Remote Patient Monitoring System Market is valued at USD 763.4 Million in 2018 and expected to reach USD 1789.4 Million by 2025 with the CAGR of 12.94% over the forecast period.
Increasing incidences of cardiovascular diseases, lifestyle related disorders and demand for independent and healthy living are some of the major factors driving the growth of Global Remote Patient Monitoring System Market.
Scope of Remote Patient Monitoring System Market Report-
Remote patient monitoring system is a device including vital sign monitoring system, glucose meters and other portable devices which is used by patients at a remote location. The remote patient monitoring system is most ordinarily used to reduce the progression of chronic disorders and to reinforce recovery after getting discharged from an acute care unit. It is a type of mobile healthcare systems that enable patients to utilize ambulatory medical devices. RPM also has the power to enhance the standard of care. It is used to enhance the capacity for physicians to treat more patients at any time anywhere. It is often working by one physician to watch a group of patients simultaneously, or by a group of physicians who all monitor an equivalent patient. RPM is usually used to help patients that need chronic, post-discharge or senior care.
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Remote patient monitoring system report is segmented on the basis of product, application, end-user and by regional & country level. Based on product, the market is classified as vital sign monitors and special monitors. Vital sign monitors, is further subdivided into blood pressure monitors, pulse oximeters, heart rate monitor (ECG), temperature monitor, respiratory rate monitor and brain monitoring (EEG). Special monitors is further subdivided into anesthesia monitors, blood glucose monitors, cardiac rhythm monitor, respiratory monitor, fetal heart monitors, prothrombin monitors, multi-parameter monitors (MPM) and others. Based upon application, the market is classified as cancer, cardiovascular diseases, diabetes, sleep disorder, weight management and fitness monitoring, bronchitis, infections, virus, dehydration, hypertension and others. Based upon end-user, global remote patient monitoring system market is classified as hospital based patients, ambulatory patients and home healthcare.
The regions covered in this remote patient monitoring system market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of image-based cytometer is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players of Remote Patient Monitoring System Market Report-
Remote patient monitoring system market report covers prominent players like Bosch; Welch Allyn, Johnson & Johnson, Honeywell, Roche, Philips Healthcare, Philips, Biotronik, Intel, Health anywhere Inc., Covidien Plc. , American Telecar, and others.
Global Remote Patient Monitoring System Market Dynamics–
Increasing incidences of cardiovascular diseases, lifestyle related disorders and demand for independent and healthy living are the major factors expected to drive the growth of the global remote patient monitoring system market. American Heart Association, stated that, a major risk factor for CVD is hypertension. The age-adjusted prevalence of hypertension in US adults is nearly 35%, which equates to approximately 85 million. Heart failure (HF) is one of the type of chronic disease and life-threatening disorder that places a substantial burden on health care systems worldwide with high rates of readmissions, hospitalizations and outpatient visits. According to American Heart Association, in the U.S., it is estimated that approximately 6 Million adults currently have HF, a number that is expected to increase by 40% by 2035. According to Centers for Disease Control and Prevention (CDC), in 2017, coronary heart disease is the most common type of heart disease, died 365,914 peoples. According to WHO, Rise in cardiovascular diseases, 7.9 million people died per year, accounting for around 31% of deaths globally is one of the important factors driving the demand for cardiac monitors. It is also considered to be the number one cause of death and more people die of cardiovascular diseases compared to any other diseases.
In addition, the geriatric population is more liable to different chronic diseases like cardiovascular diseases will increase demand of remote patient monitoring system market. As per CDC, about 18.2 million adults age 20 and older have coronary artery disease (CAD). However, expensive remote monitor system and requires huge resources in terms of software and hardware may hamper the global remote patient monitoring system market growth. In spite of that, technological advancements may generate new opportunities for the further growth of the market.
Global Remote Patient Monitoring System Market Regional Analysis–
North America holds a leading position in remote patient monitoring system market due to high R&D intensity and the incorporation of high innovative technologies, increasing prevalence of chronic disorders and the presence of some of the major players in the medical device manufacturing industry in this region. According to the American Heart Association, Coronary heart condition is that the leading cause (45.1 percent) of deaths due to disorder within the U.S. for the year 2017. Coronary heart disease accounts for 1 in 7 deaths in the U.S. died over 360,000 people annually.
Europe is expected to witness a significant growth in the remote patient monitoring system market due to the increasing geriatric population in this region. In addition, increasing patient awareness about healthcare services and growing demand for remote patient monitoring system will also boost the market growth in this region.
Asia Pacific is expected to witness with high growth potential due to rising geriatric population with cardiac diseases. According to American Heart Association, in 2016, among non-Hispanic (NH) Asians, CVD caused the deaths of 11,023 males and 10,672 females. In the Asia-Pacific region, many countries are attaining economic development and as this region undergoes a transition to a Western lifestyle, living more sedentary lives and consuming foods with higher energy and fat, cardiovascular disease is increasing. According to Organisation for Economic Co-operation and Development (OECD), In high income Asia-Pacific countries, the share of population aged over 65 years is expected to double to reach and on average 27.6% in 2050, whereas the share of population aged over 80 years is expected to triple between 2015-2050 to reach 10.2%. Moreover, increasing from government initiatives to control the failing environmental conditions is also supplementing the market growth in this region.
Key Benefits for Remote Patient Monitoring System Market Report–
Global Remote Patient Monitoring System Market Segmentation:–
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