The global remote patient monitoring devices market accounted to US$ 712.21 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019 - 2027, to account to US$ 1,544.94 Mn by 2027.
The remote patient monitoring devices market report aims to provide a 360-degree view of the market in terms of cutting-edge technology, key developments, drivers, restraints and future trends with impact analysis of these trends on the market for short-term, mid-term and long-term during the forecast period. Further, the report also covers key players profiling with detailed SWOT analysis, financial facts and key developments of products/service from the past three years.
The remote patient monitoring devices market by product is segmented into vital sign monitors and special monitors. In 2018, the special monitors segment held a largest market share of 79.5% of the remote patient monitoring devices market, by type in 2018. This segment is also expected to dominate the market in 2027 owing to its advantages of the cardiac rhythm remote patient monitors and respiratory monitors. Moreover, the vital sign monitors segment is anticipated to witness the significant growth rate of 9.9% during the forecast period, 2019 to 2027 owing to improvement in operation, performance, utility, handling, sensitivity, & reducing size of the device, and growing hospital infrastructure and home care infrastructure in the patient monitoring and care market.
Key factors driving the market are rising prevalence of chronic diseases, increasing geriatric population, and rising awareness regarding healthcare. However, factors such as, unaddressed regulatory concerns and security and privacy concerns are likely to restrain the market growth to a certain extent.
Some of the prominent players operating in remote patient monitoring devices market are, Koninklijke Philips N.V., Medtronic Plc., Nihon Kohden Corporation, Welch Allyn, Abbott Laboratories, GE, Honeywell, Boston Scientific Corporation, F. Hoffmann-La Roche AG, American Telecare Inc., Johnson & Johnson, Biotronik SE & Co. KG, Masimo Corporation and Omron Healthcare. The market players are focused towards bringing new and innovative products to sustain their position in the market. For instance, in May 2018, Boston Scientific have launched the HeartLogic Heart Failure Diagnostic system in Europe. It is the first and only diagnostic tool that enables proactive heart failure (HF) care in Europe. The developments performed by the companies are helping the market to grow in the coming years.
Global remote patient monitoring devices market, based on the application was segmented into cardiovascular diseases treatment, cancer treatment, sleep disorder treatment, diabetes treatment and weight management & fitness monitoring. In 2018, the cardiovascular diseases treatment segment held the largest share of the market, by application. In addition, the segment is also expected to grow at the fastest rate during the coming years owing to increasing number of the cardiovascular surgeries, increasing number of patients suffering from diseases such as cardiovascular disease, cardiac arrest and cardiac hypertension as they need regular blood pressure monitoring due to frequent fluctuations.
Global remote patient monitoring devices market, based on the end user was segmented into hospitals & clinics, ambulatory care centers and home healthcare. In 2018, the hospitals & clines segment held the largest share of the market, by end user, owing to well-established and presence of advanced healthcare infrastructure, growing concerns about health and rising investment in the healthcare sector. Whereas, the home healthcare segment is expected to grow at the fastest rate during the coming years owing to growing awareness towards home healthcare is influencing positively on the growth of this segment in the near future.
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