The global remote patient monitoring devices market was valued at USD 546.8 million in 2015 and is expected to grow at a CAGR of 13.4% over the forecast period. Growing geriatric population and their rising demand for independent living coupled with quality care and cost effective treatment are the vital growth propellers for this market.
Supportive government programs such as the Centre for Technology and Aging based in California, is devoted towards rapid technological advancement in remote patient monitoring devices which leads to maintenance of independent and healthier living. The extensive role of remote monitoring devices in chronic disease management, which includes an early warning system, care integrator, progress tracker, confidence builder and capacity builder are expected to further drive the industry growth over the forecast period.
U.S. remote patient monitoring devices market, by product, 2014 - 2025
The use of remote patient monitoring devices in post-acute care increases patient’s role in self-health management. This ability to augment self-management skills and tools is expected to be high impact rendering driver for the growth of market.
Estimates as per WHO (World Health Organization) suggest that the percentage of geriatric population is expected to reach 16.0% in 2050 from 7.0% in 2000. Aging is considered to be the greatest risk factor for chronic conditions. The rising geriatric population is expected to heighten the susceptibility towards chronic conditions such as diabetes, cardiovascular disorderand sleep disorder.
Biotronik, in order to prove the efficacy of its device TRUST Trial, conducted a study using its ICD (Implantable Cardioverter Defibrillator). The preliminary results found that remote patient monitoring reduces the in-person clinic visit by 43%. These technological advancements are expected to serve as growth opportunities for this market in the coming six years.
The product segment includes vital sign monitors and special monitors. The vital sign monitors are commonly used and are expected to remain as the fastest growing division over the forecast period.
Heart rate monitor is identified as the dominating product sub segment due to increasing incidences of cardiac related conditions globally.The surge in the number of individuals with heart disorders has led to the increased usage of these monitors.
Application segments of this market include cancer, cardiovascular diseases, sleep disorder and diabetes treatment along with weight management.The cardiovascular disease treatment segment is expected to witness lucrative growth over the forecast period due to its increasing prevalence rate.
Cardiovascular diseases emerged as the leading application segment in 2014 and accounted for over 30.0% of the share. Globally rising geriatric population base and the growing crisis of chronic diseases are expected to be high impact rendering drivers for the growth of the industry over the forecast period.
Hospital based, alternate site monitoring such as ambulatory patients and home healthcare are the end-use segments. Hospitals are expected to dominate this segment owing to high patient turn around and large volume of procedures.
Global remote patient monitoring devices market, by end-use, 2015
However, alternate site monitoring especially home healthcare is anticipated to exhibit sturdy growth rate over the forecast period. Cost efficiency of these alternate site along with availability qualified resources is expected to support the growth.
North America was the dominant market for remote patient monitoring devices in 2015. Increasing base of geriatric population, rising incidences of chronic diseases, growing demand for wireless and portable systems coupled with presence of sophisticated reimbursement structureaiming towards cutting out of pocket expenditure levels are major factors attributing to its larger market share.
Europe,especially the Western European countries, due to higher mortality rate and rising demand for low cost treatment, is expected to remain the second most profit generating region for market over the forecast period. Rising demand for in house monitoring, supportive central data management systems, and rising accuracy and efficiency of remote patient monitors are the high impact rendering drivers for the region’s growth.
Asia Pacific is expected to grow at the fastest rate over the forecast period owing to the large presence of untapped opportunities in the emerging markets of India and China, rising medical tourism and constantly improving healthcare infrastructure in these markets.
Some of the key industry players include Honeywell, American Telecare, Roche, Philips Healthcare, Bosch, Biotronik, Intel, Welch Allyn, Health anywhere Inc, Johnson & Johnson and Covidien Plc. The market participants engage in collaborations such as mergers and acquisitions along with new product development in an attempt to maintain sustainability.
For instance, Bosch launched an easy to use patient interface for home healthcare in 2012, which assists the process of self-management and continuous monitoring for long term chronic conditions such as diabetes, cardiac arrhythmias and sleep disorders. Roche and Qualcomm entered into strategic collaboration in order to enhance remote monitoring and chronic disease management.
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Attribute |
Details |
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Base year for estimation |
2015 |
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Actual estimates/Historic data |
2013 - 2015 |
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Forecast period |
2016 - 2025 |
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Market representation |
Revenue in USD Million & CAGR from 2016 to 2024 |
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Regional scope |
North America, Europe, Asia Pacific, Latin America & MEA |
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Country scope |
U.S., Canada, UK, Germany, Japan, China, Brazil, Mexico, South Africa |
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Report coverage |
Revenue forecast, company share, competitive landscape, growth factors and trends |
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15% free customization scope (equivalent to 5 analyst working days) |
If you need specific market information, which is not currently within the scope of the report, we will provide it to you as a part of customization |
This report forecasts revenue growth and provides an analysis on the latest trends in each of the sub-segments from 2014 to 2025. For the purpose of this study, Grand View Research has segmented remote patient monitoring devices market on the basis of product, application, end-use and region:
Vital Sign Monitors
Blood Pressure Monitor
Pulse Oximeters
Heart Rate Monitor (ECG)
Temperature Monitor
Respiratory Rate Monitor
Brain Monitor (EEG)
Special
Anesthesia Monitor
Blood Glucose Monitor
Cardiac Rhythm Monitor
Respiratory Monitor
Fetal heart Monitor
Prothrombin Monitor
Multi Parameter Monitor (MPM)
Others (Ventilators, Infusion Pumps and Others)
Cancer Treatment
Cardiovascular Diseases Treatment
Diabetes Treatment
Sleep Disorder Treatment
Weight Management and Fitness Monitoring
Hospital based
Alternate Site Monitoring
Ambulatory
Home Healthcare
North America
U.S.
Rest of North America
Europe
Germany
UK
Rest of Europe
Asia Pacific
Japan
China
India
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa (MEA)
South Africa
Rest of Middle East and Africa
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