HEALTHCARE M2M MARKET ANALYSIS

Market Challenges And Opportunities

Healthcare M2M Market: Market Dynamics

Major factor driving growth of the healthcare M2M market is increasing expenses on healthcare worldwide, especially in the developed regions such as North America. According to statistics given by World Economic Forum in 2016, Norway, Switzerland, and the US are the world’s three biggest healthcare spenders and spent nearly US$ 9,715 per person, which is 9.6% of GDP, US$ 9,276 per person which is 11.5% of GDP, and US$ 9,146 per person which is 17.1% of GDP respectively. Visiting hospitals increases financial burden on patients, as hospitals have high maintaining charges due to expensive machines. Therefore M2M facilities would be beneficial to all these stakeholder in healthcare industry. Increasing prevalence of chronic disease such as diabetes, cardiovascular disease, and cancer worldwide is further fueling growth of the healthcare M2M market. According to The International Diabetes Federation’s (IDF) Diabetes Atlas in 2017, the worldwide prevalence of diabetes was nearly 425 million patients. According to World Health Organization (WHO), cancer is one of leading non-communicable disease and second leading cause of death worldwide. As reported by The International Agency for Research on Cancer (IARC) in 2012, around 14.1 million new cases, 8.8 million death, and 32.6 million people were suffering from cancer. Thus high prevalence of chronic disease needs continuous monitoring and follow-up with physician, which may not be possible with sole reliance on physical infrastructure. According to United Nation report titled World Population Prospect- 2017 revision, global population of people aged over 60 years is expected to rise from 962 million to 1.3 billion by 2030. Furthermore, continuous advancement in wireless technology to bridge gap between the healthcare provider and healthcare receiver is key factor driving growth of the healthcare M2M market.