The global market size of remote patient monitoring system was value at 698.4 million at 2018 and 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 2018 to 2026.
Remote patient monitoring technology incorporates gadgets, for instance, glucose meters, blood pressure monitoring system, and other convenient gadgets that can be utilized by patients at a remote area. An expanding utilization of smartphones is prompting the rise in the improvement of uses that are associated with the monitoring devices. These portable applications help in chronicle and transmitting patient wellbeing related data or information to the social insurance provider. The point of the organizations in the market is to give remote patient monitoring gadgets and better chronic disease care management while holding the expense down. Additionally, the manufacturers are concentrating on growing simple to-utilize monitoring gadgets that can cater patients to oversee conditions including diabetes and heart diseases better by maintaining a strategic distance from high-cost therapeutic methods.
However, some factors that are hindering the worldwide remote patient monitoring system market are, there is almost no standardization among these devices attributable to the number of organizations in the market, some monitoring applications are viewed as equivalent to the therapeutic gadgets, thus, these gadgets need permission from the Food and Drug Administration (FDA) to be utilized in a clinical setting. Individuals are worried about protection and security, particularly on account of health-related information. Subsequently, the manufacturers are concentrating on giving layered information security and gadget or device management solution.
According to the World Health Organization (WHO) estimations, the percentage of the geriatric populace is estimated to achieve 16.0% in 2050. Aging is recognized to be the biggest risk factor for chronic diseases. The rising geriatric populace and increased weakness towards interminable conditions, for instance, diabetes, cardiovascular sickness, and insomnia issues are foreseen to influencing the target product demand in the prospective years.
Efforts from manufacturers of devices to create advanced items are projected to additionally push the market growth. For instance, Biotronik led an investigation utilizing its Implantable Cardioverter Defibrillator (ICD) to demonstrate the viability of its gadget TRUST Trial. The fundamental outcomes found that remote patient monitoring lessens the in-person center visit by 42.8%. These technical advancements are projected to fill in as growth opportunities for this market in the upcoming years.
The cardiovascular diseases segment developed as the main application segment in 2018 and represented over 29.0% of the market share. Universally rising geriatric populace and the emergency of unending illnesses are projected to be the high effective factors for driving the growth over the forecasted time frame.
Market Segmentation, By Product:
Market Segmentation, By Application:
Market Segmentation, By End Use:
Market Segmentation, By Region:
North America market drove the global market in 2018. Expanding geriatric populace, the frequency of perpetual infections, demand for remote and compact systems combined with the presence of complex repayment structure went for removing of pocket use levels are the main considerations credited to the regional growth.
North America market is dominating the worldwide remote patient monitoring systems market because of the high volumes of surgeries being performed in the region. Likewise, the accessibility of built up social insurance framework, high impact of medicinal services to the economy are the explanations behind the intense demand in North America. Europe market is additionally a rewarding market for remote patient monitoring systems because of quick technical innovations in terms of the healthcare sector. Asia Pacific market is projected to grow at a decent rate when contrasted with North America and Europe markets as there is sufficient market opportunity in nations like India and China owing to the vast populace.
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.