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Remote Patient Monitoring Devices Market Size, Share, Development, Growth and Demand Forecast to 2024

  • Publishing: June 2021
  • Report Code: LS10434
  • Available Format: PDF

The global remote patient monitoring devices market is witnessing significant growth due to the technological advancements in monitoring devices and increasing demand for reducing hospital readmission rates. The heart monitors segment leads the global remote patient monitoring devices market, due to high incidences of cardiovascular diseases and advancements for the development of ECG devices. In addition, the cardiovascular diseases segment is the largest application segment in the global remote patient monitoring devices market. The increasing government involvement for reducing healthcare costs and massive unexplored remote patient monitoring devices market in the emerging economies, are creating ample opportunities for the growth of the global remote patient monitoring devices market. The healthcare reforms across the globe, adoption of remote patient monitoring devices by healthcare providers, and advanced research and development activities and new product developments by the major players are supporting the demand of better and cost effective remote patient monitoring systems.

The increasing mergers and acquisition in the remote patient monitoring devices industry is a key trend observed in the global remote patient monitoring devices market. The remote patient monitoring devices refer to the devices, which monitors the vital signs of the patients when they are away from the hospitals. The remote patient monitoring devices have several advantages, such as easy, fast and real-time monitoring, reduction in hospital readmission rates, reduced healthcare costs, and longtime data recording.

Some of the factors driving the growth of the global remote patient monitoring devices market are increasing healthcare expenditures, advancement in the patient monitoring techniques and healthcare IT technology, increasing geriatric population, and growing prevalence of chronic diseases. In addition, the increasing healthcare costs and hospital readmission rates, and growing adoption of remote patient monitoring devices in home care settings are fueling the growth of the global remote patient monitoring devices market. However, the complexities within government regulations in different countries, and data security and privacy concerns are restraining the growth of the global remote patient monitoring devices market.

Geographically, North America leads the global remote patient monitoring devices market, due to high healthcare expenditure, increasing adoption of EHR, growing demand for reduction in healthcare costs, technological advancements, large proportion of older population, and high prevalence of cardiovascular diseases. In addition, the legislative reform of Patient Protection and Affordable Care Act in the U.S. is also driving the growth of the global remote patient monitoring devices market in North America.

Asia-Pacific is the fastest growing region in the global ECG devices market. The fastest growth in in the region is attributed to the improving healthcare infrastructure, usage of EHR systems, growing healthcare expenditure, and high prevalence of chronic diseases. Moreover, the ECG devices market is growing rapidly, due to the increasing research and development activities, large geriatric population, and growing awareness about remote telemonitoring devices among patients and healthcare providers in the emerging economies of Asia-Pacific, such as India and China.

Some of the major players operating in the global remote patient monitoring devices market are Abbott, F. Hoffman-La Roche Ltd., Medtronic PLC, Omron Healthcare Inc., LifeWatch AG, Honeywell Life Care Solutions, Koninklijke Philips N.V., and AMD Global Telemedicine Inc.

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