“Global Remote Patient Monitoring System Market is anticipated to surpass USD 750 Million by 2020”, says Visiongain

07 November 2019
Pharma

Visiongain has launched a new pharma report “Remote Patient Monitoring System Market Report 2020-2030” Prospects by Product {Vital sign monitors (Blood Pressure Monitor, Heart Rate Monitor, Brain Monitor, Pulse Oximeter, Respiratory Rate Monitor), Special Monitors (Anesthesia Monitor, Blood Glucose Monitor, Cardiac Rhythm Monitor, Respiratory Monitor, Fetal Heart Monitor, Prothrombin Monitor, Multi Parameter Monitor, Others)}, Application (Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorder, Weight management and Fitness Monitoring, Bronchitis, Infections, Others), End Use (Hospital Based Patients, Ambulatory Patients, Home Healthcare), And Geography.

Global Remote Patient Monitoring System market is projected to grow on account of growing need for cost effective and portable/wireless home-based systems, technological advancements, and rising prevalence of chronic diseases. The global market is projected to grow at a lucrative CAGR of ~14% from 2020 to 2030 and is anticipated to surpass USD 750 Million by 2020.

Remote patient monitoring (RPM) is a category of ambulatory healthcare that allows a patient to use a remote medical device to conduct a routine examination and direct the test data in real-time to a healthcare expert.

Growing population base suffering from chronic diseases, aging population, and demand for home-based monitoring devices are all major factors driving the growth of the patient care monitoring market. It is becoming simple to operate with home-based devices and therefore they are used by all age groups. These are also portable and lightweight, so patients can wear and carry it without any discomfort at all times. It also means that the health of the patient is constantly monitored. In addition, growing healthcare expenditure is anticipated to boost market growth over the forecast period.

According to the WHO, respiratory diseases, cardiovascular diseases, including chronic obstructive pulmonary disease and asthma, and diabetes were the leading causes of death in 2018. These are the four main non-communicable diseases (NCDs) that accounted for over 70% of deaths around the world. Remote health monitoring systems focus on serious, chronic conditions like pulmonary fibrosis, congestive heart failure (CHF), and diabetes, as they tend to lead to frequent hospitalization.

In the year 2018, special monitors segment dominated the global remote patient monitoring systems market with a share of over 75% owing to its ability to track medically relevant pre-and post-operative information, detect symptoms and avoid complications. Advanced features such as wireless communication and iPad connectivity allow early diagnosis and higher applicability of the products.

North America dominated the global remote patient monitoring market owing to factors such as growing geriatric population, prevalence of chronic diseases, demand for wireless and portable systems coupled with the emergence of sophisticated reimbursement mechanism aimed at reducing out of pocket healthcare expenditure. Europe, especially Western European countries, is anticipated to remain the second most profitable region over the forecast period due to higher mortality rates and rising demand for low-cost care. The high impact making drivers for regional growth are rising demand for in-house monitoring, promoting central data management systems, and the reliability and productivity of remote patient monitoring.

Due to the presence of untapped opportunities in India and China's emerging markets, Asia Pacific is expected to experience the fastest CAGR over the forecast period. Growing medical tourism and regularly improving healthcare services in these markets are projected to further fuel regional expansion over the forecast period.

Some of the major players operating in this industry are A&D Company, Limited, Abbott, Aipermon GmbH & Co. KG, ALTEN Calsoft Labs, American TeleCare, Boston Scientific Corporation, Docobo Ltd., Dräger Medical, F. Hoffmann-La Roche Ltd., GE Healthcare, Honeywell Life Care Solutions, Jawbone, Johnson & Johnson Services, Inc., Koninklijke Philips N.V., LifeWatch, Masimo, Medtronic Plc, Microlife Corporation, Nihon Kohden Corporation, Omron Corporation among other prominent players.

Notes for Editors
If you are interested in a more detailed overview of this report, please send an e-mail to sara.peerun@visiongain.com or call her on +44 (0) 207 336 6100.

About Visiongain
Visiongain is one of the fastest growing and most innovative independent media companies in Europe. Based in London, UK, Visiongain produces a host of business-to-business reports focusing on the automotive, aviation, chemicals, cyber, defence, energy, food & drink, materials, packaging, pharmaceutical and utilities sectors.

Visiongain publishes reports produced by analysts who are qualified experts in their field. Visiongain has firmly established itself as the first port of call for the business professional who needs independent, high-quality, original material to rely and depend on.

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