Global Remote Patient Monitoring Market 2018-2022
About Remote Patient Monitoring
Remote patient monitoring refers to the provision of healthcare services that make use of mobile medical devices to perform routine tests. The data is then sent to a healthcare professional in real-time.
Technavio’s analysts forecast the global remote patient monitoring market to grow at a CAGR of 15.66% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global remote patient monitoring market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Remote Patient Monitoring Market 2018-2022
Technavio recognizes the following companies as the key players in the global remote patient monitoring market: GE, Koninklijke Philips, Abbott, Boston Scientific, and Medtronic.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is rise of cloud computing solution. Healthcare service providers are under pressure to reduce IT costs due to shrinking IT budgets and increase operational efficiency. Cloud-based solutions are widely adopted in hospitals and clinics to implement flexible on-demand and cost-effective IT solutions. The cloud-based flexible IT solutions help store cardiology medical images such as echocardiogram and angiogram images retrieved from cardiac test results.”
According to the report, one driver in the market is cost benefits of remote patient monitoring. Healthcare costs continue to be a critical problem for patients from poor and rural backgrounds who cannot afford hospital visits to distant areas. This has increased the mortality rates. In addition, lack of disease control because of a dearth of medical facilities has led to the spread of disease across several remote areas worldwide.
Further, the report states that one challenge in the market is reimbursement issues. Remote healthcare delivery brings care into the patient's home; it also extends the reach of in-demand specialists to remote areas. Healthcare providers as well as patients are benefitted by the increased adoption of these services as it avoids unnecessary emergency hospital visits. However, reimbursement payments for remote healthcare are not widely adopted by payers, so that all cases of telehealth are not reimbursed, and there are no proper standards defined for reimbursement.
GE, Koninklijke Philips, Abbott, Boston Scientific, and Medtronic.
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