Global remote patient monitoring devices market is expected to surpass an overall valuation of USD 1,882.75 Million by 2025, according to the latest research available at Market Study Report LLC, report provides detailed segmentation of the remote patient monitoring devices market based on product type, application, end user and region.
The portfolio of remote patient-monitoring devices includes products such as blood pressure monitoring systems, glucose meters as well as other portable devices that patients can use at a remote location. Increasing use of smartphones and a rapid rise in the number of smartphone applications that can link to patient monitoring devices would expedite recording and transmitting patient health data to specialists and healthcare providers.
Increasing adoption of portable patient-monitoring devices, rise in the number of patients with lifestyle diseases, as well as growing geriatric population are key factors fueling growth of the global remote patient-monitoring devices market.
Supported by ongoing advancements in the field of wireless technology, monitoring devices are being used to monitor a patient’s physical parameters such as blood glucose levels, blood pressure, and heart rate, remotely and administer appropriate treatment if necessary.
The high costs associated with remote monitoring devices, strict reimbursement policies, as well as the problems correlated to government regulations would be presenting a hindrance to market growth over the projected timeframe.
When it comes to generating revenue, the global remote patient monitoring devices market is segmented on the basis of geography, application, product type, and end-user.
From a regional perspective, the global remote patient monitoring devices market is further divided into Europe, North America, Asia Pacific, Middle East & Africa, and Latin America. Among these regions, North America was estimated to lead the market. Regional growth can be attributed to increasing occurrence of different chronic diseases, rising demands for portable and wireless systems, growth of the geriatric population, favorable reimbursement scenarios, and increasing healthcare spending.
Meanwhile, the global remote patient monitoring devices market is slated to witness sizable business gains coming in from the Asia Pacific over the forecast timeframe. Several untapped market opportunities, especially in developing countries, rising disposable income levels, supportive government initiatives, and technological advancements would be the primary factors boosting the APAC remote patient monitoring devices market.
Based on application, the market is further divided into cardiovascular disease treatment, cancer treatment, sleep disorder treatment, diabetes treatment, fitness monitoring, and weight management.
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Back in 2017, the cardiovascular disease treatment segment was projected to emerge as a dominating market, primarily due to the growing occurrences of cardiovascular diseases.
The end user segments of the remote patient monitoring devices market include hospitals, homecare settings, and ambulatory surgical centers.
When it comes to product types, the market is divided into heart rate and blood pressure monitors, breath monitors, sleep apnea monitors, blood glucose level monitors, weight monitors, body temperature monitors, and infusion pumps.
Among the aforementioned segments, the heart rate monitors segment is slated to dominate the market over the coming years. The segment’s projected rise is attributed to growing occurrence of cardiovascular incidences across the world.
Some prominent players of the global remote patient monitoring devices market include AMD Global Telemedicine, Hoffmann-La Roche Ltd., Omron Healthcare, Honeywell International Inc., Medtronic, and Smiths Medical among others.
The primary objective of key industry players is to facilitate a better quality of chronic care while striving to keep costs low. Moreover, these companies are also concentrating on developing easy to use devices that can help patients in managing conditions such as heart diseases and diabetes better and avoid expensive medical processes.