Increasing prevalence of respiratory diseases, diabetes, and chronic heart diseases are expected to drive market growth through the forecast period. The increasing geriatric populace and demand for healthy living are other factors predicted to positively impact the remote patient monitoring devices market. The emphasis of market players on post-acute care management and improving healthcare infrastructure are projected to influence market. In addition, the capacity of these devices to reduce hospital visits and to minimize hospital expenses can lead to its higher adoption. However, high costs of these devices can hamper market growth.
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Advances in technology have led to the development of mobile applications compatible with RMP devices. Mobile health (mHealth) is gaining prominence due to the increasing purchasing power of consumers to buy smartphones. The application allows doctors to track the patient data and provide advice remotely. Recently, Biotronik, a Germany-based company launched a suite of heart monitoring devices. The data in these devices is collected by CardioMessengerSmart wirelessly and transfers the information to patient providers. This can save the expenses of the patient, ensures patient adherence, and improve health outcomes.
The worldwide remote patient monitoring devices market is segmented by type, application, and region. Types of devices are categorized into brain monitor (EEG), heart rate monitor (ECG), blood pressure monitor, vital sign monitors, temperature monitor, respiratory rate monitor, pulse oximeters, and others. Major market application segments include weight management and monitoring, cardiovascular diseases treatment, diabetes treatment, cancer treatment, and sleep disorder treatment.
Regions covered in the market report include India, China, Japan, Southeast Asia, Europe, and North America. In 2015, North America had dominated the overall market due to sophisticated healthcare infrastructure, demand for portable systems, rise of geriatric populace, and incidence of chronic diseases. In addition, easy reimbursement schemes and higher disposable income of consumers are the factors that may contribute to the regional growth.
The Southeast Asia remote patient monitoring devices market has high growth potential due to increasing antenatal cases in Indonesia. Doctors in Indonesia are leveraging on RMP devices and mHealth applications to track the progress of pregnant women. Private-public partnerships have been responsible for detecting high-risk pregnancies at an early stage. For instance, Philips partnered with one of the leading hospitals in Indonesia to create a telehealth platform to address issues befalling pregnant women. The China and India markets are projected to expand exponentially till 2022 due to a high patient base and unmet needs. The economic instability in Western countries has led major companies to focus on these regions for maintaining their bottomline margins.
The Japanese market is expected tremendous growth over the forecast period on account of the rising aging populace and cases of chronic diseases. The Europe market is expected to lucrative due to demand for low-cost treatment and high mortality rates. Demand for home healthcare and efficiency of remote patient monitors are factors contributing to the growth of the regional market.
Prominent names in the remote patient monitoring devices market are Biotronik, Philips Healthcare, Boston Scientific Corporation, Drägerwerk AG, and GE Healthcare. Collaborations and partnerships are some of the major strategies adopted by most of these players to increase their market share. Recently, Global/Georgia Partnership for Telehealth (GPT) decided to partner with Trapollo LLC to offer remote monitoring services and clinical solutions to the underprivileged.
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