Global Remote Patient Monitoring Devices Market, by Product Type (Cardiac Monitors, Respiratory Monitors, Hematological Monitors, and Others), by Application (Cardiac Arrhythmia, Diabetes, Ischemic Disease, Hypertension, Sleep Apnea, Chronic Respiratory Diseases, and Hyperlipidemia), by End User (Hospitals, Home Care Settings, Long-term Care Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 917.6 million in 2018 and is expected to exhibit a CAGR of 7.1% during the forecast period (2019–2027), as highlighted in a new report published by Coherent Market Insights.
Frequent product approvals, and collaborations are expected to drive the global remote patient monitoring devices market growth over the forecast period.
Key players are focused on getting approvals for new products from regulatory bodies to expand their product offerings. For instance, in April 2019, Current Health, a healthcare company, received Class II clearance for an artificial intelligence (AI)-based wearable remote patient monitoring platform (RPM), from the U.S. Food and Drug Administration (FDA) for post-acute care. It can be used in both hospital setting and home care setting.
Key players are focused on collaborations to offer innovative remote patient monitoring devices. For instance, in July 2019, three telehealth vendors such as Henry Schein Medical, Medpod, and Uber Health teamed up, to provide a new technology to hospitals and health systems for carrying out diagnosis, and examination on remote patients and accessing their data anytime anywhere. This will help healthcare providers to diagnose their patients in any emergency situations such as natural disasters, accidents, and battlefields, or locations like oil rigs, cruise ships, island communities, and others.
Moreover, manufacturers are focusing on increasing customer reach for generating more revenue, which is expected to drive global remote patient monitoring devices market growth. For instance, in July 2019, NavCare, a division of US CareNet have begun testing My Sophi Remote Patient Monitoring devices, in a direct selling business model (Business to Customer) in the Central Savannah River (CSRA), Augusta, Georgia area. The retail website, MySophi.com is offering 24/7 health monitoring services.
Increasing demand for technologically advanced healthcare products in medical care for enhancing patient care management is expected to boost global remote patient monitoring devices market growth over the forecast period. For instance, in August 2019, Atlanta-based Emory University launched remote patient monitoring study to determine whether a mHealth wearable (an ECG patch) can help in improving patient care management for patients suffering from coronary artery disease. The wearable ECG patch is developed by California-based VivaLNK Company.
Moreover, according to the Stanford Center for Sleep Sciences and Medicine 2017, around 30 million people suffer from sleep deprivation and sleep disorders called, sleep apnea. Sleep apnea can cause serious health consequences by increasing the risk of diabetes, hypertension, and heart attack if left untreated. In July 2019, Healthcare providers such as ResMed, SRETT, and Philips Respironics are focused on adopting mHealth technology and using it for making continuous positive airway pressure (CPAP) therapy to help doctors and patients to monitor breathing problems such as obstructive sleep apnea (OSA).
Browse 31 Market Data Tables, and 26 Figures spread through 165 Pages and in-depth TOC on Global Remote Patient Monitoring Devices Market, by Product Type (Cardiac Monitors, Respiratory Monitors, Hematological Monitors, and Others), by Application (Cardiac Arrhythmia, Diabetes, Ischemic Disease, Hypertension, Sleep Apnea, Chronic Respiratory Diseases, and Hyperlipidemia), by End User (Hospitals, Home Care Settings, Long-term Care Centers, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2027
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Key players in the market are involved in adopting inorganic strategies such as acquisitions for expanding their portfolio in the global market. For instance, in May 2019, Internet of Things (IoT) specialist, “Device Authority” entered into a partnership with Wipro, an IT, consulting, and business process services company to launch a remote patient monitoring service.
Moreover, in October 2019, Optum, a division United Healthcare acquired patient-monitoring start-up Vivify Health. Vivify offers remote patient monitoring products, and other technologies to track patient’s health at home.
Key takeaways of the Remote Patient Monitoring Devices Market:
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