The global remote patient monitoring devices market is predicted to hold a fairly consolidated and significantly competitive nature with a handful of leading players having collected a higher aggregate share in a recent year. A report by Transparency Market Research (TMR) brings to light key developments, strategies, and other vital aspects of top players such as AMD Global Telemedicine, F. Hoffmann-La Roche Ltd., and Honeywell HomMed LLC. In order to gain market share and diversify product portfolio, there could be frequent undertaking of mergers and acquisitions. With a view to stay competitive in the market, players are expected to cash in on the availability of technologically developed products and expanding application of remote patient monitoring devices.
TMR prognosticates the global remote patient monitoring devices market to bag a US$0.98 bn by the completion of 2020. In terms of type, heart rate monitor could lead the market in the coming years. On the basis of region, North America is anticipated to showcase dominance over the market.
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Rising Economic Burden of Patient Admission on Healthcare Centers Improves Demand
Increasing economic pressure of patient admission on hospitals and medical clinics could be one of the leading factors augmenting the demand in the world remote patient monitoring devices market. Remote patient monitoring is considered to be an attractive treatment option in the U.S. because of rising healthcare costs and increasing geriatric population. This could be one reason for the command taken by North America over the market. On the other hand, hematology monitoring devices are envisaged to gain demand in the region due to swelling prevalence of diabetes.
Asia Pacific could also offer a platform for growth in the remote patient monitoring devices market owing to a number of factors. For instance, India and Thailand have been witnessing the boom of medical tourism and increase in healthcare services cost. This could pave the way for application of remote patient monitoring devices in the near term.
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Concerns over Privacy of Data Damage Adoption of Remote Patient Monitoring Devices
Lack of maintenance of the privacy and security of data is foreseen to hinder the growth of the international remote patient monitoring devices market. However, growing requirement of vital signs monitor observed in the market due to rising demand for independent and healthy living, especially among geriatrics, is prophesied to set the tone for valuable growth in the foreseeable future. Furthermore, application in postoperative and acute care management could help special monitor to sustain its demand in the market. Another factor that could enhance growth is envisioned to find relation with increasing incidence of chronic diseases.
The information presented in this review is based on a TMR report, titled “Remote Patient Monitoring Devices Market (Type – Heart Monitor (ECG, Heart Rate Monitor, Fetal Heart Monitor, and Blood Pressure Monitor), Breath Monitor (Respiration Rate Monitor, Spirometer, and Sleep Apnea Monitor), Physical Activity Monitor (Activity Level Monitor and Weight Monitor), Hematology Monitor (Blood Glucose Monitor and Prothrombin Time Monitor), Multi-sign Monitor, and Infusion Pump, Ventilator, and Body Temperature Monitor; End User – Home Healthcare and Ambulatory Care Center) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”
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