Remote Patient Monitoring Devices Market to Expand at 14.2% CAGR 2014-2020 due to Rise in Geriatric Population
As per the findings of the report, the global remote patient monitoring devices market, which was valued at US$0.38 bn in 2013, will rise to US$0.98 bn by 2020, exhibiting a CAGR of 14.2% from 2014 through 2020. An increase in the prevalence of chronic diseases such as diabetes and arthritis and rising healthcare expenditure are expected to drive the global remote patient monitoring devices market.
Remote patient monitoring is a type of healthcare service that allows for a patient to use a medical device to monitor and perform a routine test and send the result of the test in real time, to healthcare professionals. In line with the recent trend of patients desiring home care, remote patient monitoring devices have been developed to eliminate the need for frequent visits to hospitals. Thus, remote patient monitoring devices allow for a more customized treatment or post treatment plan.
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The global remote patient monitoring devices market is impelled by the rising incidence of chronic diseases such as osteoporosis, respiratory diseases, heart diseases, diabetes, and others. The rise in the geriatric population across the world is driving the global remote patient monitoring devices market. Hospitals are constantly faced with a mounting load to admit patients when there is lack of vacant rooms. Remote patient monitoring has emerged as a solution for hospitals to continue admitting new patients while still offering competitive and effective healthcare services to patients. This alternative is also gaining preference among patients who wish to avail treatments at their own households.
On the other hand, the unwillingness of patients to have their health monitored and tracked on a daily basis acts as a challenge to the market’s growth. However, trust among patients is expected to increase with the rising adoption of these devices. The lack of reimbursement coverage will also impede the growth of the market.
The global remote patient monitoring devices market is segmented on the basis of end users, type, and geography. On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is currently dominant in the global remote patient monitoring devices market in terms of revenue. It is expected to retain its dominance owing to aiding factors such as rising healthcare costs in the U.S., a growing number of aged people above 65, and the high prevalence of diabetes in the region. However, Asia Pacific is expected to witness the fastest growth in the market due to rising healthcare costs and booming medical tourism industry in Thailand and India.
On the basis of type, the global remote patient monitoring devices market is segmented into heart monitors, breath monitors, physical activity monitors, hematology monitors, multi-sign monitors, body temperature monitors, and others. Of these, the heart monitors segment, specifically ECG devices, was the leading category in 2013.
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