The healthcare sector is increasingly looking to M2M technology to transform how it operates, with Europe set to be the second biggest market by 2023.
A new report from Machina Research found the installed base of M2M connected devices within the healthcare sector will approach 847 million by 2023, compared to fewer than 100 million in 2013.
North America will dominate the market by then, accounting for almost half of all connected devices and sensors. Europe will sit behind it, with around 300 million connected devices.
The market will be worth €6.5 billion by 2023, increasing at a compound annual growth rate of 17.2 percent from 2013.
The report said that despite the stringent regulatory framework of the healthcare sector, advances in the connected devices market could provide an opportunity for organisations and public sector bodies to widen its range of services, cut costs and improve its care.
Andy Castonguay, Principal Analyst with Machina Research, commented: "In a country like the United States, with healthcare spending nearing 20 percent of national GDP, M2M technology may well provide the single most promising approach to expanding healthcare services in a cost effective manner.
"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."