According to the report, in 2013, the global market for remote patient monitoring devices was worth US$0.38 bn and is anticipated to reach US$0.98 bn by the end of 2020. The market is expected to register a progressive 14.20% CAGR between 2014 and 2020. The rising economic burden on medical clinics and hospitals for patient admission is the major factor propelling the global remote patient monitoring devices market in the forecast period. However, the inadequacy in maintaining the security and privacy of the data is the key factor hampering the growth of this market.
Get Sample Research Report Analysis:
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.