Over the past few years, the healthcare industry has been witnessing increasing adoption of machine to machine (M2M) technology in order to reduce skyrocketing healthcare costs, increase adherence to medical regimens and improve better patient care. M2M connected healthcare is a healthcare delivery model that operates in an IT ecosystem, and allow easy access and sharing of healthcare related data such as patient medical history data, patient personal information, prescription information, diagnostic results, clinical data and others.
Home monitoring, clinical monitoring, assisted living and telemedicine are among the major functions carried out by M2M connected healthcare systems. M2M connected healthcare saves time by connecting patients, healthcare providers and treatment systems over the internet. The M2M connected healthcare systems can use wired or wireless connectivity to share healthcare data between web-connected devices without the need of human involvement.
The global market for M2M connected healthcare has been segmented into home monitoring, clinical monitoring, clinical trials, telemedicine, assisted living, worried well and clinical remote monitoring. Significant advantages associated with M2M connected healthcare have been identified as the major factors driving the M2M connected healthcare market growth. These advantages include reduced time, reduced healthcare cost, easy sharing of healthcare data and remote healthcare monitoring. M2M model also enables patients with more control over their treatment regime.
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Globally rising incidences of various chronic diseases such as diabetes, cancer and hypertension are also expected to play a key role in driving the market growth during the forecast period from 2014 to 2022. Persistent rise in geriatric population directly impacts the growth and development of connected health M2M services as elderly population is highly susceptible to acquire several health disorders as compared to younger adults.
According to World Health Organization (WHO) projections, in 2010, global geriatric population was around 524 million and is anticipated to reach around 1.5 billion by the year 2050. Thus, a consistent rise in geriatric population would boost the growth of M2M connected healthcare market as they will increasingly seek M2M connected health services. One of the major factors that are expected to affect the market growth is that stake holders should have access to internet connection.
In terms of geography, the global market for M2M connected healthcare has been segmented into four major regions, namely, North America, Europe, Asia-Pacific (APAC) and Rest of the World (RoW). North America represented the largest regional market for M2M connected healthcare in 2013. Well established healthcare infrastructure of the North American countries U.S. and Canada, and presence of a large pool of technically-savvy patient population are among the major factors responsible for North America’s leading position in this market segment. Europe represented the second largest market after North America.