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Patient Monitoring Devices Market is estimated to increase to US$ 1,502.9 Mn by 2024

Press Release   •   Jan 02, 2017 02:28 EST

Remote patient monitoring (RPM) is a device that uses the digital technologies base in order to gather medical and other health related information/data from individuals at specific locations and electronically communicate that information securely to healthcare professionals in a different location for further valuation and recommendations. The global remote patient monitoring device market stood at a valuation of US$ 845.8 Mn in 2015 and this is estimated to increase to US$ 1,502.9 Mn by 2024, registering a CAGR of 6.7% in terms of value.

Market dynamics

Increasing healthcare expenditure and increasing availability of effective treatment solutions for chronic diseases is projected to boost revenue growth of the global remote patient monitoring device market. Market growth is also driven by a rise in the geriatric population with chronic diseases that propels the demand for remote patient monitoring devices. Moreover, increasing awareness regarding remote patient monitoring devices among physicians and patients; and opinion based diagnosis of chronic diseases because of lack of standard diagnostic tests in rural areas is expected to boost the revenue growth of the global remote patient monitoring device market in the near future.

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However, lack of trained professionals to help with remote patient monitoring devices is expected to hinder market growth of the global remote patient monitoring device market. Insufficiency in maintaining the privacy and security of the stored data, lack of uniformity in device functionality, and lack of general awareness on patient monitoring devices are the key restraints challenging the market.

Segmentation-wise market forecast

The global remote patient monitoring device market is segmented on the basis of Product Type (Cardiac Monitors, Respiratory Monitors, Hematological Monitors), Application (Cardiac Arrhythmia, Diabetes, Ischemic diseases, Hypertension, Sleep apnea, Chronic respiratory diseases, Hyperlipidemia), and End User (Hospitals, Homecare Settings, Long-term Care Centers, Others). The Cardiac Monitors product type segment accounted for 49.8% value share in 2015 and is projected to account for 50.9% share by 2024 end while the Respiratory Monitors segment is expected to reach US$ 435.0 Mn by 2024.

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The Cardiac Arrhythmia application segment is expected to account for 20.2% revenue share of the global remote patient monitoring device market by 2016 end while the Diabetes segment is expected to account for 14.2% revenue share of the global remote patient monitoring device market by 2016 end.

In the end user category, the Hospitals segment is expected to account for 46.3% revenue share of the global remote patient monitoring device market by 2016 end while the Homecare Settings segment is expected to account for 24.0% revenue share of the global remote patient monitoring device market by 2016 end. Revenue from the Hospitals segment in the global remote patient monitoring device market is expected to increase 1.6X by 2024 end as compared to that in 2016.

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Key regions

The global remote patient monitoring device market has been segmented on the basis of region into North America, Latin America, Europe, APEJ, and MEA. In terms of value, North America is estimated to dominate the global remote patient monitoring device market with an estimated 31.4% revenue share by 2016. By the end of 2024, the North America regional market is anticipated to reach US$ 558.7 Mn, expanding at a CAGR of 9.0% over the forecast period. The Europe market is expected to account for 22.8% revenue share of the global remote patient monitoring device market by 2016 end. The Europe remote patient monitoring device market is expected to be the second most lucrative market in the global remote patient monitoring device market.

Key players

The leading companies operating in the global remote patient monitoring device market are Boston Scientific Corporation, Koninklijke Philips N.V., Abbott Laboratories, Nihon Kohden Corporation, F. Hoffmann-La Roche Ltd., LifeWatch AG, Medtronic, and St. Jude Medical.

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