Remote Patient Monitoring Devices Market Size, Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI3173
Remote Patient Monitoring Devices Market size is projected to experience significant growth from 2019 to 2025.
Increasing development in medical devices coupled with integration of digitalization will positively influence the remote patient monitoring devices market growth. Remote patient monitoring (RPM) technology collects and transmit medical related data from different location. In addition, it serves as single platform to analyze various parameters such as blood oxygen level, blood pressure, heart rate and blood glucose level that facilitates decision making during surgical procedures. Moreover, recently developed remote patient monitoring devices have high preference amongst home based elderly population as it helps to reduce visits to emergency departments and eliminates hospitalization for minor health problems. Thus, growing adoption of technologically upgraded remote patient monitoring devices will drive industry growth.
Growing burden of chronic diseases such as diabetes, CVD and asthma will foster the demand for remote patient monitoring devices. According to WHO, around 17.9 million people die every year due to CVD. RPM technology helps to monitor fluctuations in vital parameters that helps in reducing mortality rates in patients suffering from such chronic diseases. Hence, increasing applications of technologically advanced RPM systems to monitor physiological parameters will augment the industry growth in forthcoming years. Though remote patient monitoring devices have various benefits, excessive cost of the device may hamper its demand to some extent.
Diabetes monitoring segment will grow substantially during analysis timeframe. Blood glucose level is the most crucial parameter that influences the mode and delivery of the treatment. Therefore, continuous monitoring of glucose is required for patients undergoing surgery. RPM technology provides easy solution to monitor blood-sugar level. Patients can monitor their sugar level and RPM system can send data to healthcare experts via software system. Thus, easy access to care and decrease in healthcare delivery costs proves beneficial for segmental growth.
Software segment will experience lucrative growth during analysis period. Remote patient monitoring software can address wide range of healthcare problems right from patient data storage to treatment. Industry players have developed new technologies for RPM systems. For instance, Boston Scientific has developed Latitude NXT, a remote monitoring system that allows healthcare team to monitor patient’s health efficiently during critical conditions. Hence, growing advancements in RPM software will augment segmental growth.
Homecare segment accounted for stupendous revenue share in 2018 and is expected to experience similar growth trends in upcoming years. Increasing preference for remote patient monitoring device by elderly population base due to ease and convenience has proven beneficial for business growth. Also, persistent increase in the use of remote patient monitoring devices at home by patients suffering from COPD and other respiratory ailments has stimulated segment growth.
U.S. dominated North America remote patient monitoring devices market. Favorable demographic trends and positive regulatory scenario are some of the crucial factors augmenting the country market growth. For instance, according to Population Reference Bureau (PRB), number of Americans aged 65 and above will reach up to 98 million by 2060. Geriatric population prone to various chronic diseases require continuous monitoring of physiological parameters will surge demand of monitoring devices. Also, regulatory authorities such as the U.S. FDA actively frame polices and laws that support development in remote patient monitoring devices that further augment industry growth.
Major industry players in remote patient monitoring devices market are A&D medical, Biotronik, Boston Scientific, GE Healthcare, Honeywell, Medtronic, Ochsner Health System, Nihon Koden, Philips Healthcare, Spacelabs Healthcare and St. Jude Medical (Abbott). Industry players focus on strategies such as product launch as well as mergers and acquisitions to expand existing product portfolio. For instance, in December 2018, Ochsner Health System launched remote patient monitoring platform to improve care management. Launch of new products offering differentiation will boost company’s growth.
Remote Patient Monitoring Devices Market by Application, 2014-2025 (USD Million)
- Congestive heart failure (CHF)
- Chronic obstructive pulmonary disease (COPD)
- Blood Pressure
Remote Patient Monitoring Devices Market by Component, 2014-2025 (USD Million)
Remote Patient Monitoring Devices Market by End-user, 2014-2025 (USD Million)
- Hospitals and clinics
- Ambulatory surgical centers
The above information is provided for the following regions and countries:
- North America
- Asia Pacific
- South Korea
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- A&D medical
- Boston Scientific
- GE Healthcare
- Ochsner Health System
- Nihon Koden
- Philips Healthcare
- Spacelabs Healthcare
- St. Jude Medical (Abbott)
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