Patients and professionals can use a telemonitoring system to get frequent readings of a variety of symptoms and physiological data. In places where there is a shortage of healthcare experts or where access to healthcare is problematic, the system can increase access to specialist treatment. It has the potential to improve the quality of life of chronic illness patients while also lowering healthcare expenses. Teleconsultation and teleradiology are examples of services that can help decrease wait times, maximize resources, and increase productivity.
Furthermore, greater telehealth adoption would dramatically reduce reliance on hospitals and provide access to appropriate healthcare services from the comfort of one’s own home. According to a research issued in 2017 by the NTCA-The Rural Broadband Association, telemedicine may save thousands of dollars per year in healthcare expenditures, lowering major costs spent on labor pay, lab fees, medical facility charges, and transportation.
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In 2017, the global telemonitoring system market was worth US$ 1.6 billion, and it is anticipated to grow at a CAGR of 10.1 percent during the forecast period (2018 – 2026).
The global telemonitoring system market is growing due to an increase in the global prevalence of chronic illnesses, a rise in the elderly population, and government measures to encourage telehealth. The new CONNECT for Health Act, which was proposed in June 2017, is anticipated to save money and enhance treatment quality in Medicare by utilizing telehealth and remote patient monitoring. For individuals with chronic illnesses, the legislation allows for the use of telemonitoring equipment. The government is also contributing to the study and development of telehealth services. The Federal Office for the Advancement of Telehealth awarded the Southwest Telehealth Resource Center (SWTRC) a $975,000 cooperation partnership fund in 2017. (OAT). The funding will aid in the implementation of telehealth initiatives in underprivileged regions of the U.S., such as clinics, hospitals, and public health offices.
There are several drawbacks to using and adopting telemonitoring systems, such as developing trust in care professionals who are not physically there, difficulties comprehending the technology, and worries about medical data privacy. Risk management from afar has been a source of worry, with the amount of training offered to the person assessing the data being a major factor.
Furthermore, technological improvements may raise the cost of equipment and implementation. Other possible downsides include user interface issues, technological issues, and data loss and confidentiality concerns. All of these limitations, taken together, limit the adoption of telemonitoring systems, limiting the growth of the global telemonitoring system market.
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Due to increased use of telemonitoring systems in the U.S., the North American telemonitoring system market is anticipated to develop significantly over the forecast period. The robust economy and growing trends of home care facilities are driving demand for telemonitoring systems in this region. According to the Centers for Medicare & Medicaid Services, over 33,000 clinicians provided care to over 12 million people in 2010. In 2009, yearly spending on home health care was estimated to be approximately $72.2 billion.
Due to the increased incidence of diabetes and cardiovascular problems in Asia Pacific, the global telemonitoring system market is projected to develop at a healthy CAGR in this region. A large portion of the population in this region resides in economically depressed areas with inadequate or non-existent healthcare. According to a 2016 research by the American Heart Association, premature death due to cardiovascular disease increased by 59 percent in India, from 23.2 million in 1990 to 37 million in 2010.
Major companies contributing in the global telemonitoring system market are General Electric Company, InTouch Health, AMD Global Telemedicine, Inc., McKesson Corporation, Medvivo Group Ltd., Care Innovations LLC, Nihon Kohden, Allscripts Healthcare Solutions Inc., Tunstall Healthcare Group Ltd, Abbott Laboratories, Vidyo, Inc., St Jude Medical, Siemens Healthineers AG, Medtronic Plc, Cisco Systems, Inc., Koninklijke Philips N.V., and Honeywell Life Care Solutions.
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Reasons to Purchase this Report
• Current and future of global Telemonitoring System market outlook in the developed and emerging markets
• The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period.
• Regions/countries that are expected to witness the fastest growth rates during the forecast period
• The latest developments, market shares, and strategies that are employed by the major market players
Table Of Content
Chapter No. 1 Introduction
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. USP & Key Offerings
1.2. Key Benefits for Stakehulders
1.3. Target Audience
1.4. Report Scope
Chapter No. 2 Executive Summary
2.1. Key Findings
2.1.1. Top Investment Pockets
188.8.131.52. Market Attractiveness Analysis, By Type
184.108.40.206. Market Attractiveness Analysis, By End Use
220.127.116.11. Market Attractiveness Analysis, By Region
2.2. Market Snapshot
2.3. Global Telemonitoring System Market, 2016 – 2021 (USD Million)
2.4. Insights from Primary Respondents
Chapter No. 3 COVID 19 Impact Analysis
3.1. Impact Assessment of COVID-19 Pandemic, By Region
3.1.1. North America
3.1.3. Asia Pacific
3.1.4. Latin America
3.1.5. The Middle-East and Africa
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