Telemonitoring Systems Market Growth, Trends and Forecast 2016 – 2024
Healthcare monitoring systems have been an integral part of the patient care services since a very long time. They are used to observe the symptoms, condition and other medical parameters of the patient. It is performed by measuring the vital medical parameters of the patient such as the heart rate, blood pressure, blood sugar level, etc. Telemonitoring systems are the medical devices used for the remote diagnosis, examination and monitoring of the patients by the clinicians.
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Telemonitoring systems allow the physicians and doctors to monitor the patient’s vital statistics at any given time. The rapid advancements in the information and visualization technology have provided new opportunities in the telemonitoring systems market. The telemonitoring systems enable the healthcare providers to provide effective and timely medical aid to the patients before it turns into a bigger problem. The data collected through monitoring must be analyzed thoroughly for suitable treatment measures. People who do not have access to high end hospital care due to lack of proper transportation or are unable to visit the doctor frequently due to critical conditions, telemonitoring systems have facilitated them to gain access to enhanced healthcare facilities, thus reducing the morbidity and mortality rates. Telemonitoring systems are used for the management a variety of disorders. For example, patients with heart ailments can have their blood pressure and weight monitored on a daily basis. Any undesirable sudden change in the blood pressure/flow or weight can reflect a need to attend the possible worsening condition. If diagnosed on time, the treatment is more likely to be easily managed and the chances of hospitalizations are reduced. Diabetic patients can measure their blood glucose levels regularly and sustain these levels within a healthy range.
The telemonitoring systems market is mainly driven by the incidence and prevalence rate of diseases such cardiovascular disease, chronic obstructive pulmonary disease (COPD), diabetes, etc. Moreover the demand of better measures for remote monitoring of patients and integration of information technology and monitoring devices have also propelled the market for telemonitoring systems. This integration has benefitted the patients with adequate monitoring at the comfort of home and are reducing the number of hospitalization and hence promoting efficient healthcare at home. High pool of geriatric population is also the major driver for the telemonitoring systems market.
The Global Telemonitoring Systems market is segmented on the basis of product type, end-user and regional presence:
Segmentation based on product type
- COPD Telemonitoring System
- Glucose Level Telemonitoring System
- Blood Pressure Telemonitoring System
- Cardiac Telemonitoring System
Segmentation based on End-user
- Home Care
- Long-term Care Centers
- Hospice Care
With the growing geriatric population leading to increase in the various disease indications, the telemonitoring systems market is also expected to increase rapidly. Moreover substantial rise in the healthcare spending and upsurge in disposable income will boost the telemonitoring systems market during the forecast period.
Geographically the telemonitoring systems market is segmented into five key regions: North America, Latin America, Europe, Asia Pacific and MEA region.
North America is anticipated to be the largest market for telemonitoring systems. The demand for telemonitoring systems market in the U.S. is driven by the country’s strong economy and the rising trend of home nursing facilities and hospice care. Other factors attributable to market growth include increasing patient awareness, technological innovations, high investments in research and development, and the increasing disease incidences. The telemonitoring systems market is also expected to witness strong growth in Europe due to advantages such as accurate diagnosis with easy to use technology and ease in data sharing. Asia-Pacific is also expected to be the promising market for AVS technology in the near future due to developing economies and presence of large under-served patient population. Latin America also offers immense growth potential in the near future due to extensive development of health care infrastructures, increasing population, and rising government funding. However, high costs for set-up and maintenance can be a major restraint of the market in regions such as Middle East & Africa.
Some major companies in the telemonitoring systems market are Abbott, Cisco Systems, Inc., DigiO2 International Co. Ltd., GE Healthcare, Honeywell HomeMed, Mindray Medical International Limited, Philips Healthcare, Qi Imaging, LLC, Siemens Healthcare, and Telehealth Solutions.
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