Tag Archives: Remote Patient Monitoring Devices Market

Remote Patient Monitoring Devices Market Outlook to 2020 Latest Industry Forecast Report

Transparency Market Research (TMR) has announced the addition of a new market study on the global remote patient monitoring devices market. The report analyzes the drivers and restraints of the market. The report is titled “Remote Patient Monitoring Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020.”

As per the findings of the report, the global remote patient monitoring devices market, which was valued at US$0.38 bn in 2013, will rise to US$0.98 bn by 2020, exhibiting a CAGR of 14.2% from 2014 through 2020. An increase in the prevalence of chronic diseases such as diabetes and arthritis and rising healthcare expenditure are expected to drive the global remote patient monitoring devices market.

This 95 page report gives readers a comprehensive overview of the Remote Patient Monitoring Devices Market. Browse through 12 data tables and 29 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/remote-patient-monitoring-devices-market.html

Remote patient monitoring is a type of healthcare service that allows for a patient to use a medical device to monitor and perform a routine test and send the result of the test in real time, to healthcare professionals. In line with the recent trend of patients desiring home care, remote patient monitoring devices have been developed to eliminate the need for frequent visits to hospitals. Thus, remote patient monitoring devices allow for a more customized treatment or post treatment plan.

The global remote patient monitoring devices market is impelled by the rising incidence of chronic diseases such as osteoporosis, respiratory diseases, heart diseases, diabetes, and others. The rise in the geriatric population across the world is driving the global remote patient monitoring devices market. Hospitals are constantly faced with a mounting load to admit patients when there is lack of vacant rooms. Remote patient monitoring has emerged as a solution for hospitals to continue admitting new patients while still offering competitive and effective healthcare services to patients. This alternative is also gaining preference among patients who wish to avail treatments at their own households.

On the other hand, the unwillingness of patients to have their health monitored and tracked on a daily basis acts as a challenge to the market’s growth. However, trust among patients is expected to increase with the rising adoption of these devices. The lack of reimbursement coverage will also impede the growth of the market.

The global remote patient monitoring devices market is segmented on the basis of end users, type, and geography. On the basis of geography, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America is currently dominant in the global remote patient monitoring devices market in terms of revenue. It is expected to retain its dominance owing to aiding factors such as rising healthcare costs in the U.S., a growing number of aged people above 65, and the high prevalence of diabetes in the region. However, Asia Pacific is expected to witness the fastest growth in the market due to rising healthcare costs and booming medical tourism industry in Thailand and India.

Request a sample of this report to know what opportunities will emerge in the rapidly evolving Remote Patient Monitoring Devices Market during 2014 – 2020: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=401

On the basis of type, the global remote patient monitoring devices market is segmented into heart monitors, breath monitors, physical activity monitors, hematology monitors, multi-sign monitors, body temperature monitors, and others. Of these, the heart monitors segment, specifically ECG devices, was the leading category in 2013.

The report profiles key companies operating in the global remote patient monitoring devices market. They are: AMD Global Telemedicine, Abbott Laboratories, F. Hoffman-La Roche Ltd., Honeywell HomMed LLC, Covidien plc, and Omron Healthcare Inc.

 

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Remote Patient Monitoring Devices Market Outlook to 2020 Latest Industry Forecast Report

Transparency Market Research, a global market intelligence firm, has recently announced the publication of a new research report to their collection. The research report, titled “Remote Patient Monitoring Devices Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020,” provides a detailed study on the global remote patient monitoring devices market.

According to the report, in 2013, the global market for remote patient monitoring devices was worth US$0.38 bn and is anticipated to reach US$0.98 bn by the end of 2020. The market is expected to register a progressive 14.20% CAGR between 2014 and 2020. The rising economic burden on medical clinics and hospitals for patient admission is the major factor propelling the global remote patient monitoring devices market in the forecast period. However, the inadequacy in maintaining the security and privacy of the data is the key factor hampering the growth of this market.

