Remote Patient Monitoring Devices Market Size Worth $1.96 Billion By 2025 | CAGR: 11.6%
Published Date : 28 / 06 / 18 | Report Format: PDF
The global Remote Patient Monitoring Devices market is expected to grow at growth rate of 11.6% to reach USD 1.96 billion by 2025.
Remote patient monitoring is an emerging industry as the demand for such devices is increasing rapidly for fast and real-time detection of illnesses. Use of these products has become an integral part of patient’s routine health check-ups. As per the International Electrotechnical Commission (IEC), more than seven million patient’s benefits from the remote monitoring techniques.
With the convergence of many technological breakthroughs, the pace of this industry is accelerating. With relatively simple applications to monitor patients inside hospital settings, the devices have developed to the extent that individual can be allowed daily activities at home while still being diagnosed with the use of advanced sensor technologies. Due to these advantages, remote monitoring could reduce the patient’s healthcare cost to the significant extent. For example, National Broadband Plan (2017) of the Federal Communications Commission (FCC) stated that use of remote patient monitoring technology along with electronic health records (EHR) could save the more than USD 700 billion healthcare cost over 15-20 years.
Patient’s diagnosed with various chronic diseases such as cardiovascular, cancer, respiratory disorders among others have conditions that are better to be diagnosed continuously. Remote monitoring devices play an important role in such disease conditions that enable the patient to track disease condition on regular basis. Thus, rising incidences of these chronic disease conditions are expected to drive the industry growth significantly. However, lack of proper reimbursements is anticipated to pose a potential threat for the industry.
- In terms of products, special monitors accounted for the highest share of the global market with more than 82% share. Of which, respiratory devices are considered to be one of the highest revenue generating product segment and the segment is expected to stay strong owing to the rising incidence of respiratory disorders across the globe.
- Among the different vital sign products, heart rate monitors captured the highest share due to its high cost along with increasing cardiovascular disorders globally
- Brain monitoring devices recorded the lowest revenue, capturing less than 2% revenue share throughout the study period. These equipment are primarily used to record electrical activity and thus the presence of any abnormalities in the brain.
- Collectively, North America and Europe captured more than 65% revenue share in 2017. North America is the dominant region in global market owing to the rising chronic disease incidences coupled with favorable reimbursement schemes.
- Technology innovation is likely to help key players to create a new market in the developing region, primarily in smaller towns and rural areas, and leapfrog to the next level of growth.
- Companies such as Honeywell, Roche Diagnostics, Welch Allyn, Phillips Healthcare, and Johnson & Johnson are considered to be the prominent players in this industry.
- Strategic mergers and acquisitions are considered to be one of the important initiatives adopted by key players to capture large customer base. For instance, in 2017, OSI Systems partnered with University of Massachusetts Amherst and Spacelabs Healthcare to advance medical technology and value-based innovation
- Likewise, in 2017, Imprivata, a healthcare IT security company collaborated with Welch Allyn to improve security features of their medical equipment. Roche Diagnostics has also formed a strategic alliance with Qualcomm’s subsidiary Qualcomm Life, Inc. to enhance remote patient monitoring and management among patients.
KEY BENEFITS OF THE REPORT:
- In-depth analysis of the key market dynamics
- Granular analysis of the current market scenario and expected factors to affect the market
- Detailed analysis of the geographic region, regional and county wise analysis
- Highlight on the strategies that are being adopted by the key players in this market to stay competitive
- Extensive analysis of the key players dominating the market
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
- Vital Sign Monitors
- Blood Pressure Monitors
- Heart Rate (ECG) Monitors
- Respiratory Rate Monitors
- Brain Monitoring (EEG) Devices
- Special Monitors
- Cardiac Rhythm Monitors
- Anaesthesia Monitors
- Blood Glucose Monitors
- Respiratory Monitors
- Multi-Parameter Monitors (MPM)
MARKET, BY REGION
- North America
- Rest of Europe
- Asia Pacific
- Rest of APAC
- Rest of the World
- Middle East and Africa
- Latin America
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