Global Telemonitoring Platforms and Systems Market: Overview
The future of the global telemonitoring platforms and systems market looks bright with continuous advancements in the field of information technology. Telemonitoring platforms and systems facilitate easy evaluation of patients’ medical conditions by doctors and physicians on a regular basis. They allow healthcare providers to manage and monitor patients’ disease condition in an effective manner and subsequently decide appropriate treatment for them. Over the past few years, there has been an upswing in the adoption of these platforms and systems, owing to the fact that they offer improved health care quality at much lower costs. On the basis of function, the market can be categorized into glucose level telemonitoring systems, cardiac telemonitoring systems, COPD telemonitoring systems, and blood pressure telemonitoring systems.
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Global Telemonitoring Platforms and Systems Market: Drivers and Restraints
Telemonitoring platforms and systems are being increasingly acknowledged across the globe for their multiple functions such as weight records, vital signs check, blood pressure monitoring, and assessment of oxygen saturation. The increasing popularity of home healthcare setting is working in favor of the market. Moreover, the widening base of geriatric population is providing a significant boost to the growth of the market.
However, the patient record transfer and electronic storage in telemonitoring platforms and systems can potentially lead to privacy and security breaches. Ineffective management of these problems can serve as an opportunity for invaders to access confidential data and possibly alter, steal, or even delete records of patients. These issues are, thus, limiting the market from realizing its utmost potential. On the other hand, increasing government initiatives, particularly in emerging economies, to improve healthcare facilities in rural areas are estimated to unfold tremendous growth opportunities for the global telemonitoring platforms and systems market.
Global Telemonitoring Platforms and Systems Market: Geographical Segmentation
The key segments studied in the report on the basis of geography are Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. North America and Europe will, collectively, account for a substantial share of the overall revenue pie. The primary factors behind the outstanding growth of these regions are growing incidence of chronic diseases, including cardiovascular disease, diabetes, and COPD and the increasing implementation of the information and communication technology in the healthcare sector. Moreover, rising acceptance of the approaches pertaining to telemedicine among healthcare professionals.
Asia Pacific is likely to emerge as a promising market over the forthcoming years. The growth of the region can be attributed to the presence of massive population base and easy availability of cheap and skilled workforce. The reducing costs of healthcare and communication services and technological advancements in telemonitoring systems are also propelling the growth of the region. Furthermore, decreasing willingness among patients towards getting hospitalized and improving quality of care at healthcare setups along with the reducing therapeutic errors are providing a fillip to the market in APAC.
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Global Telemonitoring Platforms and Systems Market: Competitive Landscape
Key players in the global telemonitoring platforms and systems market are paying high attention to technological advancements and product innovation to enhance their visibility in this highly competitive arena. The growing trend of telemedicine is expected to attract new players to venture into the market. This will further intensify the competition in the market. Some of the prominent companies operating in the global market are GE Healthcare, Philips Healthcare, CARDIOCOM LLC, AMD Global Telemedicine Inc., McKesson Corporation, Cisco Systems Inc., InTouch Health Inc., OSF Healthcare, Vidyo Inc., KORE Telematics, and ViTel Net.
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