23rd April 2019 - Global Remote Patient Monitoring Market is anticipated to grow at a significant CAGR of 15.66% in the upcoming period as the scope, product types, and its applications are increasing across the globe. Remote patient monitoring devices, as the name suggests, supports in the monitoring of the patient’s physical state at a distance. The patient does not need to visit the medical consultant. The factors that propel the growth of the market include technological advancements, rise in the prevalence of chronic diseases like diabetes and heart conditions, growing aged population across the globe and increasing awareness among people. On the other hand, there are factors that may hamper the growth of the market including lack of training, high cost of device and unavailability of expert professionals.
The remote patient monitoring market may be explored by condition, component, application, end user and geography. The market may be explored by the condition as chronic obstructive pulmonary disease (COPD), congestive heart failure (CHF), diabetes, mental health, blood pressure, and others. Based on the component, the market could span software and devices.
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The key applications that could be explored in the market include cardiovascular diseases treatment, cancer treatment, diabetes treatment, weight management, fitness monitoring and sleep disorder treatment and others. The “Heart rate monitor” segment led the market in 2015 and will continue to lead in the forecast period. The key factors that may be attributed to the growth of market includes increase in the demand for home health care and independent living by the aged population.
The market could span as end user as home healthcare, hospital-based patients, ambulatory patients, alternate site patient monitoring and others. The “Hospital-Based Patients” segment led the market in 2017 and will continue to lead in the forecast period. The key factor that may be attributed to the growth of the market includes high demand.
North America accounted for the major share of the remote patient monitoring market in 2017 and will continue to lead in the forecast period. The factors that could be attributed to the growth include technological advancements, implementation of appropriate government initiatives in order to curb the deteriorating environmental conditions and improved healthcare infrastructure. North America is followed by the Asia-Pacific region.
Some of the key players that fuel the growth of the remote patient monitoring market comprise Honeywell, Philips, American Telecare, Philips Healthcare, Roche, Bosch, Intel, Bortnick, Welch Allyn, Covidien Plc, Johnson & Johnson, and Health anywhere Inc. The leading companies are taking up partnerships, mergers and acquisitions, and joint ventures in order to boost the inorganic growth of the industry.
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