Global Remote Patient Monitoring Devices Market is expected to reach USD 1.2 billion by 2022, according to a new study by Grand View Research Inc. Remote patient monitoring devices, due to their capability to monitor various chronic conditions such as diabetes, cardiovascular conditions and cancer are expected to experience considerable growth over the forecast period. Increasing prevalence of cardiovascular diseases, rising geriatric population base and the growing demand for independent and healthy living by target patients are some high impact rendering drivers of the remote patient monitoring devices market. Moreover, improving medical infrastructure, increasing post acute care management and demand in the emerging Asia Pacific and Latin American markets are expected to fuel the growth of this market. Rapid technological advancement occurring in the remote patient monitoring devices market is expected to lead towards availability of better option for healthcare practitioners and patients. Remote patient monitoring devices encompass a wide array of technologies designed to manage, evaluate, notify, intervene and modify the treatment plan as required.
The remote patient monitoring devices are most commonly used to slow the progression of chronic disorders and enhance recovery after getting discharged from an acute care unit. Remote patient monitoring technologies also alert caregivers thereby, enabling prompt intervention.
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Further key findings from the study suggest:
- Heart rate monitors are identified as the most lucrative sub-segment owing to increasing incidences of cardiac related conditions globally.
- Heart rate monitor segment accounted for a significant market share in 2014. The rise in demand for home healthcare and independent living by geriatric population are some factors attributing to the segment’s large market share.
- North America accounted for more than 40% of the remote patient monitoring devices market in 2014 on account of the high demand for technologically advanced products. Presence of sophisticated healthcare infrastructure along with high awareness level of the patients has led to the growth of overall remote patient monitoring devices market.
- Asia Pacific is identified as the most lucrative region of the market due to the presence of large unmet needs in the emerging markets of China and India. Presence of suitable government initiatives to curb the deteriorating environmental conditions and enhancing healthcare infrastructure in Japan and Australia are also expected to attribute to this market’s attractiveness.
- Some key players of remote patient monitoring devices market include Philips, Honeywell, American Telecare, Roche, Philips Healthcare, Bosch, Biotronik, Intel, Welch Allyn, Healthanywhere Inc, Johnson & Johnson and Covidien Plc.
For the purpose of this study, Grand View Research has segmented the global remote patient monitoring devices market on the basis of products, application, end-use and region:
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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