M2M Healthcare Market

Global M2M Healthcare Market Size (2023 to 2028)

The size of the global m2m healthcare market is predicted to rise at a CAGR of 22.80% from 2023 to 2028 and value at USD 25.78 billion by 2028 from USD 9.23 billion in 2023.

Machine to Machine (M2M) technology helps connect two or more devices to transmit data without the intervention of humans. The concept of M2M involves sensors, smart meters, and other devices that collect temperature, location, and other details and transmit it to a software application through a wired or wireless network. In wired M2M communication, the data is transferred through a cable, whereas wireless communication involves cellular networks (2G,3G,4G, and 5G), Wi-Fi, and RFID (Radio Frequency Identification) to communicate. The incidence of non-communicable diseases among people is growing significantly worldwide. According to research by the WHO, non-communicable diseases are responsible for 74% of deaths worldwide. Non-communicable diseases such as cancer, diabetes, chronic respiratory diseases, and cardiovascular diseases require regular tracking. M2M technology can significantly help supervise the health condition in such situations.

Impact of COVID-19 on the global m2m healthcare market:

COVID-19 has had a detrimental effect on health and the economy and threatened survival. Hence, healthcare became significant during the COVID-19 pandemic. In addition, the Coronavirus has the power to affect the lungs, causing impairment in oxygen. Therefore, pulse oximeters have been heavily used during the pandemic to keep track of the oxygen level. As a result, the sales of pulse oximeters have risen significantly during the peak days of COVID-19 and also resulted in the shortage of pulse oximeters in many locations. Likewise, the utilization of many other medical devices increased during the COVID-19 pandemic, eventually resulting in the growing usage of M2M technology.

Moreover, people are more health conscious after the pandemic. It is found that 70% of Americans became health conscious after COVID-19; therefore, M2M technologies have been widely used to monitor health. Hence, COVID-19 has positively impacted the M2M healthcare market.

MARKET DRIVERS:

The growing patient population suffering from chronic diseases is expected to propel the M2M healthcare market growth.

According to research by the World Health Organization (WHO), an estimated 3 million people die from alcohol consumption, and 8 million die due to tobacco consumption yearly. Therefore, such an increase in alcohol consumption, tobacco use, consuming unhealthy food, and others leads to chronic or non-communicable diseases. Chronic diseases such as cancer, diabetes, chronic respiratory diseases, and cardiovascular diseases cause disability and death. According to CDC (Centers for Disease Control and Prevention), every six out of ten Americans are diagnosed with a chronic disease. In such cases, it isn't easy to manage the condition. Hence, M2M technology helps remotely monitor a patient's health. For instance, patients with diabetes can test their blood sugar levels using a glucometer. The criterion wireless module and SIM cards inside the glucometer send the test result to the telemedicine center. Because of such an increase in chronic diseases, the need for M2M technology is high, which is expected to lead to the growth of the M2M healthcare market.

The growing aging population worldwide is expected to boost the global M2M healthcare market growth.

According to the World Health Organization (WHO), an estimated 1.4 billion people worldwide are expected to be 60 years or above by 2030. The growing geriatric population results in the increasing need for medical devices as people who are aged are more likely to diagnose with various healthcare problems and require continuous health monitoring. With the rising aging population, it is found that 80% of the senior population has been affected by at least one chronic disease. Remote patient monitoring involves the safe transmission of medical data from the patient's device to the doctor's system, which helps monitor the patient's health and reduces the patient's visits to the hospital. Hence, M2M devices will also be used by the senior population. As a result, the need for connected healthcare solutions such as machine-to-machine (M2M) grows.

The increasing efforts and funding by various governments are anticipated to fuel the M2M healthcare market growth.

Considering the burden of various diseases, the governments of various countries have increased their funding and support towards the innovation of effective drugs and medical devices. The adoption of home healthcare, telemedicine, and remote patient monitoring is growing aggressively worldwide owing to the growing patient population suffering from chronic diseases such as diabetes, CVDs, cancer, and others, which is expected to result in the growing need for M2M healthcare services and boost the market growth.

In addition, the advantages associated with M2M healthcare, such as lower costs, reduced time, remote monitoring, and easier exchange of healthcare data, are further estimated to fuel the market’s growth rate. Furthermore, the rising usage of telemedicine and telehealth by people worldwide and the increasing involvement of technological developments such as AI, LM, IoT, Big Data, and Blockchain in healthcare applications are expected to promote market growth. In addition, the increasing awareness regarding the significance of electronic health records (EHR) among countries is anticipated to fuel the need for solutions for M2M healthcare.

MARKET RESTRAINTS:

On the other hand, the growth of the M2M healthcare market is expected to be hampered by the lack of required healthcare infrastructure in some countries worldwide. Furthermore, the high costs associated with the maintenance of M2M healthcare and the scarcity of skilled people that can handle the operations of M2M healthcare are further estimated to inhibit the growth of the M2M healthcare market. In addition, issues associated with data security, interoperability, regulation, and compliance are anticipated to hinder the growth of the M2M healthcare market.

