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.
- Heart monitors
- Breath monitors
- Hematological monitors
- Physical activity monitors
- Multi-sign monitors
- North America
- Asia Pacific
- Rest of the World
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