REPORT HIGHLIGHT
The Remote Patient Monitoring Devices market is estimated to represent a global market of USD 690.3 million by 2019 with growth rate of 18.4%.
Market Dynamics
Remote patient monitoring devices enable patients in disease monitoring outside of conventional clinical facilities. Use of such medical equipment increase access to the clinical care and minimize patient’s healthcare cost. Increasing incidences of chronic diseases globally play an important role in driving the demand for remote patient monitoring devices. For example, as per the World Health Organization, major chronic conditions such as diabetes, cancer, cardiovascular diseases, respiratory disorders, and other life-threatening diseases account for more than 60.0% of the total number of deaths and 43.0% of the global burden of disease.
Additionally, growing geriatric population, advancement in technologies coupled with rising demand for wireless and portable medical devices support the worldwide market growth. However, the industry is stifled by some key impediments such as lack of sufficient reimbursements and increasing concerns over data security.
Product Takeaway
In terms of products, the market is divided into a vital sign and special monitors. Special monitors accounted for the highest share of the worldwide market. In 2019, this segment captured around 82% share of overall industry owing to its high cost coupled with increasing incidences of chronic disease conditions. Vital sign devices cover Blood Pressure, Heart Rate (ECG), Respiratory Rate, Brain Monitoring (EEG), and Others.
These equipment function as a surveillance system, which continuously monitors, analyze and record vital signs of a patient. Growing demand for a healthy and independent living has opened up a significant opportunity for vital signs monitors which have been identified as the most lucrative product segment of this market. Among different vital sign products, brain monitoring devices recorded the lowest revenue, capturing around 1.5% revenue share throughout the study period. These devices are primarily used to record electrical activity and thus the presence of any abnormalities in the brain.
Cumulative Effect of COVID-19 Outbreak
This proposed study includes the possible impact of COVID-19 crisis on remote patient monitoring devices market which will help clients to plan short term & long-term strategies to foster growth post COVID-19 pandemic. Short term strategies will lead to smooth supply chain scenarios & long term strategies will lead to agile & flexible marketing models with innovative business plans. An additional chapter in this report discuss the impact of COVID-19 on the global Remote Patient Monitoring market, as well as it will cover detailed highlight on top performer segments, top losers and marginal growth product segments.
Regional Takeaway
Regionally, North America and Europe accounted for the highest share of the overall industry, captured more than 65% revenue share in 2019. North America is the dominant region in global market owing to the rising chronic disease incidences coupled with favorable reimbursement schemes. For example, in the U.S., vital Sign Monitors such as blood pressure monitors, thermometers, and pulse oximeters are eligible for reimbursement schemes. Some of the schemes they are eligible for are HAS (Health Saving Account), FSA (Flexible Spending Account) and HRA (Health Reimbursement Arrangement). On another side, technology innovation is likely to help key players to create a new market in the developing region, primarily in smaller towns and rural areas, and leapfrog to the next level of growth.
Key Vendor Takeaway
Large number of companies in the remote patient monitoring equipment is preparing to inject new investments to introduce advanced products. Companies such as Roche Diagnostics, Honeywell, Phillips Healthcare, Welch Allyn, and Johnson & Johnson are considered to be the prominent players in this industry. Companies are actively involved in new product innovation and strategic mergers and acquisitions in order to maintain their significant presence. For instance, in 2019, Omron Healthcare, Inc. introduced blood pressure monitors at the Consumer Electronics Show (CES) in the U.S. The company is aimed to strengthen the company’s product portfolio in personal heart health technology through such introduction.
The market size and forecast for each segment has been provided for the period 2016 to 2027, considering 2019 as the base year. The report also provides the compounded annual growth rate (% CAGR) for the forecast period 2021 to 2027 for every reported segment.
The years considered for the study are:
Historical Year – 2016 to 2018
Base Year – 2019
Estimated Year – 2020
Projected Year – 2027
The proposed reports analyse and evaluates the COVID-19 impact, and anticipated change on the future market scenario on this industry, by taking into the account the economic, political, technological, and social, parameters.
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
REMOTE PATIENT MONITORING DEVICES MARKET, BY PRODUCT
Vital Sign Monitors
Blood Pressure Monitors
Heart Rate (ECG) Monitors
Respiratory Rate Monitors
Brain Monitoring (EEG) Devices
Others
Special Monitors
Cardiac Rhythm Monitors
Anaesthesia Monitors
Blood Glucose Monitors
Respiratory Monitors
Multi-Parameter Monitors (MPM)
Others
REMOTE PATIENT MONITORING DEVICES MARKET, BY REGION
North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America