Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
The global telemonitoring systems market, by Component (Hardware and Software), By Mode of Delivery (Web-Based and Cloud-based), By Application (COPD Monitoring, Blood Pressure Monitoring, Glucose Monitoring, Cardiovascular Disease Monitoring, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was evaluated at US$ 1.6 billion in 2017 and is projected to record a CAGR of 10.1% over the forecast period (2018-2026).
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A large number of technological innovations and advancements have taken place in the field of telemedicine over the past few years. Rising adoption of telemonitoring for improving outpatient and homecare services for elderly people suffering from chronic diseases has effectively helped decrease healthcare costs. According to a 2012 study carried out by the National Center for Biotechnology Information (NCBI), telemonitoring aids in the management of common chronic illnesses, such as asthma, chronic obstructive pulmonary disorder (COPD), diabetes, heart failure, and hypertension.
In a 2013 study published by the BMC Health Services Research, it was observed that a multi-parametric telemonitoring system efficiently reduced the rate of COPD exacerbations in a randomized clinical trial of 100 COPD patients, aged 65 years and above. The intervention group measured oxygen saturation, heart rate, temperature, and physical activities of the patients using a telemedicine commercial cellular phone software.
Telemonitoring systems allow caretakers and doctors to remotely check the status of patients at any given point of time. Another advantage of these systems is that they can be used even in rural areas with low healthcare facilities. Several market players are focusing on strategic collaborations and development of adequate security and privacy settings for the telehealth data. In 2017, GE Healthcare acquired Monica Healthcare, a monitoring technology company. Furthermore, in January 2018, Royal Philips and American Well entered into a strategic partnership deal to integrate American Well’s mobile telehealth services into an array of Philips’ solutions.
- Rising geriatric population, couple with the burgeoning demand for home healthcare services, fosters the global market expansion.
- The COPD monitoring application segment is expected to flourish significantly over the forecast timeline, owing to the increasing incidence of COPD. It was found in the Global Burden of Disease Study that around 251 million people worldwide suffered from COPD in 2016.
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- The major players operating in the global telemonitoring systems market include Abbott Laboratories, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine, Inc., Cisco Systems, Inc., Care Innovations LLC, General Electric Company, Honeywell Life Care Solutions, InTouch Health, Koninklijke Philips N.V., McKesson Corporation, Medvivo Group Ltd., Medtronic Plc, Nihon Kohden, Siemens Healthineers AG, St Jude Medical, Tunstall Healthcare Group Ltd, and Vidyo, Inc.
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