Market Research Report
Remote Patient Monitoring Devices Market, By Products (Vital Sign Monitors and Special Monitors), and Geography - Analysis, Share, Trends, Size, & Forecast From 2014 - 2025
|Published by||AnalystView Market Insights||Product code||737896|
|Published||Content info||131 Pages
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|Remote Patient Monitoring Devices Market, By Products (Vital Sign Monitors and Special Monitors), and Geography - Analysis, Share, Trends, Size, & Forecast From 2014 - 2025|
|Published: June 28, 2018||Content info: 131 Pages||
The Remote Patient Monitoring Devices market is estimated to represent a global market of USD 648.3 million by 2017 with growth rate of 11.6%.
Remote patient monitoring devices enable patients in disease monitoring outside of conventional clinical facilities. Use of such medical equipment increase access to the clinical care and minimize patient's healthcare cost. Increasing incidences of chronic diseases globally play an important role in driving the demand for remote patient monitoring devices. For example, as per the World Health Organization, major chronic conditions such as diabetes, cancer, cardiovascular diseases, respiratory disorders, and other life-threatening diseases account for more than 60.0% of the total number of deaths and 43.0% of the global burden of disease.
Additionally, growing geriatric population, advancement in technologies coupled with rising demand for wireless and portable medical devices support the worldwide market growth. However, the industry is stifled by some key impediments such as lack of sufficient reimbursements and increasing concerns over data security.
In terms of products, the market is divided into a vital sign and special monitors. Special monitors accounted for the highest share of the worldwide market. In 2017, this segment captured around 82% share of overall industry owing to its high cost coupled with increasing incidences of chronic disease conditions. Vital sign devices cover Blood Pressure, Heart Rate (ECG), Respiratory Rate, Brain Monitoring (EEG), and Others.
These equipment function as a surveillance system, which continuously monitors, analyze and record vital signs of a patient. Growing demand for a healthy and independent living has opened up a significant opportunity for vital signs monitors which have been identified as the most lucrative product segment of this market. Among different vital sign products, brain monitoring devices recorded the lowest revenue, capturing around 1.5% revenue share throughout the study period. These devices are primarily used to record electrical activity and thus the presence of any abnormalities in the brain.
Whereas, special devices comprise Cardiac Rhythm, Anaesthesia, Blood Glucose, Respiratory, Multi-Parameter Monitors (MPM) and others. Respiratory devices are considered to be one of the highest revenue generating product segment owing to the rising incidence of respiratory disorders across the globe.
According to the World Health Organization (WHO), more than 235 million people suffer from asthma, as of 2017 and the number is increasing rapidly. Application segment is divided into diabetes, cancer, cardiovascular disorders, and others. The end-use industry is categorized into Hospitals, Ambulatory Facilities, and Home Healthcare. Use of remote patient monitoring devices in hospital settings is high and the demand is rapidly increasing.
Global Remote Patient Monitoring Devices Market, by Products, 2017 vs 2025
Regionally, North America and Europe accounted for the highest share of the overall industry, captured more than 65% revenue share in 2017. North America is the dominant region in global market owing to the rising chronic disease incidences coupled with favorable reimbursement schemes. For example, in the U.S., vital Sign Monitors such as blood pressure monitors, thermometers, and pulse oximeters are eligible for reimbursement schemes. Some of the schemes they are eligible for are HAS (Health Saving Account), FSA (Flexible Spending Account) and HRA (Health Reimbursement Arrangement). On another side, technology innovation is likely to help key players to create a new market in the developing region, primarily in smaller towns and rural areas, and leapfrog to the next level of growth.
A large number of companies in the remote patient monitoring equipment is preparing to inject new investments to introduce advanced products. Companies such as Roche Diagnostics, Honeywell, Phillips Healthcare, Welch Allyn, and Johnson & Johnson are considered to be the prominent players in this industry. Companies are actively involved in new product innovation and strategic mergers and acquisitions in order to maintain their significant presence. For instance, in 2017, Omron Healthcare, Inc. introduced blood pressure monitors at the Consumer Electronics Show (CES) in the U.S. The company is aimed to strengthen the company's product portfolio in personal heart health technology through such introduction.
The market size and forecast for each segment and sub-segments has been considered as below:
Historical Year - 2014 & 2016
Base Year - 2017
Estimated Year - 2018
Projected Year - 2025
Traders, Distributors, and Suppliers
Government and Regional Agencies and Research Organizations
The scope of this report covers the market by its major segments, which include as follows:
MARKET, BY PRODUCT
Vital Sign Monitors
Blood Pressure Monitors
Heart Rate (ECG) Monitors
Respiratory Rate Monitors
Brain Monitoring (EEG) Devices
Cardiac Rhythm Monitors
Blood Glucose Monitors
Multi-Parameter Monitors (MPM)
MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of the World
Middle East and Africa
Client can request additional company profiling as per specific requirements