Global Remote Patient Monitoring Devices Market: Overview

The global remote patient monitoring devices market has been witnessing a prolific growth rate in recent years as the outlook toward disease and patient management is changing for the better. Advent of technology and a growing acceptance towards novel changes has also had a positive impact on the global market. In the coming years, the report suggests that the global remote patient monitoring devices market is likely to flourish as manufacturers are taking a keen interest in understanding need of the patients through data analytics and surveys. According to the report, the global market for remote patient monitoring devices was worth US$0.38 bn in 2013 and is expected to be worth US$0.98 bn by the end of 2020. During the forecast period of 2014 and 2020, the global market is projected exhibit a progress of 14.20% CAGR. 

Adoption of various remote patient monitoring devices has been a welcome change in the healthcare industry. An accelerated shift toward home care and preventive care has led higher acceptance of remote patient monitoring devices. The primary motive of these devices is to help patients keep a track of their wellbeing, offer accurate diagnosis, and prevent long-drawn illnesses. These devices are also meant for helping the patients recuperate better after surgeries and during treatments. Emergence of chronic diseases, growing pool of geriatrics, and efforts to reduce hospitalization are likely to have a positive influence on the trajectory of the global market. 

Demand for Heart Monitors Soars Amidst Rising Cardiac Issues

The various types of devices available in the global remote patient monitoring devices market are breath monitors, heart monitors, physical activity monitors, multi-sign monitors, and hematological monitors. Of these, demand for heart monitors is expected to soar in the coming years due to rising incidences of cardiovascular diseases and other heart-related issues. Furthermore, the growing population of those suffering from high blood pressure are also expected to contribute to this demand. 

The end users of remote patient monitoring devices are ambulatory care centers and home healthcare practitioners. Of these, the ambulatory care centers are expected to lead the global market in the coming years due to booming geriatric population, which is consistently at the risk of chronic diseases and other disorders. However, a paradigm shift in the way home healthcare is changing has also brought in a wave of acceptance toward remote patient monitoring devices at home. 

North America Emerges as Lead Regional Market with Strong Presence of Leading Players

From a geographic point of view, the global remote patient monitoring devices market is segmented into North America, Asia Pacific, Europe, and Rest of the World. The North America remote patient monitoring devices market is expected to hold a leading share in the global market in terms of revenue. This regional dominance will be attributable to the strong presence of leading companies and a growing geriatric population. Furthermore, a well-established healthcare infrastructure and growing awareness about home healthcare are expected to work in favor of this regional market in the near future. The markedly high population of people with diabetes in the U.S. is also projected to be an important aspect in the North America market.

The important players operating in the global remote patient monitoring devices market are F. Hoffman-La Roche Ltd., Abbott Laboratories, Covidien plc, AMD Global Telemedicine, Omron Healthcare Inc., and Honeywell HomMed LLC. 

Remote patient monitoring is one of the latest innovations in the healthcare industry. In line towards an overall shift in healthcare dispensation towards home care and preventive measures, remote patient monitoring devices allow patients to keep a check on their own conditions, eliminating the need for repeated visits to the physician’s office. The precision of remote patient monitoring devices also allows for a trustworthy diagnosis, allowing for a more customized and effective treatment or post-treatment recuperative plan.
The report on the global remote patient monitoring devices market analyzes the global market on the parameters of product type, end users, and geography. Segments according to each criterion are examined for their historical growth; growth projections over the forecast period are presented for each segment. The growth drivers and restraints of the market are also analyzed for their potential impact on the market in the forecast period, and the market’s value chain is analyzed. The remote patient monitoring devices market’s competitive landscape is also analyzed in detail, with the influence of major players examined through the SWOT and Porter’s five forces analyses.
Overview of the global remote patient monitoring devices
Remote patient monitoring devices are gaining demand due to various factors. The prime growth drivers for the market are the growing prevalence of chronic diseases such as diabetes, arthritis, and osteoporosis around the world. It is more feasible for both patients and doctors to check upon the patient’s progression once in a while rather than with regular visits to the hospital or hospitalization. The rise in the geriatric demographic all over the world is adding to this factor, since this demographic is most commonly treated for these conditions.
Growing load on hospitals to admit patients, complemented by the preference of patient to receive treatment in their own households, is also helping the global remote patient monitoring devices market.
The major restraint on the market is the reluctance of patients to have their daily lives logged and tracked through the remote monitoring devices. However, growing usage of remote patient monitoring devices would help increase the trust consumers place in them, thus helping demand.
Among the products in the global remote patient monitoring devices market, heart monitors, breath monitors, physical activity monitors, hematology (blood) monitors, and multi-sign monitors are the major categories. Heart devices, particularly ECG devices, were the leading category in the market as of 2013, due to the high incidence of lifestyle-induced cardiac diseases in developed countries. The high prices of ECG and other heart monitors are also responsible for their high valuation.
Geographically, the market for remote patient monitoring devices is the largest in North America. This region exhibits a confluence of all the major drivers of the market, including a large geriatric population, availability of advanced monitoring devices and the financial ability of the population to use such devices, and high prevalence of lifestyle diseases such as hypertension, diabetes, and other cardiac diseases. Growing impact of these very factors is expected to make Asia Pacific the fastest growing market for remote patient monitoring devices in the forecast period.
Companies profiled in the research report
The report includes detailed analysis of the business operations of major players in the remote patient monitoring devices market, such as Abbott Laboratories, Covidien plc, F. Hoffman-La Roche Ltd., Omron Healthcare Inc., AMD Global Telemedicine, and Honeywell HomMed LLC.
Product Categories of the remote patient monitoring devices market profiled in the report:
  • Heart monitors
  • Breath monitors
  • Hematological monitors
  • Physical activity monitors
  • Multi-sign monitors
Major geographies analyzed under this research report are: 
  • Europe
  • North America 
  • Asia Pacific 
  • Rest of the World 
This report gives you access to decisive data such as:
  • Market growth drivers 
  • Factors limiting market growth
  • Current market trends 
  • Market structure
  • Market projections for the coming years 
Key highlights of this report
  • Overview of key market forces propelling and restraining market growth 
  • Up-to-date analyses of market trends and technological improvements 
  • Pin-point analyses of market competition dynamics to offer you a competitive edge
  • An analysis of strategies of major competitors 
  • An array of graphics and SWOT analysis of major industry segments 
  • Detailed analyses of industry trends
  • A well-defined technological growth map with an impact-analysis 
  • Offers a clear understanding of the competitive landscape and key product segments