Healthcare M2M Market Size, Share, Growth, and Industry Growth by Type (Stand-Alone Systems and Integrated Systems), By Application (Hospitals, Clinic, and Others), Regional Forecast To 2031

Updated On: 01 April 2024

Healthcare M2M Market REPORT OVERVIEW

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The global healthcare M2M market size was USD 3618.9 million in 2020 and is projected to touch USD 13583 million by 2031, exhibiting a CAGR of 12.8% during forecast period.

The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Healthcare M2M, also known as telehealth, refers to the use of communication technology and medical devices to monitor diseases and symptoms. It allows the care for long-distance patients through telecommunication technologies and electronic information. M2M employs a device to capture the events that are relayed on a network to applications and translating captured events into usable information. It monitors diseases such as hypertension, mental illness, diabetes, CHF, and COPD. The quality of healthcare services is being enhanced with the help of cloud connected wireless sensing solutions.  

In recent years, medical providers have been increasingly started to employ remote communications and use technology to monitor and provide quality care. Adoption of telehealth applications is becoming mandatory in the healthcare industry due to rising prevalence of chronic diseases. The need to monitor the population is driven by the aging population and their unmet medical needs. The driver of the market is also due to increase in cardiology, radiology, online consultation, and behavioral health. 

COVID-19 Impact: Long Distance Care for Patients to Surge Market Growth

The effects of the COVID-19 pandemic are already being felt on a global level, the global healthcare M2M market is noticeably influenced. In 2020, COVID-19 has had a negative impact on many markets. Several countries went into lockdown. With the sudden pandemic, all kinds of businesses observed disruptions. With many restrictions in the pandemic, different types of markets were negatively impacted. Telehealth and telemedicine was posed with many opportunities as there was an increased burden on hospitals and healthcare institutions. This has opened a new market for opportunities for such digital platforms for health. The demand for virtual consultations increased during the pandemic due to the advantages offered by telemedicine. Furthermore, reduced use of personal equipment has also propelled the growth for the market during the pandemic.    

LATEST TRENDS

"Rising Partnerships and Investments to Propel Market Demand"

Growing trend for healthcare M2M is predicted to surge the growth of the global healthcare M2M market. Online consultation and e-visits has now become the new normal. One of the main benefits is cost-effectiveness due to teleconsultations, easy access, and reduced outpatient department (OPD). Several new companies have been coming up with new solutions and software for virtual consulting such as general medicine, cardiology, dermatology, and other services. This has attracted many partnerships and rise in investments by the equity firms. This has also led to collaborations that are also expected to create new products. Such rising investments and partnerships are expected to pose an opportunity for the market demand.

Healthcare M2M Market SEGMENTATION

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• By Type

According to type; the market is divided into stand-alone systems and integrated systems.

• By Application

Based on the application; the market is divided into hospitals, clinics, and others.  

DRIVING FACTORS

"Government Initiatives to Improve Market Growth"

The global healthcare M2M market growth is projected to rise due to gaining traction as telehealth is becoming one of the most important technologies in the healthcare industry. Majority of the countries have been developing telehealth services with the help of government initiatives. Majority of the population in the underdeveloped countries do not have access to quality healthcare and governments are now focusing on providing those facilities. Various governments policies and initiatives in telemedicine technology and help them in deploying these technologies. Thus, the extensive support from the government is expected to support the telehealth solutions in the future. 

"Rising Chronic Conditions and Cost-Benefits to Expand Demand  "

The demand of the telemedicine and telehealth is rising rapidly due to rise in chronic diseases that can cause death and disability. Management of chronic diseases requires constant monitoring and therapy that is time-consuming and can slow-down the progress. Telemedicine and Telehealth with the help of remote monitoring are capable of providing clinical outcomes, patient and provider satisfaction, and  patient self-management that has reduced the need for hospital visits and travel costs.

RESTRAINING FACTORS

"Technological Barriers to Deter Market Growth"

There are a number of factors that can push the growth of the market. Restraining factors such as technological barriers is expected to act as a restraint for this market. Barriers in technological and technical infrastructure is one of the key reasons for limited adoption of telehealth. High costs of installation of medical systems is also one of the restraining factors. Such factors are expected to reduce the demand for the product in the market.

Healthcare M2M Market REGIONAL INSIGHTS

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"North America to Lead Market Due Prevalence of Healthcare Facilities"

North America holds the largest part of the global healthcare M2M market share due to rising chronic conditions in the geriatric population. The need to reduce health expenditure in the healthcare industry is expected to drive the market in the region. Increasing preference for teleconsultation due to presence of key players and favorable health reimbursement is anticipated to drive the demand for telemedicine. The growth is also due to rising awareness for benefits of M2M-based healthcare solutions has enabled the increase in deployment of such solutions.

KEY INDUSTRY PLAYERS

"Key Players to Boost Demand Leading to Market Growth"

The report delivers information about the list of market players and their working in the industry. The information is collected and reported with proper research, technological developments, acquisitions, mergers, expanding production lines, and partnerships. Other aspects examined for this market include companies producing and introducing new products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• Epic Systems Corporation (U.S.)
• eClinicalWorks (U.S.)
• Practice Fusion (U.S.)
• NextGen Healthcare (U.S.)
• Allscripts (U.S.)
• Cerner (U.S.)
• Meditech (U.S.)
• General Electric Healthcare IT (U.S.)
• Athenahealth (U.S.)
• McKesson (U.S.)
• AmazingCharts (U.S.)
• e-MDs (U.K.)
• Care360 (U.S.)
• Vitera (U.S.)

INDUSTRY DEVELOPMENT

• March 2022: Amazon has partnered up with telemedicine Teladoc to announce their partnership to provide a new initiative that is to provide virtual care through Amazon’s Alexa devices. Consumers will have the access and will be able to connect with Teladoc  for general medical needs.

REPORT COVERAGE

This research profiles a report with widespread studies that take into an explanation of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.