Remote Patient Monitoring Market Future Demand 2014 - 2022
Posted by pooja on June 5th, 2019
Remote Patient Monitoring (RPM) Market Report, published by Allied Market Research, forecasts that the global market is expected to garner ,130 million by 2022, registering a CAGR of 17% during the period 2014-2022. Congestive heart failure segment is estimated to lead the market throughout the analysis period, closely followed by diabetes. Three-fourths of the remote patient monitoring market share was captured by North America and Europe in 2015.
RPM is an innovative care delivery model that securely transmits patients data to healthcare teams, and alerts the providers about the early signs of clinical deterioration, and thus creates opportunities for timely intervention. It allows hospital and healthcare systems to improve and ensure compliance with post-discharge plans. This is because the doctor has access to patients vitals outside the hospital premises. They identify any potential health problems using the historical track records and time-based monitoring, and intervene before they cause any emergency. This reduces readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease a number of unnecessary trips to the doctors office by automatically updating the patients vital sign database at regular intervals and reduce travel-related expenses. These factors are necessary to receive quality medical care and drive the RPM market growth. However, unfavorable reimbursement policies and limited awareness about the RPM devices restrains the market growth.
The congestive heart failure (CHF) is the highest revenue-generating segment in this market owing to the high-risk and life-threatening consequences associated with heart failure, which can be avoided using RPM technologies. In addition, the increase in geriatric population that leads to increase in incidences of age-related heart problems will further drive the market growth. Whereas, diabetes would account for the fastest growing segment owing to the increase in incidence of diabetes, presence of well-established smart glucose monitoring technologies in the market and rise in adoption by end users. The diabetes segment would exhibit significant growth in the Asia-Pacific and LAMEA, supplemented by the increase in awareness and adoption among end users.
The devices segment occupied the major market share in 2015, and is expected to grow during the analysis period. This is due to the high one-time capital cost associated with the purchase of RPM devices. Also, improved highly sensitive devices, additional features, and added connectivity will help devices market to grow at a faster pace as compared to software.
Presently, North America and Europe are the most lucrative markets supplemented by factors, such as high purchasing power leading to rapid adoption of innovative technologies, increase in prevalence and incidences of chronic diseases in these region owing to the sedentary lifestyle, and established reimbursement policies along with the improved awareness. The Asia-Pacific RPM market is projected to be fastest growing geography globally. The market growth in this region is primarily attributed to the large undiagnosed patient population, improving access to the healthcare systems, and a high risk of developing chronic disease due to rapid urbanization.
Key Findings of the Remote Patient Monitoring (RPM) Market:
For instance, Medtronic announced the launch of MiniMed 630G system with SmartGuard technology in August 2016. This system was approved for the treatment of diabetes mellitus patients aged 16 years and above. This system combines its proprietary SmartGuard technology with a brand new user-friendly pump design. Boston Scientific Corporation received an FDA approval for EMBLEMTM MRI subcutaneous implantable defibrillator (S-ICD) system in August 2016. This system provides treatment for patients who are at risk of a sudden cardiac arrest. Thus, it reduces the risk of complications associated with conventional transvenous implantable cardioverter-debrillator leads.
The key players profiled in this report include Aerotel Medical Systems (1988) Ltd., Biotronik SE & Co. KG, Boston Scientific Corporation, General Electric Company, Nihon Kohden Corporation, Medtornic Plc, Masimo Corporation, Abbott Laboratories, Johnson and Johnson, and Omron Corporation. Other players in the RPM market include A&D Company, Limited, Jawbone, Docobo Ltd., Microlife Corporation, Aipermon GmbH & Co. KG, SHL Telemedicine, Sorin Group and Schiller AG.
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Allied Market Research, a market research and advisory company of Allied Analytics LLP, provides business insights and market research reports to large as well as small- & medium-scale enterprises. The company assists its clients to strategize business policies and achieve sustainable growth in their respective market domain.
Allied Market Research provides one-stop solution right from data collection to investment advice. The analysts at Allied Market Research dig out factors that help clients understand the significance and impact of market dynamics. The company applies client’s insight on the factors such as strategies, future estimations, growth or fall forecasting, opportunity analysis, and consumer surveys among others. As follows, the company offers consistent business intelligence support to help clients transform into a prominent business firm.
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About the Authorpooja
Joined: May 29th, 2019
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