The global remote patient monitoring devices market is foreseen in a report by Transparency Market Research (TMR) to show a decently consolidated nature coupled with intense competition between key players. Recently, a larger aggregate share was held by a few prominent names of the market. F. Hoffmann-La Roche Ltd., AMD Global Telemedicine, and Honeywell HomMed LLC are some of the leading companies operating in the market. Merger and acquisition could be a commonly adopted strategy for diversifying product portfolio and gaining a strong market share. Companies are expected to focus on increasing the application of remote patient monitoring devices and take advantage of the availability of technologically developed products to gain traction.
TMR envisages the global remote patient monitoring devices market to earn a US$0.98 bn by the end of 2020. Heart rate monitor categorized under heart monitor could take a leading position in terms of market share. Regionally, the global market is anticipated to find North America securing a lion’s share.
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Remote Patient Monitoring Considered Ideal amid Rising Healthcare Costs
The demand for remote patient monitoring devices is foretold to see a rise on the back of the growing economic pressure of patient readmission on medical clinics and hospitals. Expanding geriatric patient base and swelling healthcare expenses in the U.S. could be powerful factors supporting the growth of the global remote patient monitoring devices market. This is predicted to positively affect the North America market in the coming years. Rising incidence of diabetes, on the other hand, could increase the requirement of hematology monitoring devices.
Companies are projected to bank on lucrative market opportunities available in emerging regions such as Asia Pacific for attaining a position of strength. The boom of medical tourism in Thailand and India could translate into propelled market growth for remote patient monitoring devices.
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Lack of Maintenance of Privacy and Security of Data Hinders Market Growth
The global remote patient monitoring devices market is envisioned to have a bright future in terms of growth. However, uncertainty on the part of data security and privacy and lack of their maintenance could hamper the growth of the market. Nonetheless, there could be rewarding prospects birthing with the rise in demand for vital signs monitor as the trend of independent living among geriatrics gains strength. Special monitor could be another product highly demanded in the market due to the increase in application of acute and postoperative care management. This trend could be supported by the rise in prevalence of chronic ailments.
The information presented in this review is based on a TMR report, titled “Remote Patient Monitoring Devices Market (Type – Heart Monitor (ECG, Heart Rate Monitor, Fetal Heart Monitor, and Blood Pressure Monitor), Breath Monitor (Respiration Rate Monitor, Spirometer, and Sleep Apnea Monitor), Physical Activity Monitor (Activity Level Monitor and Weight Monitor), Hematology Monitor (Blood Glucose Monitor and Prothrombin Time Monitor), Multi-sign Monitor, and Infusion Pump, Ventilator, and Body Temperature Monitor; End User – Home Healthcare and Ambulatory Care Center) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”
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