REPORT COVERAGE:

This research report on the global m2m healthcare market has been segmented and sub-segmented based on type, application & region.

M2M Healthcare Market – By Type:

• Wired
• Wireless

The wireless segment is expected to grow fastest during the forecast period, as the technology facilitates M2M communication and allows more healthcare applications to be connected. In addition, the adoption of short-range wireless communication technologies such as Wi-Fi, Bluetooth, and ZigBee for various applications such as in-car infotainment systems, patient monitoring devices, wireless beacons, and smart appliances are promoting segmental growth.

M2M Healthcare Market – By Application:

• Remote Health Monitoring
• Clinical Monitoring
• Fitness and Wellness

Based on application, the remote healthcare monitoring segment held the largest share of the global M2M healthcare market in 2022. The segment’s domination is estimated to continue during the forecast period. Remote monitoring helps the patients feel safe while undergoing treatment at home. It chiefly helps people with chronic diseases. The test results taken at home are safely transmitted to the physician's device. If the patient fails to take the test, the patient is reminded to take the necessary measures through remote monitoring.

M2M Healthcare Market – By End-User:

• Hospitals
• Ambulatory Surgical Centers

Based on the end-user, the hospital segment is anticipated to hold a significant share of the global M2M healthcare market during the forecast period owing to the growing geriatric population, rising incidence of chronic diseases, and rising need for M2M technology among hospitals. Blood pressure, blood sugar level, pulse, and others are tested by the patients at home using M2M devices such as blood pressure monitors, glucometers, and oximeters. The measured data is transmitted through a wireless or wired network to the doctor's software application. Then, the healthcare management takes necessary measures to bring the patient to the hospital by ambulance and treat them accordingly.

M2M Healthcare Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

In 2021, North America captured the leading share of the worldwide M2M healthcare market, and it is predicted to continue to remain dominating during the forecast period owing to the growing investments to develop the healthcare infrastructure further and do R&D activities, rapid adoption of technological developments, and the presence of major market participants. The incidence of chronic diseases such as lung disease, stroke, heart disease, cancer, diabetes, and Alzheimer's is growing significantly among the population of the United States. According to an article published by NCBI in 2018, an estimated 133 million Americans suffer from at least one chronic disease. On the other hand, the aging population in the U.S. is also increasing rapidly. As per the U.S. Census Bureau, the aging population in the United States is 56 million, which is expected to result in a greater need for healthcare services. M2M communication monitors the patients remotely to improve patient care and reduce medical expenses. The clinical staff and doctors can remotely receive patients' data and treat them.

However, the M2M healthcare market in Europe and Asia-Pacific is on the rise owing to the growing concerns for improved healthcare systems, the rising geriatric population, and disposable incomes. In addition, as virtual systems take more prominence and digitalization the regions, especially in countries such as Germany, France, The U.K., Dutch, India, China, Japan, South Korea, and others, the scope for M2M healthcare in these countries is anticipated to grow the region. Germany and Japan are the world's technological hubs and are heavily involved in creating all types of machines, including for healthcare systems.

The European region occupied a substantial share of the worldwide market in 2021 and is predicted to grow at a healthy CAGR during the forecast period owing to the growing efforts from the European governments to promote the usage of M2M healthcare. For instance, the NHS announced plans to implement M2M healthcare in the healthcare system of the UK. In addition, the European governments' increased funding to conduct R&D and develop novel drugs and treatments is anticipated to favor regional market growth.

The Asia Pacific is expected to rise at the fastest CAGR during the forecast period owing to the growing M2M connectivity in countries such as Australia, Japan, and China. In addition, the growing support from APAC governments to promote the developments in the healthcare infrastructure and provide healthcare at an affordable cost is anticipated to boost the market growth in APAC. On the other hand, owing to the growing population in the APAC countries and the lack of promising healthcare facilities, countries such as China and India are likely to be lucrative in the APAC healthcare M2M market.

KEY MARKET PLAYERS:

Companies playing a promising role in the global m2m healthcare market profiled in this report are AirStrip Technologies, BL Healthcare, IBM, PharmaSecure, Microsoft, Apple, Ingenious Med, Cisco Networks, NeuroVigil, and QxMD Software.

RECENT MARKET HAPPENINGS:

• In 2022, the Department of Transportation announced accepting applications for M2M company registration.
• In January 2023, Fire Boltt, an electronics company and India's most reputed smartphone company announced the invention of three new smartwatches in India. In terms of healthcare, the Fire Boltt Smartwatches help detect heart rate, blood pressure, and oxygen saturation.
• Fire Boltt launches three new smartwatches in India, all priced under Rs 3000 - India Today.