The global remote patient monitoring devices market size was estimated at USD 675.97 Million in 2017 and is anticipated to gain significant traction over coming years.
Remote patient monitoring devices consider the digital collection of data related to medical health from one location and electronically convey the data and the information to health care benefactors to another location for recommendation and assessments. The monitoring devices gather a broad range of healthcare information from the point-of-care, including heart rates, blood pressure, blood sugar, electrocardiograms, vital signs, and blood oxygen levels. The information gained through the devices is then transferred to health care specialist in services such as nursing facilities, hospitals, and intensive care units. Healthcare is modernized by Health Information Technologies (HITs) by using typical tools to help patients in self-monitoring and decision-making and thus, driving a shift towards a care model placed on the use of web and digital-based tools. According to the World Health Organization (WHO), Increase in cholesterol levels is estimated to cause 2.6 million deaths. In addition, one-third of ischemic heart disorder is attributable to the high cholesterol. The remote patient monitoring device delivers a portable and easy-to-use system with a precise valuation of the cholesterol levels.
The global remote patient monitoring devices market is majorly driven by the factors such as the technological developments and innovations for efficient self-monitoring products and devices and increasing government regulations to control the rising healthcare costs. Moreover, advancement in technologies, the growing prevalence of chronic diseases such as diabetes and other cardiac conditions requiring compulsory life-long monitoring is also anticipated to contribute to RPMD market. In addition, the rise in elderly population across the globe, improved private sector and government involvement, and increasing awareness among the medical practitioners is estimated to enhance the market developing economies. However, lack of uniformity in device functionality, insufficiency in maintaining the privacy and security of the medical data, unawareness regarding the use of monitoring devices, and absence of trained professionals are the factors expected to hamper the RPMD market growth during the forecast period.
The Global Remote Patient Monitoring Devices Market is segmented on the basis of product type, application, end user, and geography.
On the basis of product type, the global RPMD market is segmented into Heart Rate Monitors, Heart Monitors, Blood Pressure Monitors, Sleep Apnea Monitors, Breath Monitors, Weight Monitors, Blood Glucose Monitors, Infusion Pumps, and Body Temperature Monitors. On the basis of product type, Heart rate monitor is estimated to dominate the product segment owing to growing global incidences of cardiovascular incidence. The increase in the number of people with cardiac diseases has led to the augmented use of such monitoring devices.
On the basis of application, the global RPMD market is segmented into Cancer Treatment, Cardiovascular Diseases Treatment, Diabetes Treatment, Sleep Disorder Treatment, Weight Management and Fitness Monitoring. In 2017, cardiovascular disease treatment is estimated to dominate the market growth majorly owing to the increasing incidences of cardiovascular diseases. On the basis of the end user, the global market is segmented into Hospitals, Ambulatory Surgical Centers, and Homecare settings.
In terms of geography, North America was estimated to dominate the global Remote Patient Monitoring Devices Market. The dominance is majorly attributed to the increasing occurrences of chronic diseases, growing demand for wireless and portable systems, increased level of healthcare spending, growing number of geriatric population, and favorable reimbursement scenarios in this region. However, Asia Pacific is expected to dominate the global RPMD market during the forecast. Rising disposable income, high presence of untapped market opportunities primarily in developing economies, advancement in technology, supportive government initiatives are some of the factors expected to significantly boost the RPMD Market in the Asia Pacific.
Major firms are focusing on small firms with a working methodology of securing the end goal to manage position in the market and are associated with mergers and acquisitions, key joint efforts, and novel item advancement to pick up profit share in the business. Some major key players in Global RPMD Market includes Hoffmann-La Roche Ltd., AMD Global Telemedicine, Honeywell International Inc., Omron Healthcare, Smiths Medical, and Medtronic among others.