Report : 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
Rising prevalence of chronic diseases is driving the market for remote patient monitoring devices over the forecast period.
According to The Insight Partners market research study titled "Remote Patient Monitoring Devices Market - Global Analysis and Forecasts by Product, Application and End User", the global remote patient monitoring devices market is expected to reach US$ 1,546.85 Mn in 2027 from US$ 712.21 Mn in 2018. The market is estimated to grow with a CAGR of 9.0% from 2019-2027. The report highlights the trends prevalent in the global remote patient monitoring devices market and the factors driving the market along with those that act as deterrents to its growth.
The remote patient monitoring devices market by product is segmented into vital sign monitors and special monitors. In 2018, the special monitors segment held a largest market share of 79.5% of the remote patient monitoring devices market, by type in 2018. This segment is also expected to dominate the market in 2027 owing to its advantages of the cardiac rhythm remote patient monitors and respiratory monitors. Moreover, the vital sign monitors segment is anticipated to witness the significant growth rate of 9.9% during the forecast period, 2019 to 2027 owing to improvement in operation, performance, utility, handling, sensitivity, & reducing size of the device, and growing hospital infrastructure and home care infrastructure in the patient monitoring and care market.
Key factors driving the market are rising prevalence of chronic diseases, increasing geriatric population, and rising awareness regarding healthcare. However, factors such as, unaddressed regulatory concerns and security and privacy concerns are likely to restrain the market growth to a certain extent.
Some of the prominent players operating in remote patient monitoring devices market are, Koninklijke Philips N.V., Medtronic Plc., Nihon Kohden Corporation, Welch Allyn, Abbott Laboratories, GE, Honeywell, Boston Scientific Corporation, F. Hoffmann-La Roche AG, American Telecare Inc., Johnson & Johnson, Biotronik SE & Co. KG, Masimo Corporation and Omron Healthcare. The market players are focused towards bringing new and innovative products to sustain their position in the market. For instance, in May 2018, Boston Scientific have launched the HeartLogic Heart Failure Diagnostic system in Europe. It is the first and only diagnostic tool that enables proactive heart failure (HF) care in Europe. The developments performed by the companies are helping the market to grow in the coming years.
The report segments the global remote patient monitoring devices market as follows:
Global Remote Patient Monitoring Devices Market – By Product
Global Remote Patient Monitoring Devices Market – By Application
Global Remote Patient Monitoring Devices Market – By End User
Global Remote Patient Monitoring Devices Market – By Geography
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