This 95 page report gives readers a comprehensive overview of the Remote Patient Monitoring Devices Market. Browse through 12 data tables and 29 figures to unlock the hidden opportunities in this market: http://www.transparencymarketresearch.com/remote-patient-monitoring-devices-market.html

On the basis of type, the global market for remote patient monitoring devices has been divided into breath monitors, physical activity monitors, heart monitors, hematological monitors, and multi-sign monitors. The growing prevalence of various chronic diseases that need constant monitoring, such as blood pressure, diabetes, and cardiovascular disorders, is driving the global market for monitoring medical devices. In 2013, the heart rate monitors segment led the overall market due to the rising prevalence of cardiac diseases across the globe.

On the basis of end-use, the global market for remote patient monitoring devices is classified into ambulatory care centers and home healthcare. In 2013, the ambulatory care center segment held the biggest share in the global remote patient monitoring devices market. The dominance of this segment is due to the growing geriatric population, as aging people are at a greater risk of developing various infections and diseases. Nevertheless, the home healthcare segment is also expected to grow at a fast pace in the forecast period.

On the basis of major geographies, the global market for remote patient monitoring devices has been segmented into Europe, Asia Pacific, North America, and Rest of the World. In terms of revenue generation, the North America region dominates the global remote patient monitoring devices market and is also anticipated to remain in that position throughout the forecast period. The dominance of this region is due to the growing geriatric population and increasing healthcare cost in the U.S., making the remote healthcare monitoring treatment option attractive.

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In addition, the rising incidence of diabetes in this region is another factor that is anticipated to boost the demand for hematology monitoring devices in the global remote patient monitoring devices market. On the other hand, the Asia Pacific remote patient monitoring devices market is projected to witness rapid growth due to several factors including the increasing costs of healthcare services and the booming medical tourism industry in countries such as Thailand and India.

Furthermore, the research report analyzes the competitive landscape of the global remote patient monitoring devices market based on key criteria such as company profile, financial overview, business strategies, and recent developments. Some of the key players mentioned in the research report are Honeywell HomMed LLC, F. Hoffmann-La Roche Ltd., AMD Global Telemedicine, Covidien plc, Omron Healthcare, Aerotel Medical Systems, Smiths Medical, and Abbott Laboratories.

 

Remote Patient Monitoring Devices Allow for Better Diagnostics and Treatment

Remote patient monitoring is an emerging healthcare solution that enables monitoring of patients who are away from hospital settings. Remote patient monitoring offers several advantages such as reduction in hospital visits, data recording for prolong period, quick and accurate results, reduced cost for patients and assistance to medical practitioner with historic patient data. In addition, remote patient monitoring also reduces the waiting time in hospitals and enables medical practitioners to access the patient records from multiple places. Furthermore, growing demand for electronic health record (EHR) is fueling the demand for remote patient monitoring devices since these devices offer integration with cloud data bases for data storage and access. Growing patient population, rising awareness of lifestyle disorders and technological developments in medical devices have accentuated the growth of remote patient monitoring devices market.

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Heart monitors, breath monitors, physical activity monitors, hematology monitors, body temperature monitors, multi-sign monitors and others are some of the remote monitoring devices that are widely used. Rising incidences of chronic diseases that require continuous monitoring such as diabetes, blood pressure and cardiovascular conditions, propels the demand for medical devices. In 2013, heart rate monitors segment dominated the global remote patient monitoring devices owing to high demand for these devices mainly due to rising prevalence of cardiac diseases. Furthermore, rising geriatric population propels the prevalence of cardiac diseases globally. Thus, owing to increasing number of patients diagnosed with cardiac diseases accentuates the uptake the heart rate monitors.

In 2013, ambulatory care centers segment accounted for the largest share in the global remote patient monitoring devices market. Growing geriatric population is primarily driving the demand for ambulatory care centers, as elderly people are at a higher risk of acquiring diseases and infections. However, rise in demand for home-based treatment as more number of patients opts for diagnosis and treatment of diseases at home boosts the home healthcare segment during the forecast period from 2014 to 2020.

Geographically, North America contributed the largest share in the global remote patient monitoring devices market. Increasing incidences of cardiovascular and respiratory diseases coupled with rising preference to reduce hospital readmissions. Under the Hospital Readmissions Reduction Program created by the Patient Protection and Affordable Care Act, government of the U.S. has imposed penalty to hospitals. As a penalty government has announced reduction up to 1% in the Medicare payment per patient for hospital readmission within 30 days in 2013. Thus, to reduce the hospital readmissions, medical professionals are promoting remote patient monitoring in the region.

