Healthcare: A Vertical to Watch in 2014
With each New Year, industry analysts project vast growth for M2M, and with good reason. Even though, in some cases, projections are a touch overstated, history suggests the industry will continue to expand in new directions in 2014, while continuing to penetrate existing markets more deeply.
In fact, according to Strategy Analytics, www.strategyanalytics.com, the M2M market will generate $242 billion by 2022. The forecast suggests the industry will reach this height from $45 billion in 2013—representing a CAGR (compound annual growth rate) of 18%. The report further predicts the most dominant sectors will include consumer electronics, such as connected cameras and TVs; utilities and vehicles, including UBI (usage-based insurance), vehicle tracking, and in-vehicle infotainment; and, notably, healthcare.
Combined, Strategy Analytics suggests these three verticals will make up 85% of revenues in the M2M market by 2022. Of the three, “mHealth” appears to be the most promising, according to the report. On the heels of the 2014 Intl. CES show in Las Vegas, it isn’t much of a stretch to form the same opinion. With 40% more healthcare-related vendors exhibiting at CES, digital-health companies appear to be innovating at an unprecedented pace.
Because global spending on healthcare reaches trillions of dollars each year, and is continually growing, M2M-enabled connected devices and solutions that make healthcare more efficient are both relevant and important. As the market trends away from in-person doctor visits to home-monitoring devices and tracking systems for patients, the technologies being developed today may help extend healthcare to the outskirts of society, while reducing overall costs.
New devices such as the LG Heart Rate Earphones from LG, www.lg.com, incorporate health monitoring into consumers’ everyday lives. This particular device uses sensors to measure blood flow via the external part of the wearer’s ear. It captures key biometric data such as heart rate and oxygen consumption—data that is sent to a smartphone or other compatible device thanks to built-in Bluetooth connectivity. With these types of innovative solutions in the works, along with other robust patient-monitoring solutions under development, mHealth in 2014 just might live up the hype.
As consumers welcome devices into all areas of their connected lives, they will continue to demand solutions that enhance and inform their day-to-day. Whether it’s a connected TV in their living rooms, a smart meter, in-vehicle connectivity, a “smart” hospital bed, or a pair of connected earbuds capable of collecting biometric data, consumers will look to M2M to make 2014 their most connected year yet.
Want to tweet about this article? Use hashtags #Healthcare #M2M