Proving the Business Case for the Internet of Things

M2M healthcare to generate $90.9 billion by 2023: Machina

Iain Morris
May 14, 2014
 
The M2M healthcare industry is set to generate $90.9 billion in revenues by 2023, according to the latest study from Machina Research.

The market-research company also predicts there will be 847 million M2M connected devices in the health sector by 2023, thanks to take-up of clinical remote monitoring, connected medical environments, personal health monitoring and improved assisted living monitoring.

The revenue figure implies a compound annual growth rate of 17.2% between 2013 and 2023.

North America will remain the largest region for the duration of the forecast, with 386 million connections by 2023, followed by Europe and the developed parts of the Asia Pacific.

Machina says the global healthcare sector is increasingly turning to M2M technology and services to improve cost efficiency, increase adherence to medical regimens and enhance medical outcomes.

According to the research, as a result of soaring medical costs – especially in the US and other markets – medical facilities are increasingly turning to connected devices and sensors in care delivery to offer more flexible treatment of chronic diseases and reach underserved populations.

“In a country like the US, with healthcare spending nearing 20% of national GDP, M2M technology may well provide the single most promising approach to expanding healthcare services in a cost effective manner,” said Andy Castonguay, a principal analyst with Machina Research. “While the cost dynamics of healthcare are a key factor driving innovation in the field, connected health devices and applications are also proving to be a key element in improving patient engagement and health.”

Despite the complexities surrounding issues like privacy and security regulations, advances in connected medical devices and services offer substantial promise for organizations looking to expand services, reduce costs and improve medical outcomes, adds Machina.
 
 
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