Global Remote Patient Monitoring Devices Market Outlook, Prospect and Future 2020-2026
Summary - A new market study, titled “Remote Patient Monitoring Devices Market, By Products (Vital Sign Monitors and Special Monitors), and Geography (NA, EU, APAC, and RoW) – Analysis, Share, Trends, Size, & Forecast From 2016 – 2027- COVID- 19 Updated” has been featured on WiseGuyReports.
REPORT HIGHLIGHT
The Remote Patient Monitoring Devices
market is estimated to represent a global market of USD 690.3 million by 2019
with growth rate of 18.4%.
Market Dynamics
Remote patient monitoring devices enable
patients in disease monitoring outside of conventional clinical facilities. Use
of such medical equipment increase access to the clinical care and minimize
patient’s healthcare cost. Increasing incidences of chronic diseases globally
play an important role in driving the demand for remote patient monitoring
devices. For example, as per the World Health Organization, major chronic
conditions such as diabetes, cancer, cardiovascular diseases, respiratory
disorders, and other life-threatening diseases account for more than 60.0% of
the total number of deaths and 43.0% of the global burden of disease.
Additionally, growing geriatric population,
advancement in technologies coupled with rising demand for wireless and
portable medical devices support the worldwide market growth. However, the
industry is stifled by some key impediments such as lack of sufficient
reimbursements and increasing concerns over data security.
Product Takeaway
In terms of products, the market is divided
into a vital sign and special monitors. Special monitors accounted for the
highest share of the worldwide market. In 2019, this segment captured around
82% share of overall industry owing to its high cost coupled with increasing
incidences of chronic disease conditions. Vital sign devices cover Blood
Pressure, Heart Rate (ECG), Respiratory Rate, Brain Monitoring (EEG), and
Others.
These equipment function as a surveillance
system, which continuously monitors, analyze and record vital signs of a
patient. Growing demand for a healthy and independent living has opened up a
significant opportunity for vital signs monitors which have been identified as
the most lucrative product segment of this market. Among different vital sign
products, brain monitoring devices recorded the lowest revenue, capturing
around 1.5% revenue share throughout the study period. These devices are
primarily used to record electrical activity and thus the presence of any
abnormalities in the brain.
Cumulative Effect of COVID-19 Outbreak
This proposed study includes the possible
impact of COVID-19 crisis on remote patient monitoring devices market which
will help clients to plan short term & long-term strategies to foster
growth post COVID-19 pandemic. Short term strategies will lead to smooth supply
chain scenarios & long term strategies will lead to agile & flexible
marketing models with innovative business plans. An additional chapter in this
report discuss the impact of COVID-19 on the global Remote Patient Monitoring
market, as well as it will cover detailed highlight on top performer segments,
top losers and marginal growth product segments.
Regional Takeaway
Regionally, North America and Europe
accounted for the highest share of the overall industry, captured more than 65%
revenue share in 2019. North America is the dominant region in global market
owing to the rising chronic disease incidences coupled with favorable
reimbursement schemes. For example, in the U.S., vital Sign Monitors such as
blood pressure monitors, thermometers, and pulse oximeters are eligible for
reimbursement schemes. Some of the schemes they are eligible for are HAS
(Health Saving Account), FSA (Flexible Spending Account) and HRA (Health
Reimbursement Arrangement). On another side, technology innovation is likely to
help key players to create a new market in the developing region, primarily in
smaller towns and rural areas, and leapfrog to the next level of growth.
Key Vendor Takeaway
Large number of companies in the remote
patient monitoring equipment is preparing to inject new investments to
introduce advanced products. Companies such as Roche Diagnostics, Honeywell,
Phillips Healthcare, Welch Allyn, and Johnson & Johnson are considered to
be the prominent players in this industry. Companies are actively involved in
new product innovation and strategic mergers and acquisitions in order to
maintain their significant presence. For instance, in 2019, Omron Healthcare,
Inc. introduced blood pressure monitors at the Consumer Electronics Show (CES)
in the U.S. The company is aimed to strengthen the company’s product portfolio
in personal heart health technology through such introduction.
The market size and forecast for each
segment has been provided for the period 2016 to 2027, considering 2019 as the
base year. The report also provides the compounded annual growth rate (% CAGR)
for the forecast period 2021 to 2027 for every reported segment.
The years considered for the study are:
Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027
The proposed reports analyse and evaluates
the COVID-19 impact, and anticipated change on the future market scenario on this
industry, by taking into the account the economic, political, technological,
and social, parameters.
SCOPE OF THE REPORT
The scope of this report covers the market
by its major segments, which include as follows:
REMOTE PATIENT MONITORING DEVICES MARKET,
BY PRODUCT
Vital Sign Monitors
Blood Pressure Monitors
Heart Rate (ECG) Monitors
Respiratory Rate Monitors
Brain Monitoring (EEG) Devices
Others
Special Monitors
Cardiac Rhythm Monitors
Anaesthesia Monitors
Blood Glucose Monitors
Respiratory Monitors
Multi-Parameter Monitors (MPM)
Others
REMOTE PATIENT MONITORING DEVICES MARKET,
BY REGION
North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America
FOR MORE DETAILS: https://www.wiseguyreports.com/reports/5641657-remote-patient-monitoring-devices-market-by-products-vital
About
Us:
Wise Guy Reports is part of the Wise Guy Research Consultants Pvt. Ltd. and offers premium progressive statistical surveying, market research reports, analysis & forecast data for industries and governments around the globe.
Contact
Us:
NORAH TRENT
sales@wiseguyreports.com
Ph: +162-825-80070 (US)
Ph: +44 203 500 2763 (UK)
Comments
Post a Comment