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HEALTHCARE & PHARMACEUTICAL

Remote Patient Monitoring Market Segmentation By Product (Vital Sign, Cardiac, Respiratory, Hematological, Anesthesia Systems, Renal Function, Telemetry, Multi-Parameter and Others); By Type (Wireless and Wired) and By End User (Hospitals, Clinics, Ambulatory Surgical Centers and Others) - Global Industry Demand Analysis and Opportunity Assessment 2018-2027

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Extensive insights into the Growth of Remote Patient Monitoring Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

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IN THE NEWS
  • July 2019: BioTelemetry, Inc. announced the acquisition of an early-stage Swedish medical technology company, ADEA Medical AB. The deal will help BioTelemetry, Inc. to expand its services internationally.

  • April 2019: Shenzhen Mindray Bio-Medical Electronics Co., Ltd. announced that it has developed a medical-grade wireless network technology called as MWAN that is dedicated for telemetry products.

Market Overview

The growth of the global remote patient monitoring market is thriving on the back of the increasing incidences of cardiovascular disorders amongst individuals around the globe which is resulting in a rise in the demand for advanced diagnostic and monitoring products and solutions. Moreover, the opportunities generated by better healthcare facilities and favorable government policies across several developed and developing nations around the globe, dynamic change in consumer behavior for the adoption of remote patient monitoring services backed by the increasing disposable income and favorable reimbursement policies, coupled with advancements in the technology, which is also providing numerous opportunities for greater adoption of telemetry devices for early stage diagnosis of various chronic diseases. Additionally, numerous other factors such as strategic collaborations and partnerships amongst manufacturers in the healthcare industry, increasing R&D investments which is leading to numerous advancements and innovations in the field, along with the expansion of new products in the field of healthcare, such factors are anticipated to contribute significantly towards the growth of the global remote patient monitoring market.

The global remote patient monitoring market reached USD 4,319.95 million in 2018 and is expected to garner USD 15,127.77 million by the end of 2027, by registering a CAGR of 14.94%, across the globe over the forecast period, i.e. 2020-2027. Further, the worldwide market of remote patient monitoring is anticipated to achieve an incremental $ opportunity of USD 1965.42 million in the year 2027 as compared to the previous year.

Growth Highlights based on Region during 2018-2027

The global remote patient monitoring market is segmented by regions into North America, Latin America, Europe, Asia Pacific and Middle East and Africa. Among these regions, the market of North America remote patient monitoring is driven by U.S. and Canada, where U.S. held the dominating market share of 88.66% in the year 2018. 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 are some of the factors driving the growth of the remote patient monitoring market in the U.S. Additionally, increasing trade of medical devices in Canada along with support of the government to promote Canadian business and encourage local manufacturers to improve their R&D capabilities are some of the factors anticipated to drive the growth of the remote patient monitoring market in Canada. According to the statistics by the Government of Canada, medical device exports from Canada grew from USD 2.3 billion in the year 2013 to USD 3.8 billion in the year 2017. Additionally, the market in North America which held a market share of 40.64% in the year 2018, is expected to expand by observing the growth rate of 2.66x over the forecast period, which in turn is estimated to have a positive effect on the demand for remote patient monitoring devices in the long run.

On the other hand, UK, Germany, France and Italy are the prominent countries that are driving the growth of the Europe remote patient monitoring market, where Germany accounted for the largest market share of 26.61% in the year 2018. The reputation built over the years for cutting edge medical technology has resulted in driving the demand for German-made products through0ut the world. Additionally, presence of several large manufacturers in the region also signifies the growth of the Europe remote patient monitoring market. Further, the remote patient monitoring market in Europe is expected to observe the growth rate of 2.59x over the forecast period and achieve an absolute $ opportunity of USD 2258.69 million during the forecast period. CLICK TO DOWNLOAD SAMPLE REPORT

Remote Patient Monitoring Market Share

The study further incorporates Y-O-Y Growth, demand & supply and forecast future opportunity in North America (United States, Canada), Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX [Belgium, Netherlands, Luxembourg], NORDIC [Norway, Denmark, Sweden, Finland], Poland, Russia, Rest of Europe), Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).

Market Segmentation Synopsis

By Product

The global remote patient monitoring market has been segmented on the basis of product into vital sign, cardiac, respiratory, hematological, anesthesia systems, renal function, telemetry, multi-parameter and others. The vital sign monitoring segment with 38.21% share in the year 2018, occupies the largest market of remote patient monitoring across the globe. Additionally, the vital sign monitoring segment is anticipated to cross USD 6093.20 million by the end of 2027 by registering a CAGR of 15.56% over the forecast period. Vital sign monitoring system is continuous ambulatory monitoring which measure and display the medical parameters & help the patients to  keep a track over the activity/fitness level which includes electrocardiogram (ECGs), heart rate, blood pressure, respiration rate, blood oxygen saturation, blood glucose level, skin perspiration, capnography, body temperature,  and others. It is an emerging technology helping the patients to monitor vital signs & symptoms during their daily life and also in a clinical environment. Further, the telemetry devices segment is estimated to grow with the highest CAGR of 16.13% over the forecast period.

Remote Patient Monitoring Market Share

Market Drivers and Challenges

Growth Indicators

According to the statistics by the American Heart Association, coronary heart diseases contributed to the major share of 43.2% for the deaths caused by the different types of cardiac diseases amongst the North American population in the year 2016.

Percentage of Death due to Different Type of Cardiac Diseases Among the North American Population

Increasing incidences of cardiac diseases around the world is one of the major cause of deaths. As notified by the World Health Organization, in one of its statistics, wherein 17.7 million people died in the year 2015 owing to cardiovascular diseases, out of which 7.4 million deaths were due to coronary heart diseases, while 6.5 million owing to strokes. As remote patient monitoring devices are helpful in detecting a stroke or cardiac arrest, there is an increasing application of remote patient monitoring devices across the globe. Moreover, increasing concern for the rising number of diabetic patients around the world, coupled with other factors such as increasing funding by the governments of nations for research and development for technological advancements in healthcare, which has resulted in the remote patient monitoring devices to be extremely useful in the healthcare industry providing numerous benefits to healthcare specialists across the world for analysis of critical diseases. Additionally, improvements observed in the quality of healthcare services over the years, which has also helped in increasing the operational efficiency of hospitals and diagnostic clinics are some of the factors anticipated to drive the growth of the global remote patient monitoring market.

Barriers

Remote patient monitoring devices are also deployed in a shared dwelling. Obtaining data in such circumstances at times might be problematic and also might possesses risk of data leak from online sources. Lack of proper IT infrastructure in several nations around the globe along with the increasing incidences of cybercrimes and cyber thefts, followed by unavailability of trained workers and changing government policies in several nations are some of the factors anticipated to impact negatively towards the growth of the global remote patient monitoring market.

Competitive Landscape

Some of the affluent industry leaders in the global remote patient monitoring market are BioTelemetry, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Resideo Technologies, Inc., Abbott, Boston Scientific Corporation, General Electric Company (GE Healthcare), Medtronic, F. Hoffmann-La Roche Ltd and ZOLL Medical Corporation.

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