The global remote patient monitoring market is anticipated to achieve a CAGR of 14.94% during the forecast period, i.e. 2020-2027
Research Nester has released a report titled “Remote Patient Monitoring Market – Global Demand Analysis & Opportunity Outlook 2027” which also includes some of the prominent market analyzing parameters such as industry growth drivers, restraints, supply and demand risk, market attractiveness, year-on-year (Y-O-Y) growth comparisons, market share comparisons, BPS analysis, SWOT analysis and Porter’s five force model.
The American Heart Association, in one of its statistics, stated that amongst the North American population in the year 2016 coronary heart diseases contributed to 43.2% of the share of the total deaths caused by the different types of cardiac diseases.
Chronic diseases such as diabetes, cancer, asthma and others are often caused due to bad food habits, bad lifestyle of individuals and several other factors. The increasing prevalence of such chronic diseases amongst individuals around the globe is raising the need amongst healthcare specialists to opt for devices that can help to diagnose and monitor the symptoms of chronic diseases. As stated in the statistics by the World Health Organization, 17.7 million people died in the year 2015 due to cardiovascular diseases, out of which, deaths caused due to coronary heart diseases constituted to 7.4 million and 6.5 million owing to strokes. The rising concern for the growing number of chronic diseases worldwide, added with the rising number of diabetic patients, advancements in the quality of healthcare services and increasing funding by the governments of nations for R&D are some of the factors anticipated to drive the growth of the global remote patient monitoring market.
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The global remote patient monitoring market is anticipated to achieve a CAGR of 14.94% during the forecast period, i.e. 2020-2027. The market is thriving on account of the growing incidences of cardiovascular disorders amongst individuals, the changes observed in the adoption of remote patient monitoring services, favorable government policies, better healthcare facilities, along with the opportunities derived from the strategic collaborations and partnerships amongst manufacturers in the healthcare industry and increasing R&D investments in the healthcare industry are some of the factors anticipated to promote the growth of the global remote patient monitoring market. The market is further anticipated to garner USD 15,127.77 million by the end of 2027 from USD 4,319.95 million in 2018. On the other hand, the market is also expected to achieve an incremental $ opportunity of USD 1965.42 million in the year 2027 as compared to the previous year.
The global remote patient monitoring market is segmented by product into vital sign, cardiac, respiratory, hematological, anesthesia systems, renal function, telemetry, multi-parameter and others. Among these segments, the vital sign monitoring segment is anticipated to grow with a CAGR of 15.56% over the forecast period and cross USD 6093.20 million by the end of 2027. The segment held a market share of 38.21% in the year 2018 and is anticipated to grow on account of numerous benefits of vital sign devices which include monitoring of vital signs & symptoms of patients during the course of clinical diagnostics or daily life. Further, the telemetry devices segment is anticipated to register the highest CAGR of 16.13% over the forecast period.
Geographically, the global remote patient monitoring market is segmented by five major regions into North America, Europe, Middle East & Africa, Asia-Pacific and Latin America region, out of which, the market in North America is expected to expand by observing the growth rate of 2.66x over the forecast period and is primarily driven by U.S. and Canada, where U.S. held the dominating market share of 88.66% in the year 2018. The remote patient monitoring market in U.S. is expected to grow on account of the growing initiatives taken by the U.S. government to upgrade patient monitoring systems, improved healthcare infrastructure and increased funds for R&D in the healthcare industry. Further, governmental support to promote Canadian business and encourage local manufacturers to improve their R&D capabilities, coupled with growing trade of medical devices are some of the factors anticipated to drive the growth of the remote patient monitoring market in Canada. The Government of Canada, in one of its statistics, stated that medical device exports from Canada peaked to USD 3.8 billion in the year 2017 from USD 2.3 billion in the year 2013.
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However, concerns for the lack of proper IT infrastructure in several nations, unavailability of trained workers, risk of data leakage while obtaining patient data from a shared dwelling, increasing cybercrimes and cyber thefts and dynamic change in government policies are some of the factors estimated to act as a barrier to the growth of the global remote patient monitoring market.
This report also studies existing competitive scenario of some of the key players of the global remote patient monitoring market, which includes profiling of BioTelemetry, Inc. (NASDAQ: BEAT), Shenzhen Mindray Bio-Medical Electronics Co., Ltd. (SHE: 300760), Resideo Technologies, Inc. (NYSE: REZI), Abbott (NYSE: ABT), Boston Scientific Corporation (NYSE: BSX), General Electric Company (GE Healthcare) (NYSE: GE), Medtronic (NYSE: MDT), F. Hoffmann-La Roche Ltd (SWO: RO) and ZOLL Medical Corporation.
The profiling enfolds key information of the companies which comprises of business overview, products and services, key financials and recent news and developments. Conclusively, the report titled “Remote Patient Monitoring Market – Global Demand Analysis & Opportunity Outlook 2027”, analyses the overall remote patient monitoring industry to help new entrants to understand the details of the market. In addition to that, this report also guides existing players looking for expansion and major investors looking for investment in the global remote patient monitoring market in the near future.
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