Global Remote Patient Monitoring Devices Market: Snapshot
The global remote patient monitoring devices market is experiencing lucrative growth in the coming years. This growth can be attributable to the changing outlook toward the treatment of diseases and presence of advanced technology. Some other factors such as growing acceptance of patient management owing to patient-centric approach is influencing positively on the growth of the global remote patient monitoring devices market. Additionally, manufacturers are increasingly showing interest in understanding need of patients through data analytics and surveys which is resulting in to growing manufacture of advanced devices to improve healthcare devices. An swift change in the demand toward home care and preventive care has boosted acceptance of remote patient monitoring devices.
According to the report by TMR, the global remote patient monitoring devices market was valued at around US$0.38 bn in 2013 and is anticipated to expand with a CAGR of around 14.20% from 2014 to 2020 to attain value of US$0.98 bn by the end of 2020.
High incidences of chronic diseases to be Beneficial for Growth
On the basis of type, the global remote patient monitoring devices market is segmented into heart monitors, breathe monitors, physical activity monitors, hematology monitors, body temperature monitors, and multi-sign monitors. Out of these, heart monitoring devices segment is expected to dominate the global market owing to higher provenances of the chromic and heart diseases over the forecast period. Also, the factors such as growing number of patients suffering from high blood pressure are also contributing in the growth and booting its demand.
On the basis of end user, the global remote patient monitoring devices market is segmented into home healthcare and ambulatory care centers. Of these, the ambulatory care centers segment is dominating the global market in due to growing geriatric population, which are more susceptible to the risk of chronic diseases and other disorders.
Growing Emerging Trend of Using Remote Patient Monitoring Devices in Asia Pacific to Propel Growth
On the basis of region, the global remote patient monitoring devices market is segmented into North America, Europe, Asia Pacific, Latin America, and Rest of the World. Of these, in 2016, North America accounted for leading share of 39.1% in the global market for remote patient monitoring devices. This dominance is attributable to strong presence of key players and growing geriatric population in the region. Moreover, well-established and presence of advanced healthcare infrastructure and growing awareness towards home healthcare are projected to influence positively on the growth of this regional market in the upcoming years. However, Asia Pacific is expected to expand with higher CAGR owing to growing concerns about health, rising investment in the healthcare sector, and rising disposable income among the population.
Key players operating in the remote patient monitoring devices market include F. Hoffman-La Roche Ltd., Covidien plc, Abbott Laboratories, AMD Global Telemedicine, Honeywell HomMed LLC., and Omron Healthcare Inc. Additionally, these players are adopting the strategies such as mergers, acquisitions, and partnerships for accounting major share in global market for molecular diagnostics.
Global Remote Patient Monitoring Devices Market: Overview
Owing to the advent of technology and increasing acceptance toward novel changes, the global remote patient monitoring device market is expected to see an outstanding rate of growth in present years. The outlook towards diseases and healthcare management is improving day by day. In the years to come, it is estimated that the global remote patient monitoring device market may flourish as manufacturers are putting more focus to understand the needs of the patients and accordingly produce end products. This is being done with the help of surveys and data analytics.
There are different variations in the remote patient monitoring devices like breath monitors, hematological monitors, multi-sign monitors, heart monitors, and physical activity monitors. Among these, heart monitors have more chances of increasing demand in the coming years. This is because of the rise in cases of various heart-related problems and cardiovascular diseases. Moreover due to the increase in the number of people suffering from high pressure, the revenue share contribution to the market is also expected to go higher with the advent of time.
The report presented here is a complete evaluation of global remote patient monitoring device market with large focus on market dynamics that also includes the market drivers, restraints, and trends and opportunities. It also offers geographical and other segmentation studies of the market.
Global Remote Patient Monitoring Devices Market: Trends and Opportunities
The global market is presumed to see a rapid boost due to the growing population of geriatrics, and both government and private sector efforts in order to reduce hospitalization. Apart from that, increase in the number of chronic and fatal diseases is also positively influencing the market.
In healthcare industry, various remote patient monitoring devices are being adopted and this is bringing a good change in the healthcare industry. The rate of acceptance in terms of preventive care and home care has seen an accelerated growth. The main motive of these devices is to offer help to the patients so that they themselves can keep a track of their health, and prevent long-drawn sickness. These devices also offer diagnosis to the patients during treatments and also after surgeries.
Global Remote Patient Monitoring Devices Market: Regional Analysis
The global remote patient monitoring devices market may be classified into the regions of Europe, North America, Asia Pacific and the Rest of the World. Among these, the region anticipated to contribute the largest revenue share in the market is North America. Owing to the increasing number if growing population, there is more scope for the remote patient monitoring device market to flourish in the North American region. Besides that, there is a strong dominance of leading players in the region which adds to the advantage of the overall market revenue in the coming years. Additionally, the contribution of U.S. to the North American regional market in terms of healthcare and medical; facilities also adds as a positive factor to boost the market growth.
Apart from that, Asia Pacific is also presumed to be one of the fastest growing regions due to the emergence of new healthcare facilities and more possibility of treating various chronic diseases successfully. Moreover, due to increase in geriatric population in the developing economies of Japan, India and China, there is more scope of the remote patient monitoring device market to bloom in the years to come.
Global Remote Patient Monitoring Devices Market: Companies Mentioned
Major companies in the remote patient monitoring devices market are Hoffman-La Roche Ltd., Abbott Laboratories, Honeywell HomMed LLC, AMD Global Telemedicine, and F. Hoffman-La Roche Ltd.