Global Remote Patient Monitoring Market Overview
The remote patient monitoring devices or technologies are used to monitor patients outside the conventional hospital premises. These devices can be used for a variety of conditions such as weight management and fitness monitoring, cardiovascular monitoring, and diabetes monitoring among others. The remote patient monitoring devices enable patients to maintain self-monitoring on a regular basis reducing the cost of doctor’s visits. In addition, remote patient monitoring devices are used in ambulatory care as well as for medical emergencies. So, the global remote patient monitoring market is expected to foresee significant growth opportunities during the forecast period.
Market Dynamics of Global Remote Patient Monitoring Market
Nowadays, the rise in diabetes, chronic heart diseases, and respiratory diseases among people are very common which in turn is enhancing the market growth of the remote patient monitoring market globally. Patients suffering from chronic lung disease, cardiovascular diseases, diabetes, and others require regular monitoring to eliminate the risk of medical emergency and mortality. In addition, technological advancements such as wearable remote monitoring devices, Bluetooth connectivity, and others are strongly influencing the market growth globally. Whereas, risks associated with the remote patient monitoring devices such as thrombosis, sepsis, nerve damage during insertion, air embolism, pulmonary capillary necrosis, and hemorrhage among others are the restraints for the market growth of the global remote patient monitoring market. The rising cost of healthcare services in the upcoming years will provide opportunistic market growth in the forecasted period of 2020 to 2027.
Scope and Segmentation of Global Remote Patient Monitoring Market
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The market segmentation of the report is categorized by product into special monitors and vital sign monitors; by component into devices and software; by conditions into weight management and fitness monitoring, sleep disorder treatment, cancer treatment, diabetes treatment, and cardiovascular disease treatment; by end-use into ambulatory care centers, home healthcare, hospitals, and clinics and by geography into North America, Europe, Asia Pacific and Rest of the World (RoW).
Some of the prominent players leading the global remote patient monitoring market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), BioTelemetry Inc. (US), iRhythm Technologies Inc. (US), Siemens Healthineers AG Germany, Omron Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Vivify Health, Inc. (US), ALTEN Calsoft Labs (France), Preventice Solutions (US), Bio-Beat Technologies (Israel), VitalConnect (US), Resideo Life Care Solutions (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), and VivaLNK Inc. (US).
In February 2019, Omron Healthcare signed a deal with PhysIQ to integrate wearable blood pressure monitor into a remote monitoring platform. Such integration by manufacturers is boosting the global remote patient monitoring market growth.
Market Segmentation of Global Remote Patient Monitoring Market
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