Research Nester has released a report titled “Remote Patient Monitoring Market – Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the global remote patient monitoring market in terms of market segmentation by product, type, end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The global remote patient monitoring market is segmented by product into vital sign, cardiac, respiratory, hematological, anesthesia systems, renal function, telemetry, multi-parameter and others, out of which, the vital sign monitoring segment, which held a market share of 38.21% in the year 2018, is anticipated to cross USD 6093.20 million by the end of 2027 by registering a CAGR of 15.56% over the forecast period, i.e. 2020-2027, owing to the ability of the device to monitor the vital signs & symptoms of patients in the course of their clinical diagnostics or during their daily life. On the other hand, the telemetry devices segment is anticipated to register the highest CAGR of 16.13% over the forecast period.
The global remote patient monitoring market is anticipated to achieve a CAGR of 14.94% during the forecast period. Increasing incidences of cardiovascular disorders amongst individuals, better healthcare facilities, favorable government policies and the changes observed in the adoption of remote patient monitoring services, coupled with factors such as strategic collaborations and partnerships amongst manufacturers in the healthcare industry and increasing R&D investments in the healthcare industry are some of the factors anticipated to promote the growth of the global remote patient monitoring market. The market was valued at USD 4,319.95 million in 2018 and is expected to garner USD 15,127.77 million by the end of 2027 and further achieve an incremental $ opportunity of USD 1965.42 million in the year 2027 as compared to the previous year.
Regionally, the global remote patient monitoring market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Among these regions, North America, which held a market share of 40.64% in the year 2018, is anticipated to hold the largest market share by the end of 2027 and is primarily driven by U.S. and Canada, where U.S. held the dominating market share of 88.66% in the year 2018. The growth of the market in the nation can be attributed to the improved healthcare infrastructure, increased funds for R&D in the healthcare industry and growing initiatives taken by the U.S. government to upgrade patient monitoring systems. On the other hand, factors such as support of the government of Canada to promote Canadian business and encourage local manufacturers to improve their R&D capabilities and increasing trade of medical devices are anticipated to drive the growth of the remote patient monitoring market in Canada. In the statistics by the Government of Canada, medical device exports from Canada increased to USD 3.8 billion from USD 2.3 billion in-between 2013-2017. Further, the market in North America is expected to expand by observing the growth rate of 2.66x over the forecast period.
Growing Concern for The Rising Chronic Diseases Amongst Individuals
In the statistics by the American Heart Association, in the year 2016, 43.2% of the share of the total deaths caused by the different types of cardiac diseases amongst the North American population were contributed by coronary heart diseases.
The rising concern for the growing number of chronic diseases worldwide, which is also stated by the World Health Organization that in the year 2015, 17.7 million people died due to cardiovascular diseases, which also constituted 7.4 million deaths caused due to coronary heart diseases and 6.5 million owing to strokes, is significantly raising the need for advanced equipment, such as remote patient monitoring devices, that can detect a stroke or cardiac arrest and further help healthcare specialists to diagnose such chronic diseases. Additionally, the growing number of diabetic patients around the world, increasing funding by the governments of nations for R&D and advancements in the quality of healthcare services, such factors are anticipated to drive the growth of the global remote patient monitoring market.
However, concerns regarding the risk of data leakage while obtaining patient data from a shared dwelling, coupled with factors such as lack of proper IT infrastructure in several nations, increasing cybercrimes and cyber thefts, unavailability of trained workers and dynamic change in government policies are some of the factors anticipated to limit the growth of the global remote patient monitoring market.
This report also provides the existing competitive scenario of some of the key players of the global remote patient monitoring market, which includes company profiling of BioTelemetry, Inc. (NASDAQ: BEAT), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (SHE: 300760), Resideo Technologies, Inc. (NYSE: REZI), Abbott (NYSE: ABT), Boston Scientific Corporation (NYSE: BSX), General Electric Company (GE Healthcare) (NYSE: GE), Medtronic (NYSE: MDT), F. Hoffmann-La Roche Ltd (SWO: RO) and ZOLL Medical Corporation. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global remote patient monitoring market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.