The Global Remote Patient Monitoring Devices Market, by Product Type (Cardiac Monitors, Respiratory Monitors, Hematological Monitors, and Others), by Application (Cardiac Arrhythmia, Diabetes, Ischemic Disease, Hypertension, Sleep Apnea, Chronic Respiratory Diseases, and Hyperlipidemia), by End User (Hospitals, Home Care Settings, Long-term Care Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 917.6 million in 2018 and is expected to exhibit a CAGR of 7.1% during the forecast period (2019–2027).
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Increasing approval and launch of new products is expected to boost growth of the global remote patient monitoring devices market over the forecast period. For instance, in April 2019, the U.S. Food and Drug Administration (FDA) granted Class II clearance for Current Health (a healthcare company)’s Artificial Intelligence (AI)-based wearable remote patient monitoring platform (RPM), for post-acute care in hospital and home care setting. Moreover, high prevalence of sleep disorders is also expected to aid in growth of the market. For instance, in 2017, a study by Stanford Center for Sleep Sciences and Medicine stated that around 30 million people suffer from sleep apnea.
R&D in remote patient monitoring is also expected to offer lucrative growth opportunities for players in the global remote patient monitoring devices market. For instance, in a study published in August 2019, Emory University (U.S.) assessed the efficacy of a wearable ECG patch developed by U.S.-based VivaLNK Company in improving patient care management for patients suffering from coronary artery disease.
Browse 31 Market Data Tables, and 26 Figures spread through 165 Pages and in-depth TOC on Global Remote Patient Monitoring Devices Market, by Product Type (Cardiac Monitors, Respiratory Monitors, Hematological Monitors, and Others), by Application (Cardiac Arrhythmia, Diabetes, Ischemic Disease, Hypertension, Sleep Apnea, Chronic Respiratory Diseases, and Hyperlipidemia), by End User (Hospitals, Home Care Settings, Long-term Care Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2027
The market is witnessing several M&A activities. For instance, in October 2019, Optum, a division of United Healthcare, acquired Vivify Health, a patient-monitoring start-up that offers remote patient monitoring products and other technologies to track patient’s health at home.
Major players in the market are focused on adopting collaboration and partnership strategies to expand their product portfolio. For instance, in July 2019, Henry Schein Medical, Medpod, and Uber Health collaborated to allow physicians to order portable medical microcarts to be driven to patients’ homes for remote examinations. Similarly, in May 2019, Device Authority Ltd., an Internet of Things (IoT) service provider, partnered with Wipro, an IT, consulting, and business process services company, to launch a remote patient monitoring service.
Major players in the market are also focused on adopting various distribution strategies to enhance their market share. For instance, in July 2019, NavCare, a division of US CareNet, started testing My Sophi Remote Patient Monitoring devices in a direct selling business model in the Central Savannah River (CSRA), Augusta, Georgia area.
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Key Takeaways
- The global remote patient monitoring devices market is expected to witness a CAGR of 7.1% during the forecast period (2019–2027)
- Among product type, the cardiac monitors segment is expected to hold dominant position in the global remote patient monitoring devices market over the forecast period. This is attributed to the portable features of cardiac monitors.
- Among application, the cardiac arrhythmia segment is expected to account for the largest market share in the global remote patient monitoring devices market over the forecast period. Cardiac monitors are used for monitoring cardiac arrhythmia in medical healthcare facilities and home care settings.
- Among end users, the hospitals and home care settings segments are expected to witness significant growth as remote patient monitoring devices are used to measure physiological parameters such as heart activity, blood pressure, body temperature, pulse rate, and other clinical conditions in hospitals and home care settings
- Major players operating in the global remote patient monitoring devices market include, Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC., Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd. And Koninklijke Philips N.V., and St. Jude Medical
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