U.S. dominated North America remote patient monitoring devices market. Favorable demographic trends and positive regulatory scenario are some of the crucial factors augmenting the country market growth. For instance, according to Population Reference Bureau (PRB), number of Americans aged 65 and above will reach up to 98 million by 2060. Geriatric population prone to various chronic diseases require continuous monitoring of physiological parameters will surge demand of monitoring devices. Also, regulatory authorities such as the U.S. FDA actively frame polices and laws that support development in remote patient monitoring devices that further augment industry growth.
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Global Remote Patient Monitoring Devices Market value is set to achieve a significant CAGR from 2019 to 2025, as per the research study report by Global Market Insights, Inc. U.S. dominated North America remote patient monitoring devices market. Favorable demographic trends and positive regulatory scenario are some of the crucial factors augmenting the country market growth. For instance, according to Population Reference Bureau (PRB), number of Americans aged 65 and above will reach up to 98 million by 2060. Geriatric population prone to various chronic diseases require continuous monitoring of physiological parameters will surge demand of monitoring devices. Also, regulatory authorities such as the U.S. FDA actively frame polices and laws that support development in remote patient monitoring devices that further augment industry growth.
Growing burden of chronic diseases such as diabetes, CVD and asthma will foster the demand for remote patient monitoring devices. According to WHO, around 17.9 million people die every year due to CVD. RPM technology helps to monitor fluctuations in vital parameters that helps in reducing mortality rates in patients suffering from such chronic diseases. Hence, increasing applications of technologically advanced RPM systems to monitor physiological parameters will augment the industry growth in forthcoming years. Though remote patient monitoring devices have various benefits, excessive cost of the device may hamper its demand to some extent.
Diabetes monitoring segment will grow substantially during analysis timeframe. Blood glucose level is the most crucial parameter that influences the mode and delivery of the treatment. Therefore, continuous monitoring of glucose is required for patients undergoing surgery. RPM technology provides easy solution to monitor blood-sugar level. Patients can monitor their sugar level and RPM system can send data to healthcare experts via software system. Thus, easy access to care and decrease in healthcare delivery costs proves beneficial for segmental growth.
Software segment will experience lucrative growth during analysis period. Remote patient monitoring software can address wide range of healthcare problems right from patient data storage to treatment. Industry players have developed new technologies for RPM systems. For instance, Boston Scientific has developed Latitude NXT, a remote monitoring system that allows healthcare team to monitor patient’s health efficiently during critical conditions. Hence, growing advancements in RPM software will augment segmental growth.
Key players profiled in the global Remote Patient Monitoring Devices Market include:
- A&D medical
- Boston Scientific
- GE Healthcare
- Ochsner Health System
- Nihon Koden
- Philips Healthcare
- Spacelabs Healthcare
- St. Jude Medical (Abbott)
Homecare segment accounted for stupendous revenue share in 2018 and is expected to experience similar growth trends in upcoming years. Increasing preference for remote patient monitoring device by elderly population base due to ease and convenience has proven beneficial for business growth. Also, persistent increase in the use of remote patient monitoring devices at home by patients suffering from COPD and other respiratory ailments has stimulated segment growth.
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Major industry players in remote patient monitoring devices market are A&D medical, Biotronik, Boston Scientific, GE Healthcare, Honeywell, Medtronic, Ochsner Health System, Nihon Koden, Philips Healthcare, Spacelabs Healthcare and St. Jude Medical (Abbott). Industry players focus on strategies such as product launch as well as mergers and acquisitions to expand existing product portfolio. For instance, in December 2018, Ochsner Health System launched remote patient monitoring platform to improve care management. Launch of new products offering differentiation will boost company’s growth.
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