LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global M2M healthcare market is expected to grow at a CAGR of 43.52% during the forecast period.
This research report titled ‘Global M2M Healthcare Market 2016-2020’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
Abhishek Sharma, a lead M2M and connected devices research analyst at Technavio, says, “The collaboration between telecom service providers and healthcare service providers is enhancing the growth of the global M2M healthcare market. For instance, Vodafone collaborated with Medic Assist International and Philips to develop and produce machine to machine-enabled automated external defibrillators. Around 1,000 AED devices have been deployed at customer sites, including local authorities, police, and transport operators.”
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Based on application, the report categorizes the global M2M healthcare market into the following segments:
- Remote health monitoring
- Clinical monitoring
- Fitness and wellness
- Others
The top three revenue generating application segment are discussed below:
Remote health monitoring
“The M2M healthcare solutions improve access to specialized medical services by providing preventive care and effective monitoring of chronic conditions through remote patient monitoring solutions. Healthcare providers deliver personalized services to patients through interactive mobile applications for smartphones, tablets, and laptops,” says Abhishek.
Hospital readmission costs can be avoided to reduce unnecessary healthcare expenses. For instance, the expected annual readmission costs for Medicare in the US, a federal health insurance program, is close to USD 25 billion out of which almost half can be avoided annually. This problem can be addressed with the help of remote monitoring applications.
Clinical monitoring
The availability of remotely monitored patient data and predictive analytics solutions with the help of M2M technology help healthcare providers to improve patient care, population health management, and lower medical costs. Hence, mHealth solutions act as a key driver in achieving improved patient care and efficiency of the overall healthcare system. Partnerships between telecom companies and different service providers in the healthcare ecosystem is enhancing the M2M healthcare applications. For instance, Vodafone partnered with pharmaceutical companies, medical technology companies, health insurers, NGOs, and government agencies to provide assisted living and clinical research. This collaboration also helps to improve women’s maternal health and provides access to life-saving treatments.
Fitness and wellness
The increased health awareness among people is reflected in the rapid growth in the demand for hygienic and nutritious food, gym memberships, and diet programs, as well as in the use of mobile health applications. The rise of obesity and obesity-related health disorders like diabetes, joint problems, high cholesterol, high blood pressure, cancer, gall bladder problems, breathing difficulties, and coronary artery diseases have led to a rise in the awareness and adoption of a healthy lifestyle. People are using various connected wearable health and fitness devices like fitness bands and sports equipment to track and control their health to reduce the risk of diseases.
The top vendors highlighted by Technavio’s research analysts in this report are:
- Apple
- Cisco
- Deutsche Telekom
- GE Healthcare
- Vodafone
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