Remote Patient Monitoring Device Market 2022
Remote
patient monitoring is gaining popularity owing to the increase in chronic
diseases and aging population. In the traditional healthcare setting all the
data collected is lost as soon as the patient leaves the hospital and it is
only found when a patient visits again. However, remote patient monitoring
device helps in collecting the data and share it even from a remote location
outside hospital or clinic. The concept of telemedicine is also gaining
momentum. It allows remote diagnosis and treatment of patients using a telecommunication
device, this reduces cost substantially and offers care with comfort.
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The manufacturers
of remote patient monitoring devices are also focusing on research and
development activities and increasingly investing in the same. This is being
done to improve the remote patient monitoring device currently offered and also
decrease the high cost of devices. Companies are also looking forward to
come-up with a mobile application for remote patient monitoring, thereby,
eliminating the need to spend on costly hardware.
Manufacturers
are developing cardiovascular and respiratory devices with increasing people
suffering from various heart and breathing diseases. Hence, portable device
monitoring heart rate and blood pressure. Sensor-based devices monitoring
oxygen levels and to monitor medication usage are also being provided.
As per
the report published by Persistence Market Research, the global remote patient
monitoring device is likely to witness a significant growth during the forecast
period 2017-2024. The global remote patient monitoring devices market is
projected to surpass US$ 1000 Million revenue by the end of
2024.
Company
Profiles:
- Boston Scientific
Corporation
- Royal Philips NV
- Abbott Laboratories
- Nihon Towards Corporation
- F. Hoffmann-La Roche Ltd.
- LifeWatch AG
- Medtronic
- St. Jude Medical
- Others
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Cardiac Monitors
to Witness the Highest Sales in the Global Market
Based on
the product type, cardiac monitors are likely to witness the highest sales
during 2017-2024. In terms of value, cardiac monitors are estimated to reach
close to US$ 800 Million by 2024 end.
On the
basis of indication, cardiac arrhythmia is expected to see a significant growth
throughout the forecast period 2017-2024. Cardiac arrhythmia is projected to
exceed US$ 300 Million revenue by the end of the forecast period. Meanwhile,
ischemic diseases are also likely to see impressive growth in the global market
for remote patient monitoring devices.
By the
end user, hospitals followed by homecare setting are likely to experience a
robust growth during 2017-2024. By the end of 2024, hospitals as the end users
are projected to bring in nearly US$ 700 Million revenue.
North
America to Lead the Global Remote Patient Monitoring Devices Market
North
America is expected to remain dominant in the global market for remote patient
monitoring devices during 2017-2027. By 2027 end, North America is likely to
surpass US$ 500 Million in terms of revenue. The U.S. is one of the largest
countries in the region for remote patient monitoring devices. Technological
advancements and the growing need for comfort is driving the demand for
home-based monitoring devices.
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According
to the report from American Heart Association, more than 80 million Americans
have high blood pressure and more than 90 million Americans carry a diagnosis
of cardiovascular diseases. Hence, the demand for remote patient monitoring
devices is gaining traction in the region.
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