Telemonitoring System Market – Insights
Telemonitoring system provides patients and professionals with regular measurements of a range of symptoms and physiological parameters. The system can improve access to specialized care in areas with lack of healthcare professionals or in areas where access to healthcare is difficult. It can improve quality of life of patients suffering from chronic diseases and reduce hospital costs. Services such as teleconsultation and teleradiology will help shorten waiting lists, optimize the resources, and enable productivity gains.
Moreover, increased implementation of telehealth will significantly decrease the dependency on hospitals and enable accessibility to proper healthcare services from home. A NTCA-The Rural Broadband Association report published in 2017 stated that telemedicine could save thousand dollars per annum in healthcare costs, thereby, reducing significant cost spent on labor wages, lab cost, medical facility, and transportation.
The global telemonitoring system market size was valued at US$ 1.6 billion in 2017 and is expected to witness a CAGR of 10.1% over the forecast period (2018 – 2026).
Global Telemonitoring System Market Share (%) Analysis, By Application, 2017
Source: Coherent Market Insights Analysis (2018)
Government initiatives to support telehealth services is expected to drive growth of the telemonitoring system market revenue
Increasing global incidence of chronic diseases, rising geriatric population rate, and government initiatives to promote telehealth are major factors driving the telemonitoring systems market growth. For instance, in the U.S., the new CONNECT (Creating Opportunities Now for Necessary and Effective Care Technologies) for Health Act, introduced in June 2017, is expected to promote cost savings and improve quality care in Medicare through telehealth and remote patient monitoring. Moreover, the act permits the use of telemonitoring systems for patients suffering from chronic conditions. The government is also funding the research and development activities to establish telehealth programs. In 2017, Southwest Telehealth Resource Center (SWTRC) received US$ 975,000 cooperative agreement grant from the Federal Office for the Advancement of Telehealth (OAT). The grant will help in adoption of telehealth programs in clinics, hospitals, and public health offices in the underserved areas in the U.S.
Telemonitoring System Market Restraints
However, there are certain limitations with the usage and adoption of telemonitoring systems such as development of trust of care providers who are not actually present at place, difficulty in understanding the technology, and concerns regarding medical data privacy. Risk management from a distance has been a concern, often dependent on the level of training given to the individual reviewing the data. Clinicians at a distance will find it difficult to communicate if the patient develops impaired senses and dementia.
Moreover, advancements in technology can increase the cost of equipment and implementation. Other potential drawbacks include user interface problems, technical problems, and safety concerns such as data loss and confidentiality. All these factors collectively confine the adoption of telemonitoring systems, thereby restraining the telemonitoring systems market growth.
Telemonitoring System Market - Regional Insights
On the basis of region, the global telemonitoring system market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America telemonitoring system market is expected to witness significant growth over the forecast period, owing to increasing adoption of telemonitoring systems in the U.S. The demand for telemonitoring systems in the country is driven due to strong economy and rising trends of home nursing facilities. According to the Centers for Medicare & Medicaid Services, around 12 million individuals received care from over 33,000 providers in 2010. In 2009, annual expenditures for home health care was around US$ 72.2 billion.
Asia Pacific telemonitoring systems market is expected to grow at lucrative CAGR, owing to increasing number of diabetes and cardiovascular disorder patients. Moreover, a huge population in this region lives in economically backward areas with poor or no healthcare facilities. Therefore, implementation of low cost telemonitoring systems can increase the adoption of telehealth in the region. According to the American Heart Association 2016 report, premature mortality in terms of years of life lost because of cardiovascular disease in India increased by 59%, from 23.2 million in 1990 to 37 million in 2010.
Global Telemonitoring System Market Revenue (US$ Mn), By Region, 2017
Source: Coherent Market Insights Analysis (2018)
Telemonitoring System Market - Competitive Landscape
Key players operating in the global telemonitoring system market include Abbott Laboratories, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine, Inc., Cisco Systems, Inc., Care Innovations LLC, General Electric Company, Honeywell Life Care Solutions, InTouch Health, Koninklijke Philips N.V., McKesson Corporation, Medvivo Group Ltd., Medtronic Plc, Nihon Kohden, Siemens Healthineers AG, St Jude Medical, Tunstall Healthcare Group Ltd, and Vidyo, Inc.