The remote patient monitoring devices market accounted to US$ 712.21 Mn in 2018 and is expected to grow at a CAGR of 9.3% during the forecast period 2019 - 2027, to account to US$ 1,544.94 Mn by 2027.
The Asia Pacific remote patient monitoring devices market is expected to grow at highest rate during the forecast period owing increasing prevalence of chronic diseases, rising geriatric population and rising awareness regarding healthcare. In addition, emergence of new local players with competitive product portfolio are expected to fuel the market growth in Asia Pacific region.
Lucrative Regional Markets
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Market Insights
Rising Prevalence of Chronic Diseases is expected to boost the market growth over the years
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.
According to the report of American College of Cardiology Foundation, in 2018, Coronary heart disease (CHD) was the leading cause of deaths attributable to cardiovascular disease (CVD) in the US, which is followed by stroke (16.8%), high BP (9.4%), heart failure (HF) (9.0%), and other CVDs (17.9%). By 2035, approximately 130 million adults in the US population are projected to have some form of CVD. Thus, increasing geriatric population and related chronic diseases are expected to drive the sales of patient monitoring devices thereby propelling the growth of global remote patient monitoring devices market over the forecast years.
Rising Awareness Regarding Healthcare
With a rise in cases of chronic illnesses such as diabetes and hypertension, there has been a rise in awareness regarding ones 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. The use of handheld and wearable devices for monitoring vital signs has been high among the old age population as well as millennial. Owing to the growth in awareness regarding health, the market for remote patient monitoring devices is anticipated to witness significant growth during the forecast period.
Product Insights
The global remote patient monitoring devices market, based on product is segmented vital sign monitors and special monitors. In 2018, the special monitors segment held the largest share of the market, by product. This segment is also expected to dominate the market in 2027 owing to increasing technological advancements. Moreover, the special remote patient monitoring segment is anticipated to witness the significant growth rate of 9.1% during the forecast period, 2019 to 2027 owing to rising investments in patient monitoring devices segments from medical devices companies.
Application Insights
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.
Remote Patient Monitoring Devices Market, by Application
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Remote Patient Monitoring Devices Market: Strategic Insights
Market Size Value in US$ 712.21 Million in 2018 Market Size Value by US$ 1,544.94 Million by 2027 Growth rate CAGR of 9.3% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Remote Patient Monitoring Devices Market: Strategic Insights
| Market Size Value in | US$ 712.21 Million in 2018 |
| Market Size Value by | US$ 1,544.94 Million by 2027 |
| Growth rate | CAGR of 9.3% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Strategic acquisition and product launches were observed as the most adopted strategy in global remote patient monitoring industry. Few of the recent product launch, product approval and acquisitions are listed below:
2019:NewYork-Presbyterian Hospital and Philips team up for remote patient monitoring. The hospital’s affiliated doctors at Weill Cornell Medicine will utilize the Philips eCareCoordinator and eCareCompanion solutions. Additionally, its affiliated physicians at Columbia University Irving Medical Center anticipate using the tools.
2017:Medtronic Care Management Services and American Well Entered into Partnership to Integrate Telehealth Capabilities. The partnership will enable the proper and accurate telehealth solution which aims to offer the needs of the chronic, complex, co-morbid population of the patient.
2016:Philips acquired Wellcentive, provider of population health management software solutions. The acquisition is aimed at expanding Philip’s population health management business.
REMOTE PATIENT MONITORING – MARKET SEGMENTATION
By Product
- Vital Sign Monitors
- Special Monitors
By Application
- Cardiovascular Diseases Treatment
- Cancer Treatment
- Sleep Disorder Treatment
- Diabetes Treatment
- Weight Management & Fitness Monitoring
By End user
- Hospitals & Clinics
- Ambulatory Care Centers
- Home Healthcare
By Geography
North America
- U.S.
- Canada
- Mexico
Europe
- France
- Germany
- UK
- Italy
- Spain
Asia Pacific (APAC)
- China
- Japan
- India
- Australia
- South Korea
Middle East & Africa (MEA)
- Saudi Arabia
- South Africa
- UAE
South America (SAM)
- Brazil
- Argentina
Company Profiles
- Koninklijke Philips N.V.
- GE Healthcare
- Boston Scientific Corporation
- Omron Healthcare
- Medtronic Plc.
- Welch Allyn
- Resideo Technologies (Honeywell Life Care)
- Abbott Laboratories
- Biotronik SE & Co. KG
- Masimo Corporation
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product , Application End User and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The List of Companies - Remote Patient Monitoring Devices Market
1. Koninklijke Philips N.V.
2. Medtronic
3. Nihon Kohden Corporation
4. Welch Allyn
5. General Electric Company
6. Omron Healthcare, Inc
7. Masimo
8. Abbott
9. Boston Scientific Corporation
10. LifeWatch
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Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
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