Extensive use of remote monitoring systems in chronic disease management to drive the growth of global remote patient monitoring system market
According to TechSci Research report, “Global Remote Patient Monitoring System Market By Product, By Application, By End Use, By Component, By Region, Competition, Forecast & Opportunities, 2025”, global remote patient monitoring system market is expected to witness significant growth during the forecast period. Growing geriatric population is one of the major factors accounting for the growth of global remote patient monitoring system market across the globe. Moreover, surging demand for better lifestyle along with quality care is further expected to bode well for the growth of global remote patient monitoring system market during the forecast period. In addition to this, increasing requirement for cost effective treatment is positively influencing the growth of global remote patient monitoring system market. Moreover, supportive government programs and innovations are making headway for the growth of global remote patient monitoring system market. Along with this, mounting demand for home-based monitoring devices is expected to positively contribute to the market growth during the next 5 years. However, there are some factors that can act as major impediments to the growth of global remote patient monitoring system market through 2025 such as lack of proper reimbursement policies, stringent regulatory framework, resistance from the healthcare industry professionals toward the adoption of the patient monitoring system, etc.
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Global remote patient monitoring system market can be segmented based on product, application, end user, components, company and region. Considering the application, the market is fragmented into cardiovascular diseases, diabetes, hypertension, weight management & fitness monitoring, sleep disorders, cancer and others. The cardiovascular diseases segment dominated the global remote patient monitoring system market in terms of largest market share until 2019 and is further anticipated to maintain its dominance during the forecast period as well which can be accredited to increasing prevalence of critical diseases. In terms of end use, the market is fragmented into hospitals, ambulatory patients, homecare and others. Out of which, the hospitals segment held the largest market share of around 80% until 2019 and is anticipated to grow at a high pace during the forecast period on account of presence of a large patient pool and number of tests being performed in hospitals.
Key Players :
Honeywell, American Telecare, Philips Healthcare, Bosch, Biotronik,Intel, Welch Allyn, Health anywhere Inc., Johnson & Johnson, Covidien Plc, Boston Scientific, Medtronic, Omron Healthcare, Masimo Corporation, Nihon Kohden Corporation, F. Hoffmann-La Roche Ltd., LifeWatch AG, St. Jude Medical, GE Healthcare are among others are the leading players operating in global remote patient monitoring system market. The leading players are adopting several growth strategies to enhance the market scenario of remote patient monitoring system. Other competitive strategies include product launches; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position.
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“North America is forecast to dominate global remote patient monitoring system market during the next five years on account of high demand for wireless and portable patient monitoring systems in the region. Furthermore, growing investments by the government in the healthcare sector is also contributing to the growing trend. Additionally, presence of sophisticated reimbursement structures which are aimed at cutting out of pocket expenditure levels is further anticipated to boost the market growth in the region over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Remote Patient Monitoring System Market By Product, By Application, By End Use, By Component, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global remote patient monitoring system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global remote patient monitoring system market.