Market Research Report
Remote Patient Monitoring Systems Market - Growth, Trends, and Forecast (2019 - 2024)
|Published by||Mordor Intelligence LLP||Product code||353840|
|Published||Content info||115 Pages
Delivery time: 2-3 business days
|Remote Patient Monitoring Systems Market - Growth, Trends, and Forecast (2019 - 2024)|
|Published: March 1, 2019||Content info: 115 Pages||
The remote patient monitoring market is expected to register a CAGR of 6.2% during the forecast period.
Remote patient monitoring (RPM), is a category of ambulatory healthcare that permits a patient to use a mobile medical device to accomplish a routine test and guide the test data to a healthcare expert in real-time.
Increase in the chronic disease population, increase in the aging population, and demand for home-based monitoring devices are all the major factors driving the growth of the patient care monitoring market. Operating home-based devices is becoming simple and hence these are being used by all age groups. They are also compact and portable and the patients can wear it all the time without unease. It also ensures that the patient's condition is monitored all the time. Moreover, the need to maintain the average healthcare expenditure is also one of the major reasons for driving the growth of the market.
Despite significant factors driving the wider adoption of remote patient monitoring systems, resistance from the healthcare industry professionals toward the adoption of the patient monitoring system, lack of proper reimbursement policies, and stringent regulatory framework are the challenges faced by the patient monitoring equipment market.
Remote patient monitoring technology comprises day-to-day monitoring devices, such as glucometers for patients with diabetes and heart or blood pressure monitors for patients getting cardiac care. Information can be sent to a physician's workplace by using telehealth communication links, by using a software application installed on the patient's internet-capable computer, smartphone, or tablet.
Multi-Parameter Monitors Segment is Expected to Grow at Fastest Rate.
Multi-parameter monitors are devices that monitor various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry and capnography with a single device. These devices have become popular as they are small, portable, and are user-friendly. The multi-parameter remote monitoring devices are used not only by medical professionals but also by the health-conscious population as sleep and activity monitors fall in these categories. Owing to an increasing focus on a healthy lifestyle and the growing trend of self-monitoring and preventive medicine, the multi-parameter monitor segment is expected to register robust growth rates.
The United States Leads the Remote Patient Monitoring Market
North America is leading the remote patient monitoring devices market globally and is also anticipated to dominate the market in the future. There is a growing trend of shifting treatment from hospitals to home in order to reduce hospital bills. The increasing economic burden on hospitals due to a large number of inpatients coupled with penalties imposed under the Hospital Readmissions Reduction Program formed by the Patient Protection and Affordable Care Act is resulting in the increased adoption of remote patient monitoring devices in the United States. Furthermore, patients also prefer home healthcare because of the cost-effectiveness, privacy, and convenience which is also supplementing the market growth.
The remote patient monitoring market is moderately fragmented and various medical device manufacturers are operating in the market along with several specialized remote patient monitoring equipment manufacturers. The industry is highly competitive and there is a growing trend of partnerships and agreements between the industry participants and other medical device manufacturers in order to incorporate remote patient monitoring functionalities in their devices.