are becoming more sophisticated and gathering biometric data that helps improve consumer’s health levels. With the help of wearable technology, M2M is revolutionizing the healthcare sector by providing essential data related to heart rate, posture, and distance covered. These devices can also benefit professional sports teams.
The ease of operation brought in by M2M-based healthcare solutions in patient care is in turn decreasing the dependence on healthcare professionals and enabling end-users to make more informed and instant choices. The TMR report projects M2M healthcare in sports and fitness applications as the most prominent sector in the market with a strong CAGR of 26.5% during 2015 to 2023.
M2M communications have been a part of the healthcare sector since long but in recent times with the invention of innovative devices and sensors, consumers are directly benefiting and that augurs very well for the future, both for the consumers and the manufacturers.