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The global remote patient monitoring devices market is a fragmented market with many local players competing with global players. In addition, presence of all the necessary resources is enabling easy entry of medical device manufacturers into the remote patient monitoring devices market. Thus, major players in the market are strategically collaborating with local players to offer innovative technologies and thereby sustain in the competition. In November 2014, LifeWatch AG partnered with Vital Connect, Inc., a health care company based in Silicon Valley. This collaboration enables LifeWatch to utilize Vital Connect’s HealthPatch MD as 1-lead ECG device in LifeWatch’s cardiac monitoring business. LifeWatch aims to expand its cardiac monitoring devices business by adding patch technology to its product offerings. Similarly, in December 2014, Omron Healthcare Inc. collaborated with AliveCor, Inc., a California-based company that provides mobile technology for heart health. The two companies aim to improve access to remote patient monitoring products through retail and online channels, especially for heart patients.

 

Remote Patient Monitoring Devices Market: Home-based Healthcare Gives Maximum Impetus to Growth

The global remote patient monitoring devices market is a rather new solution provided by the healthcare industry, owing to unique technological advancements that allow the dispensing of quality healthcare to patients who, for whatever reason, are away from a healthcare facility. Another name for remote patient monitoring is homecare telehealth. The basic concept of the global remote patient monitoring devices market involves the use of an ambulatory service that lets a patient use a medical device in a mobile manner to perform routine tests and diagnostic procedures. The procedures are all performed by a trained healthcare professional. The operative word to be used for the global remote patient monitoring devices market is “real-time”, which is the focus of all RPM services.

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The Advantages of a Revamped Healthcare Sector

Of the many benefits provided by the global remote patient monitoring devices market, the most crucial one has to be the significant reduction in waiting time for patients. Remote patient monitoring uses electronic medical records and quick-response communication systems, thereby allowing medical professionals to act immediately on any case and provide the best solution that can be arranged. This also means a decent cut in the number of hospital visits that a patient has to make. All the tests and diagnostics that can be performed on a mobile floor can be done through the global remote patient monitoring devices market. Other advantages of the market include enhanced data recording at regular intervals and for prolonged periods, increase in accuracy of results, cost reduction for patients, and easy access to a patient’s historic data.

Old Drivers for a New Market

One demographic segment that is in utter need of the global remote patient monitoring devices market is the geriatric group. Their currently growing numbers can mean only one thing for this market: higher demand. The rising geriatric population around the world, and especially in North America, is in need of constant medical assistance for problems like bone disorders and cardiac diseases. In fact, the number of patients who need care in terms of cardiac diseases is increasing rapidly enough to create a large uptake of heart monitors that will be used by the global remote patient monitoring devices market. Another factor set to drive the market is the rising prevalence of chronic diseases, including diabetes, blood pressure issues, and cardiovascular problems.

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North America and the impact of the PPACA

From a geographical perspective, the global remote patient monitoring devices market is dominated by North America. The region faces an already large number of patients with cardiovascular and respiratory issues; a number that is still on the rise. Now, with the initiation of the Patient Protection and Affordable Care Act (PPACA), which was created under the Hospital Readmissions Reduction Program, the U.S. government can impose a penalty to any hospital with high readmission numbers. The Act lets the government penalize a hospital for 1% of the Medicare payment per patient for all readmissions into hospitals. The penalty must be paid within 30 days as of 2013. Therefore, to reduce the number of readmissions, healthcare organizations in the U.S. are using aspects of the global remote patient monitoring devices market.

All in all, the global remote patient monitoring devices market, with its acutely high CAGR of 14.2% from 2014 to 2020, is set to show major growth. The market was already worth US$0.38 billion in 2013, and with its many market drivers, is expected to reach a high net worth of US$0.98 billion by the end of 2020. This spells good news for all the existing players and the new entrants of the global remote patient monitoring devices market, whose innovative leads are critical to the market’s growth.

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