Remote Patient Monitoring Devices Market to 2027 - Global Analysis and Forecasts By Product (Vital Sign Monitors, Special Monitors), Application (Cardiovascular Diseases Treatment, Cancer Treatment, Sleep Disorder Treatment, Diabetes Treatment, Weight Management and Fitness Monitoring) End User (Hospitals & Clinics, Ambulatory Care Centers, Home Healthcare, and Others) and Geography
The Global Remote Patient Monitoring market is expected to reach US$ 1,544.94 Mn in 2027 from US$ 712.21 Mn in 2018. The market is estimated to grow with a CAGR of 9.3% from 2019-2027.
The growth of the Remote Patient Monitoring market is primarily attributed to the factors such as increasing prevalence of chronic diseases, rising geriatric population and rising awareness regarding healthcare. However, factors such as unaddressed regulatory concerns and security and privacy concern about patient health data are likely to pose a negative impact on the market growth. On the other hand, growth opportunities in emerging regions is likely to have a positive impact on the growth of the global remote Patient Monitoring market in the coming years. With a rise in cases of chronic illnesses such as diabetes and hypertension, there has been a rise in awareness regarding one's health. Also, in recent days, there has been a significant rise in the number of individuals suffering from heart related disorders. These factors have led to increase in the importance of maintaining health among the population in the developed as well as the developing nations. The demand for various health monitoring devices for maintain track of health status has increased significantly in the recent years. Also, there has been a rise in number of specialty clinics and home healthcare business in countries such as, US, India, Canada. Asia Pacific is anticipated to offer significant growth opportunity during the forecast period, due to an increase in the disposable income as well as the rate of urbanization in the leading economies such as Japan, China and India.
Chronic diseases, including heart disease, stroke, diabetes, and obesity, are the leading causes of death in the world and account for most of the nation's health care costs. According to report of CDC, in 2018, approximately more than 9% of the population has diabetes, which is the leading cause of kidney failure, lower-limb amputations in US. Moreover, the data also suggests that 1.5 million Americans are diagnosed with diabetes every year in the US. Similar trends for high presence of diabetes are prevalent around other geographies of the globe that include Asia Pacific, Europe, Middle East and Africa. For instance, according to IDF Diabetes Atlas published by the International Diabetes Federation in 2017, south-east Asia is home to approximately one-fifth (19%) of the total diabetes population worldwide.
In 2018, the Remote Patient Monitoring with special monitors segment held a largest market share of 79.46% of the Remote Patient Monitoring market, byproduct. This segment is also expected to dominate the market in 2027 owing to the applications and it advantages of the cardiac rhythm remote patient monitors and respiratory monitors, the market for the special monitors remote patient monitoring devices are likely to grow in the coming future.
Global remote patient monitoring devices market, based on the application was segmented into cardiovascular diseases treatment, cancer treatment, sleep disorder treatment, diabetes treatment and weight management & fitness monitoring. In 2018, the cardiovascular diseases treatment segment held the largest share of the market, by application. In addition, the segment is also expected to grow at the fastest rate during the coming years owing to increasing number of the cardiovascular surgeries, increasing number of patients suffering from diseases such as cardiovascular disease, cardiac arrest and cardiac hypertension as they need regular blood pressure monitoring due to frequent fluctuations.
Global remote patient monitoring devices market, based on the end user was segmented into hospitals & clinics, ambulatory care centers and home healthcare. In 2018, the hospitals & clines segment held the largest share of the market, by end user, owing to well-established and presence of advanced healthcare infrastructure, growing concerns about health and rising investment in the healthcare sector. Whereas, the home healthcare segment is expected to grow at the fastest rate during the coming years owing to growing awareness towards home healthcare is influencing positively on the growth of this segment in the near future
Some of the major primary and secondary sources for Remote Patient Monitoring included in the report are Centers for Disease Control and Prevention (CDC), USFDA, Biotelemetry and Patient Monitoring Journal, Journal of Patient Care, China Food & Drug Administration, contract research organizations, and among others.
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