The global M2M healthcare market is expected to grow at a CAGR of 43.52 percent during the forecast period 2016-2020, Technavio said.
The forecast was part of the latest research report Global M2M Healthcare Market 2016-2020. The top vendors highlighted by Technavio’s research analysts in this report are:- Apple, Cisco, Deutsche Telekom, GE Healthcare and Vodafone.
According to the research firm, 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.”
Abhishek Sharma, a lead M2M and connected devices research analyst at Technavio notes that 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 $25 billion out of which almost half can be avoided annually. This problem can be addressed with the help of remote monitoring applications.
Further, 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.
In addition, the increased health awareness among people has increased the use of 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.
