The global market size of remote patient monitoring system is expected to reach 1,727.30 million by the end of year 2026. The market is estimated to grow at a CAGR of 13.81% over the forecast period.
The global remote patient monitoring system market is projected to observe significant growth in demand, because of their capacity to screen different unending conditions, for instance, cardiovascular conditions, diabetes, cancer, etc. Expanding the frequency of cardiovascular diseases, the rising geriatric populace, and the demand for an independent and sound living is the high effect rendering drivers.
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Additionally, improving the healthcare sector, post-intense care management, and focus on key market players on developing economies is expected to fuel the growth of the remote patient monitoring system market. The remote patient monitoring system market includes a wide cluster of technological innovations designed to evaluate, manage, intervene, notify, and modify the treatment plan as required. The remote patient monitoring system is most regularly used to reduce the progressions of chronic disorders and to upgrade recovery after getting released from an intense acute care unit.
The broad job of remote patient monitoring systems in the management of chronic diseases, which comprises of early cautioning system, advance tracker, care integrator, certainty manufacturer, and capacity developer, are required to drive the market growth. Rising geriatric populace and their increasing demand for a better way of life alongside cost-effective treatment with quality care are foreseen to boost the market growth over the forecast period.
The global remote patient monitoring system market is divided into product type, application, end use, and region. On the basis of test type segment, the worldwide remote patient monitoring system market is divided into vital sign monitors and special monitors. Whereas, vital sign monitors segment includes Blood Pressure Monitors, Pulse Oximeters, Heart Rate Monitor (ECG), Temperature Monitor, Respiratory Rate Monitor, and Brain Monitoring (EEG). And special monitors includes Anesthesia Monitors, Blood Glucose Monitors, Cardiac Rhythm Monitor, Respiratory Monitor, Fetal Heart Monitors, Prothrombin Monitors, and Multi Parameter Monitors (MPM). On the basis of application, the worldwide remote patient monitoring system market is segmented into Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorder, weight management and Fitness Monitoring, Bronchitis, Infections, Virus, Dehydration, and Hypertension. On the basis of end use, the worldwide remote patient monitoring system market is segmented into Hospital Based Patients, Ambulatory Patients, and Home Healthcare. Based on the region, the worldwide remote patient monitoring system market is divided into North America, Latin America, Europe, Middle East and Africa, and the Asia Pacific.
Based on the product, the market is segmented into vital sign screens and special screens. The vital sign screens are ordinarily utilized and the segment is projected to observe the quickest growth over the estimated time frame. The heart rate screens segment is estimated as the dominating segment attributable to the expanding occurrence of heart conditions universally. The rise in the number of people with heart issue has prompted the expanded use of these screens.
Special screens segment dominates the market with a revenue share of around 79.7% in 2018 owing to its capacity to monitor clinically critical information pre-and post-medical surgery, to distinguish side effects and to avert confusions. Advanced specifications, for instance, remote and wireless communication and iPad connectivity permit early analysis and higher usage of these devices.
Based on application, the market is segmented into cancer, sleep disorder, cardiovascular diseases, and diabetes treatment coupled with weight management. The cardiovascular diseases segment is required to observe worthwhile growth over the estimated time frame owing to the expanding prevalence of these type of diseases.
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North America market is expected to remain ruling market in the worldwide market for remote patient monitoring systems during 2018-2025. By 2025 end, North America market is estimated to register the highest CAGR over the forecast period. The U.S. is one of the biggest nations in the region for remote patient monitoring systems market. Technical innovations and the growing requirement for comfort are driving the demand for home-based monitoring devices. As indicated by the report from the American Heart Association, over 80 million Americans have hypertension and over 90 million Americans have cardiovascular sicknesses. Thus, the demand for remote patient monitoring systems is picking up demand growth in the region.
Directly, North America and Europe markets are the most rewarding markets enhanced by some factors, for instance, the rise in prevalence and incidences of chronic diseases in these regions owing to the inactive lifestyle, authorized reimbursement policies coupled with the improved awareness, and high purchasing power leading to active adoption of these innovative technologies. The Asia-Pacific market is anticipated to be quickest developing region. The market growth in this region is principally ascribed to the expansive undiscovered patient populace, improving access to the medicinal services systems, and a high danger of creating unending illness because of quick urbanization.
Major companies contributing the global remote patient monitoring system market are ADVA Optical Networking, Nokia, Cisco Systems, Ciena Corporation, Ericsson, ECI Telecom, Infinera, Fujitsu, NEC, Huawei Technologies, and ZTE Corporation.
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