Advanced remote patient monitoring systems is a technology that allows observation of patients outside the premises of hospitals and conventional clinics. This helps in avoiding the inconvenience and difficulty caused to critical patients by enhancing the connectivity between medical professionals and patients through wireless technologies that includes WLAN (Wireless Local Area Networks) and cellular networks. Advance remote patient monitoring systems comprises sophisticated peripherals which enable real time video and audio service, allowing face-to-face communication between medical professionals and patients. Further, it helps in reducing patient’s travelling time to clinic and enhances the medical consultation. Also, the use of this technology helps in reducing mortality rates and increases the efficiency of medical resources. Further, advantages of advanced remote patient monitoring system include evading of emergency overcrowding, improvement in maintenance of electronic health records and managing large number of patients.
Advance remote patient monitoring systems result in reduction in patient’s expenses such as travelling cost, hospital admission and others. Thus, low treatment cost is the major factor propelling the market demand for these systems. Also, the frequency of number of patients suffering from diseases such as diabetes, blood pressure imbalance, congestive heart diseases and others is increasing day-by-day and availability of cost-effective and advanced healthcare solutions resulting in the growth in demand for advanced remote patient monitoring systems. In comparison to the conventional consulting, these systems provide faster, low cost and reliable consulting. Another advantage offered by these systems is enabling the medical professional to simultaneously monitor more than one patient from one place hence; less number of medical professionals are required owing to increased coverage.
Advanced remote patient monitoring enables medical professionals in continuous monitoring which further helps in early diagnoses of serious disorders. The increased adoption of smart devices such as tablets, smartphones and others are bolstering the market for advanced patient monitoring systems. Other factors fueling the market growth include growing incidences of people following unhealthy lifestyle, developments in technology for instance portability of devices and ease-of-use. For chronic disease management, the remote patient monitoring devices used for wide functions that include care integrator, an early warning system, progress tracker, capacity builder and confidence builder are anticipate to propel the market in near future.
The advanced patient monitoring systems market is classified on the basis of devices, end-user and geography. The device segment is bifurcated into hemodynamic devices, fetal & neonatal devices, multi-parameter devices, neuro-monitoring devices, respiratory monitoring devices, cardiac monitoring devices, remote patient monitor devices, weight monitoring devices and temperature monitoring devices. By end-user, the market is analyzed into telemedicine patients and hospital based patients. Furthermore, the geographical segment is bifurcated into North America, Latin America, Middle East & Africa, Europe and Asia Pacific.
Presently, North America holds the largest market revenue share in the advanced remote patient monitoring systems. This is due to a rising number of patients are being diagnosed with diseases such as asthma, atherosclerosis, osteoporosis and several other heart related diseases. Also, another factor responsible for the increased market demand in this region is the increasing investments in the healthcare industry. Europe is also witnessing a high growth for remote patient monitoring market however, due to declining birth rates, uneven reimbursement policies and other factors are hamper the market in the coming years.
Additionally, Asia Pacific foresees potential opportunity for the market growth owing to rise in population and increasing paying capability of patients. Some of the key industry players operating in the market are Abbott Laboratories, Siemens Healthcare, Medtronic PLC, Lifewatch AG, Omron Corporation, Roche Diagnostics, Ge Healthcare, Philips Healthcare, Nihon Kohden Corporation, Honeywell International, Inc., Smiths Medical, Welch Allyn and Johnson & Johnson among others.