Global Remote Patient Monitoring Solutions Market Outlook
Market Overview
Remote patient monitoring is an innovative solution in healthcare industry which can provide real time diagnosis and quality care to patients. In 2012, as per World Health organization WHO , 82% of deaths worldwide are caused due cardiovascular diseases, diabetes and chronic respiratory diseases including asthma and chronic obstructive pulmonary disease COPD . Remote patient monitoring technology is an innovative solution for congestive heart failure CHF , diabetes and pulmonary diseases. Rising demand for home healthcare devices and equipment by geriatric population is positively impacting on the growth of global remote patient monitoring devices market. Rising popularity of mobile health m-Health apps is driving the demand for remote patient monitoring solutions market. Nearly 40% of market share of m-health is occupied by weight loss and management apps in 2016. Medscape, Ovulation Calendar & Fertility calculator, Urgent care-24/7 Medical Helps are some of the top medical apps available into the market.
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Key market players are entering into strategic investment by collaboration and acquisition to expand their product portfolio and. In 2016, Qualcomm and Medtronic, a medical device company, collaborated to improve remote monitoring solutions for diabetic patients. Qualcomm is responsible for 47% reduction in heart failure readmissions attributed to remote patient monitoring. The collaboration of healthcare and IT companies aims to provide cost effective IT healthcare services such as remote patient monitoring. In the same year, Boston Scientific Corporation acquired Cosman Medical, Inc. to provide healthcare solutions for chronic health conditions. The company announced to offer Spinal Cord Stimulator SCS systems and Deep Brain Stimulation DBS systems for the treatment of patients suffering from Parkinson s disease and Dystonia.
On the other hand, glucose monitoring, air flow monitoring and connected pharmaceuticals expected to be the fastest growing market in upcoming years leading to the manufacturing pace of AstraZeneca, Dexcom, Merck, Novartis, Propeller Health, Proteus Digital Health, Roche, Sanofi, Voluntis and WellDoc.
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Market Segmentation
The global remote patient monitoring solutions market is segmented on the following basis:
• Based on Services
o Telemedicine
o Telecare
o Telehealth
o Other eHealth, Digital Health
• Based on Application
o Cancer Treatment
o Diabetes Treatment
o Fitness and Wellness Monitoring
o Cardiovascular Disease Treatment
• Based on End-User
o Hospitals
o Home Healthcare
o Clinics
o Others Ambulatory Services
• Based on Geography
o North America U.S. & Canada {Market Size USD Billion , Market Share % }
o Latin America Brazil, Mexico & Rest of Latin America {Market Size USD Billion , Market Share % }
o Europe The U.K., Germany, France, Italy, Spain, Russia, Poland, Sweden & RoE {Market Size USD Billion , Market Share % }
o Asia-Pacific China, India, Japan, Singapore, South Korea, Australia, New Zealand andRest of Asia {Market Size USD Billion , Market Share % }
o Middle East & Africa GCC, South Africa, North Africa andRoMEA {Market Size USD Billion , Market Share % }
o Rest of World {Market Size USD Billion , Market Share % }
Market Size and Forecast 2016-2024
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Self-management and personalized health care at home is raising the adoption rate of remote patient monitoring solutions among elderly population. Continuous monitoring and real time diagnostics solutions are enhancing the healthcare quality. According to our research, implementation of remote patient monitoring solutions has potential to reduce the hospital admission rate by 60%. The global remote patient monitoring solutions market is anticipated to reach USD 48.5 billion by 2024 from USD 17.0 billion in 2016, growing at a CAGR of 14% during the forecast period. Based on end-user segment, hospitals are projected to account for over 47% revenue share in global remote patient monitoring device market by 2024. However, home healthcare segment is expected to occupy 25% market share by the end of 2024. Cardiovascular disease treatment application segment generated a revenue share of 22% of remote patient monitoring solution market in 2016. Moreover, diabetes treatment application is anticipated to occupy 17% revenue share in global remote patient monitoring solutions market by the end of 2024.
In 2014, Europe and North America together occupied 75% share of global remote patient monitoring solutions market. Rising number of chronic diseases and rapid adoption rate of innovative healthcare solutions are driving the demand for remote patient monitoring devices in Europe and North America region. Government initiatives and reimbursement policies which are improving the health awareness among population is likely to drive the remote patient monitoring solutions market during the forecast period. North America is the dominating region in remote patient monitoring solutions market followed by Europe. North America accounted for 35% share of total remote patient monitoring solutions market in 2016 and is expected to dominate over the forecast period of 2016 to 2024. However, huge investment in digital health strategies, reimbursement policies and rising adoption of health apps and fitness trackers are driving the Europe remote patient monitoring solutions market. In 2014, National Health Services NHS , England invested in deployment of digital strategies in healthcare industry. Europe remote patient monitoring solutions market is expected to reach USD 14.5 billion by 2024, growing at a CAGR of 12.0% over the forecast period.
Increase in ageing population and rising health awareness are the two major drivers for the growth of Asia-Pacific remote patient monitoring solutions market. Countries such as China, Japan, Singapore, Australia and India are investing to enhance their healthcare infrastructures. This is likely to accelerate the remote patient monitoring solutions market in the region. Asia-Pacific remote patient monitoring solutions market valued USD 4.7 billion in 2016 and is projected to reach approximately USD 13.5 billion by 2024, expanding at a CAGR of around 13.0% during time period of 2016 to 2024.
Lack of proper interaction with advanced technology and lack of healthcare infrastructure is limiting the growth of remote patient monitoring solutions in Latin America and Middle East & Africa region. However, government initiatives towards creating awareness about proper sanitation and investment to improve medical facilities are likely to raise the demand for remote patient monitoring solutions in the region. Latin America and Middle East & Africa region together expected to occupy 7% of the total market share by 2024
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