Remote
patient monitoring devices allow for digital collection of medical
health data from one location and electronically transmit the
information to health care providers to another location for
recommendation and assessments. The monitoring devices collect wide
range of healthcare data from the point of care, which includes blood
pressure, blood oxygen levels, heart rates, electrocardiograms, vital
signs and blood sugar. The data obtained through the devices is then
transmitted to health professionals in facilities such as hospitals,
intensive care units and nursing facilities. Healthcare is
revolutionized by Health Information Technologies (HITs) by becoming
mainstream tools to assist patients in decision-making and
self-monitoring and consequently, driving a shift towards a care
model centered on the use of digital and web-based tools.
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The
global remote patient monitoring devices market is estimated to be
valued at US$ 856.8 million in 2017 and is expected to witness a CAGR
of 7.1 % during the forecast period (2017 – 2025).
Market
Dynamics
The
market is gaining significant traction due to rising prevalence rate
of hypertension and diabetes. Management of these chronic conditions
include a lifelong collaboration with the healthcare professionals.
According to the World Health Organization 2012, an estimated 1.5
million deaths were directly caused by diabetes and another 2.2
million deaths were attributable to hyperglycemia or high blood
glucose levels. The technological innovations and developments of
remote monitoring products are contributing to the market growth. For
instance, the FDA approval of CGM remote mobile communications device
Dexcom SHARE, an accessory of Dexcom G4 PLATINUM Continuous Glucose
Monitoring System, uses a secure wireless connection to transmit the
glucose levels of a diabetic. With Dexcom SHARE, the glucose data can
be easily monitored by parents and personal caregivers from a remote
location.
Increasing
prevalence of respiratory disorders drives the growth of remote
patient monitoring devices market
The
remote patient monitoring devices market is expected to grow
drastically owing to the government regulations to control the rising
healthcare costs, the technological innovations and developments of
efficient self-monitoring products. The Patient Protection and
Affordable Care Act, also known as Obamacare was implemented under
the Hospital Readmissions Reduction Program by U.S. government to
impose penalties to hospitals. According to the penalty, government
had reduced up to 1% in the Medicare payment per patient for hospital
readmission within 30 days in 2013, thereby, accelerating the growth
of remote patient monitoring devices by the healthcare professionals.
According to the Biomed Central Respiratory Research 2016, asthma and
chronic obstructive pulmonary disease (COPD) are common chronic
obstructive lung disorders characterized by variable airflow
limitation and airway hyper responsiveness, affecting over 25 million
people in the U.S.
Top
Market Companies
Key
companies covered as a part of this study include Abbott
Laboratories, GE Healthcare, Omron Healthcare, Medtronic, St. Jude
Medical, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche
Ltd. And Kokinklijke Philips N.V. and St. Jude Medical.
Detailed
Segmentation:
Global
Remote Patient Monitoring Devices Market, By Product Type:
-
Cardiac Monitors
-
Respiratory Monitors
-
Hematological Monitors
-
Vital Signs Monitors
-
Others
Global
Remote Patient Monitoring Devices Market, By Application:
-
Cardiac Arrhythmia
-
Diabetes
-
Ischemic Diseases
-
Hypertension
-
Sleep Apnea
-
Chronic Respiratory Diseases
-
Hyperlipidemia
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