Today, there is an unprecedented economic pressure on clinical device manufacturers, payors as well as healthcare providers due to rapid radical change in the healthcare industry. Actually medical technology is experiencing a major shift from expensive healthcare innovation to enhanced productivity solutions, improved outcomes and cost reduction. Remote monitoring is the major element in this shift. The merging of pervasive cloud technology, noninvasive biosensors, wireless networks, and miniaturization is promptly introducing the patients monitoring concept. This kind of convergence proffers major price competences to the system. As per the Research Report Insights (RRI), the global remote patient monitoring devices market is anticipated to see a strong growth between 2017 and 2024. By 2024 end, the global remote patient monitoring devices market is estimated to reach US$ 1,502.9 Million revenue.
From the bang of wellness applications to chronic illness management, industry leaders to start-ups and remote monitoring to innovative software solutions, healthcare innovation in healthcare industry is rushing to support a trade that is facing challenges related to rising tension among increasing demand and tightening capacity as well as growing care cost and new models of reimbursement aiming towards controlling costs.
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Remote patient monitoring (RPM) is an ambulatory healthcare allowing patient to perform his routine test and then send that data to healthcare professional by using mobile medical device. It is also known as homecare tele-health. It uses the base of digital technology for gathering medical and several other health data from people at different locations and communicating through electronic medical mobile device.
Factors that are boosting the revenue growth of the global market of remote patient monitoring device include rising availability of solutions that effective in treatment and growing expenditure on healthcare. Increase in the geriatric population who have chronic diseases are propelling the demand of RPM devices which in turn driving the market growth. Moreover, growing awareness among patients as well as doctors regarding RPM devices and chronic diseases diagnosis in rural areas based on opinions due to shortage of standard diagnostic tests is further fueling the revenue growth of the global RPM device market in the coming years.
However, shortage of skilled professionals to help with RPM devices is hindering the market growth of remote patient monitoring device globally. Lack of awareness regarding RPM devices as well as insufficiency while maintaining the security and privacy of stored data and lack of regularity in functionality of device are the major factors hampering the global market of remote patient monitoring device.
Globally, the segmentation of RPM device market is based on product, application, end user and regions. Based on product, the global market of remote patient monitoring device is segmented as Respiratory Monitors, Cardiac Monitors and Hematological Monitors. On the basis of application, the global market of remote patient monitoring device is segmented as Diabetes, Chronic respiratory diseases, Cardiac Arrhythmia, Sleep apnea, Ischemic diseases, Hypertension and Hyperlipidemia. While based on end use, the global market of remote patient monitoring device is segmented as Long-term Care Centers, Hospitals and Homecare Settings.
Regionally, the global market of remote patient monitoring device is segmented as APEJ, North America, Europe, Latin America and MEA. North America will dominate the global market of RPM device in terms of value and will exhibit revenue share of 31.4% by the end of 2016. While the Europe market is estimated to exhibit 22.8% revenue share of the global market of RPM device by the end of 2016.
The leading companies operating in the global remote patient monitoring device market are Medtronic, F. Hoffmann-La Roche Ltd., Boston Scientific Corporation, St. Jude Medical, LifeWatch AG, Koninklijke Philips N.V., Nihon Kohden Corporation, and Abbott Laboratories.