Remote Patient Monitoring Market to Obtain Awesome Hike in Revenues
Pune, Maharashtra, India, November 25 2020 (Wiredrelease) Allied Analytics –:Global remote patient monitoring market would reach $2,130 million by 2022 from $703 million in 2015, growing at a CAGR of 17% from 2016 to 2022. Congestive heart failure segment is estimated to lead the market throughout the analysis period, closely followed by diabetes. Three-fourths of the remote patient monitoring market share was captured by North America and Europe in 2015.
Rising incidence of chronic diseases, and high-end technological advancements, have fueled the growth of the global remote patient monitoring market. On the other hand, unstable reimbursement regulations, and limited awareness about the technology have happened to curb the growth to some extent. However, growing developments in emerging markets have created a number of lucrative opportunities in the segment.
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RPM is an innovative care delivery model that securely transmits patients’ data to healthcare teams, and alerts the providers about the early signs of clinical deterioration, and thus creates opportunities for timely intervention. It allows hospital and healthcare systems to improve and ensure compliance with post-discharge plans. This is because the doctor has access to patient’s vitals outside the hospital premises. They identify any potential health problems using the historical track records and time-based monitoring, and intervene before they cause any emergency. This reduces readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease a number of unnecessary trips to the doctor’s office by automatically updating the patient’s vital sign database at regular intervals and reduce travel-related expenses. These factors are necessary to receive quality medical care and drive the RPM market growth. However, unfavorable reimbursement policies and limited awareness about the RPM devices restrains the market growth.
Key Findings of the Remote Patient Monitoring (RPM) Market:
CHF was the leading segment in 2015, and is expected to maintain its lead throughout the analysis period.
Diabetes will be the fastest growing segment throughout the analysis period.
Devices will be both the highest revenue generating and fastest growing segment of the global remote patient monitoring (RPM) market.
Saudi Arabia market for remote patient monitoring is projected to grow at a high CAGR of 21.3%.
U.S. was the largest country market in 2015, and is projected to maintain its lead until 2022.
By condition the CHF segment accounted for the largest revenue in 2015 and is expected to dominate during the study period. On the other hand, the diabetes segment is anticipated to grow at the fastest CAGR throughout 2015-2022. By component, the devices segment will be both the highest revenue generating and fastest growing segment of the global remote patient monitoring (RPM) market. Based on geography, U.S. contributed to the largest share in 2015 and is projected to be dominant till 2022. Simultaneously, Saudi Arabia market is anticipated to grow at the fastest CAGR of 21.3% throughout the period.
The key players profiled in this report include Aerotel Medical Systems (1988) Ltd., Biotronik SE & Co. KG, Boston Scientific Corporation, General Electric Company, Nihon Kohden Corporation, Medtornic Plc, Masimo Corporation, Abbott Laboratories, Johnson and Johnson, and Omron Corporation. Other players in the RPM market include A&D Company, Limited, Jawbone, Docobo Ltd., Microlife Corporation, Aipermon GmbH & Co. KG, SHL Telemedicine, Sorin Group and Schiller AG.
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The key players profiled in the report include Boston Scientific Corporation, General Electric Company, Nihon Kohden Corporation, Johnson and Johnson and Omron Corporation Aerotel Medical Systems (1988) Ltd., Medtornic Plc, Masimo Corporation, Abbott Laboratories, and Biotronik SE & Co. KG. They have adopted a number of high-end strategies to retain a strong stand in the industry. The other players discussed in the value chain take in Jawbone, Microlife Corporation, SHL Telemedicine, Schiller AG, A&D Company Limited, Aipermon GmbH & Co. KG, Sorin Group, and Docobo Ltd.
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