Remote Patient Monitoring System Market Size Set to Register USD 1,727.30 Million by 2026
Recent study titled, Remote Patient Monitoring System MarketBy Global Industry Analysis, Market Size, Opportunities and Forecast, 2018 - 2026 which covers clear verifiable examination and lights up feature components and examples that give an extensive picture of the business.
The global market size of remote patient monitoring system was value at 698.4 million at 2018 and is expected to reach 1,727.30 million by 2026. The market is estimated to grow at a CAGR of 13.81% over the forecast period.
Some supportive government plans and initiatives are anticipated to look good for global market growth. For instance, the Center for Technology and Aging situated in California is committed towards quick innovative progressions in a remote patient monitoring system which prompts support of autonomous and more advantageous living. The utilization of these devices in post-acute consideration builds the patients roles in self-health care management. This capacity to increase self-administration abilities with the assistance of advanced tools and devices is projected to be a high effect execution of growth driving factor.
The remote patient monitoring system is an innovative care delivery device and model that safely transmits patientsrsquo; information to social insurance groups and alerts the insurance provider about the early indications of clinical disintegration, and thus creating various opportunities for convenient mediation. It enables medical clinic and human services systems to improve and guarantee consistency with post-release plans. This is on the grounds that the specialist approaches patientsrsquo; vitals outside the clinic premises. They recognize any potential medical issues utilizing the past track records and time-sensitive monitoring and intercede before they bring about any crisis. This lessens readmissions and averts avoidable hospitalizations. Also, these innovations decline various unrequired trips to the specialist's office or clinic via consequently refreshing the patient's imperative sign database at customary interims and decrease travel-related costs. These elements are important to get quality medicinal consideration and drive the global remote patient monitoring system market growth. However, some reimbursement policies and less awareness related to the RPM devices hampering the market growth.
The global remote patient monitoring system market is divided into product type, application, enduse, and region. On the basis of test type segment, the worldwide remote patient monitoring system market is divided into vital sign monitors and special monitors. Whereas, vital sign monitors segment includes Blood Pressure Monitors, Pulse Oximeters, Heart Rate Monitor (ECG), Temperature Monitor, Respiratory Rate Monitor, and Brain Monitoring (EEG). And special monitors includes Anesthesia Monitors, Blood Glucose Monitors, Cardiac Rhythm Monitor, Respiratory Monitor, Fetal Heart Monitors, Prothrombin Monitors, and Multi Parameter Monitors (MPM). On the basis of application, the worldwide remote patient monitoring system market is segmented into Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorder, weight management and Fitness Monitoring, Bronchitis, Infections, Virus, Dehydration, and Hypertension. On the basis of end use, the worldwide remote patient monitoring system market is segmented into Hospital Based Patients, Ambulatory Patients, and Home Healthcare. Based on the region, the worldwide remote patient monitoring system market is divided into North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific.
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Hospital-based patients, mobile patients, and home medicinal services are some key end-use segments that are analyzed in the remote patient monitoring systems market. The hospital-based patients' segment is the main end-use segment in 2018 and represented around 79% of the market share, attributable to the presence of a substantial number of patients and tests being performed in medical clinics.
However, interchange site monitoring, particularly home healthcare services, is foreseen to witness strong CAGR over the estimated time frame. Along these lines, the inclination towards independent living is projected to drive the global market growth, over the forecast period.
Some of the major market players in mergers, acquisitions, collaborations, and new product innovations trying to maintain supportability. Such as, Bosch propelled a simple to utilize patient interface for home human services in 2012, which helps the procedure of self-management and consistent monitoring for long term chronic conditions, includes, diabetes, heart arrhythmias, and insomnia. Roche and Qualcomm went into a strategic collaboration in order to upgrade remote monitoring and management of chronic diseases.
In Europe market, particularly the Western European nations, because of higher death rate and rising demand for cost-effective treatment, is required to remain the second most revenue producing market region over the estimated time frame. Rising demand for in-house monitoring, steady focal information management systems, and rising precision, and effectiveness of remote patient screens are the highly effective factors driving the regional market growth.
Asia Pacific market is estimated to witness the quickest CAGR over the forecasted time frame inferable from the presence of untapped potential opportunities in the developing markets of India and China. Growing medicinal tourism and continually improving healthcare infrastructure in these markets is foreseen to additionally move the regional growth in the upcoming years.
Major companies contributing the global remote patient monitoring system market are ADVA Optical Networking, Nokia, Cisco Systems, Ciena Corporation, Ericsson, ECI Telecom, Infinera, Fujitsu, NEC, Huawei Technologies, and ZTE Corporation.
TABLE OF CONTENT
CHAPTER 1. INDUSTRY OVERVIEW
CHAPTER 2. MARKET DYNAMICS AND COMPETITION ANALYSIS
CHAPTER 3. MANUFACTURING PLANTS ANALYSIS
CHAPTER 4. REMOTE PATIENT MONITORING SYSTEM MARKET BY PRODUCT
CHAPTER 5. REMOTE PATIENT MONITORING SYSTEM MARKET BY APPLICATION
CHAPTER 6. REMOTE PATIENT MONITORING SYSTEM MARKET BY END USERS
CHAPTER 7. NORTH AMERICA REMOTE PATIENT MONITORING SYSTEM MARKET BY COUNTRY
CHAPTER 8. EUROPE REMOTE PATIENT MONITORING SYSTEM MARKET BY COUNTRY
CHAPTER 9. ASIA-PACIFIC REMOTE PATIENT MONITORING SYSTEM MARKET BY COUNTRY
CHAPTER 10. LATIN AMERICA REMOTE PATIENT MONITORING SYSTEM MARKET BY COUNTRY
CHAPTER 11. MIDDLE EAST REMOTE PATIENT MONITORING SYSTEM MARKET BY COUNTRY
CHAPTER 12. AFRICA REMOTE PATIENT MONITORING SYSTEM MARKET BY COUNTRY
CHAPTER 13. COMPANY PROFILE
CHAPTER 14. RESEARCH APPROACH
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