According to the latest market report published by Persistence Market Research titled “Remote Patient Monitoring Device Market: Global Industry Analysis and Forecast, 2016–2024”, the global remote patient monitoring device market is expected to expand at a CAGR of 6.7% and is estimated to reach US$ 1,502.9 Mn by 2024, creating incremental opportunity of US$ 657.1 Mn between 2016 and 2024. Persistence Market Research analyzes the overall performance of the global remote patient monitoring device market and provides key insights on the factors and trends likely to influence the market during this eight-year period.
Rising prevalence of cardio vascular diseases, respiratory disorders, and diabetes in the general population are major factors driving the growth of the global remote patient monitoring device market. Increasing healthcare expenditure and increasing availability of effective treatment solutions for chronic diseases is also projected to boost revenue growth of the global remote patient monitoring device market. Other factors boosting market growth include an increasing awareness among people to self-monitor before disease advancement and government reimbursement issued on homecare settings facilities.
Lack of trained professionals to help with remote patient monitoring devices is expected to hinder market growth of the global remote patient monitoring device market. Insufficiency in maintaining the privacy and security of the stored data, lack of uniformity in device functionality, and lack of general awareness on patient monitoring devices are the key restraints challenging the market.
The global remote patient monitoring device market is segmented on the basis of Product Type (Cardiac Monitors, Respiratory Monitors, Hematological Monitors), Application (Cardiac Arrhythmia, Diabetes, Ischemic diseases, Hypertension, Sleep apnea, Chronic respiratory diseases, Hyperlipidemia), End User (Hospitals, Homecare Settings, Long-term Care Centers, Others), and Region (North America, Latin America, Europe, APEJ, and MEA).
By product type, the cardiac monitors segment is expected to remain the largest segment and is anticipated to reach US$ 765.4 Mn by the end of 2024, expanding at a CAGR of 6.9% over the forecast period. By the end of 2024, the respiratory monitors segment is projected to reach US$ 435.0 Mn, expanding at a CAGR of 6.5% over the forecast period. By application, the cardiac arrhythmia segment is estimated to reach US$ 307.7 Mn by 2024, expanding at a CAGR of 6.8% over the forecast period. The diabetes segment is projected to reach US$ 196.8 Mn by 2024, expanding at a CAGR of 5.6% over the forecast period. By end user, the hospitals segment is anticipated to reach US$ 690.1 Mn by 2024, expanding at a CAGR of 6.6% over the forecast period. The homecare settings segment is anticipated to reach US$ 347.3 Mn by 2024, expanding at a CAGR of 6.2% over the forecast period.
Among regions, North America is estimated to dominate the global remote patient monitoring device market with 31.4% revenue share of the overall market by the end of 2016. The Europe remote patient monitoring device market is anticipated to reach US$ 341.1 Mn by 2024. By 2024, North America and Europe markets are expected to account for over four-fifth share of the global remote patient monitoring device market revenue.
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Some key companies covered in the report include Boston Scientific Corporation, Koninklijke Philips N.V., Abbott Laboratories, Nihon Kohden Corporation, F. Hoffmann-La Roche Ltd., LifeWatch AG, Medtronic, and St. Jude Medical. These companies are primarily focused on enhancing their product portfolio through research and development initiatives and through the introduction of innovative technologies in order to gain higher market share and to strengthen their respective positions in the global market.
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