Global Market Study on Remote Patient Monitoring Devices: Cardiac Monitors Product Type Segment to Account for 50.9% Market Revenue Share by 2024


  • Published On : Sep-2016 |
  • Pages : 225 Pages |
  • Format :

A new report by Persistence Market Research examines the global remote patient monitoring device market for the period 2016–2024. The primary objective of the report is to offer updates and information related to market opportunities and insights into developments in the remote patient monitoring device market that are significantly transforming global businesses and enterprises.

The report begins with an overview of the global remote patient monitoring device market and why patients worldwide are adopting monitoring devices. This section also underlines factors influencing the growth of the global remote patient monitoring device market along with detailing of the key trends, drivers, restraints, opportunities, and regulations. Impact analysis of key regional growth drivers and restraints based on the weighted average model along with key region-specific trends is included in the report to better equip clients with information and hidden insights.

The report covers the global remote patient monitoring device market performance in terms of revenue contribution from various segments. For ease of assessment, the report is categorized on the basis of Product Type, Application, End User, and Region and provides a comprehensive segment-wise analysis along with an evaluation of the present scenario and growth prospects of the global remote patient monitoring device market for the period 2016 –2024. A detailed analysis has been provided for every segment and sub-segment in terms of market size, Y-o-Y growth rate, absolute $ opportunity, market attractive index, and BPS analysis.

The report further highlights the growth trends of the remote patient monitoring device market by region. It provides a market outlook for 2016–2024 and sets the forecast within the context of the global remote patient monitoring device market. The study discusses key regional trends contributing to the growth of the remote patient monitoring device market worldwide and analyses the extent to which drivers are influencing this market in each region.

The final section of the report includes a competitive landscape with detailed company profiles of leading market players. The report offers deep insights into the long-term and short-term strategies, key offerings, and recent developments of leading companies operating in the global remote patient monitoring device market. The companies featured in the report are Boston Scientific Corporation, Koninklijke Philips N.V., Abbott Laboratories, Nihon Kohden Corporation, F. Hoffmann-La Roche Ltd., LifeWatch AG, Medtronic, and St. Jude Medical. The report also provides strategic recommendations to help companies strengthen their footprint in the global remote patient monitoring device market.

Research methodology

To deduce market size, the report considers various aspects based on detailed primary and secondary research. Key data points such as region-wise split and market split by product type, application, and end user; and qualitative inputs from key industry stakeholders have been incorporated to arrive at appropriate market estimates. The forecast presented in the report assesses total revenue generated and expected revenue contribution in the global remote patient monitoring device market. The report begins with sizing the market in terms of value and volume and this forms the basis for forecasting how the market is anticipated to take shape in the near future. Given the characteristics of the market, the data is triangulated via different analyses based on supply side and demand side drivers as well as various dynamics of the global remote patient monitoring device market. Given the ever-fluctuating nature of the economy, the report not only provides forecasts in terms of CAGR but also performs analysis on the basis of key parameters such as Year-on-Year (Y-o-Y) growth to understand market predictability and to identify the right opportunities.

Another key feature of this report is analysis of the global remote patient monitoring device market performance and the corresponding revenue forecast in terms of absolute dollar opportunity, critical in assessing the level of opportunity that a provider can look to achieve, as well as to identify potential resources from a sales perspective. Persistence Market Research has also developed a market attractiveness index to understand key segments in terms of their growth and performance and to help providers identify existing market opportunities in the global remote patient monitoring device market. 

 

Remote patient monitoring (RPM) is a device that uses the digital technologies base in order to gather medical and other health related information/data from individuals at specific locations and electronically communicate that information securely to healthcare professionals in a different location for further valuation and recommendations. The global remote patient monitoring device market stood at a valuation of US$ 845.8 Mn in 2015 and this is estimated to increase to US$ 1,502.9 Mn by 2024, registering a CAGR of 6.7% in terms of value.

Market dynamics

Increasing healthcare expenditure and increasing availability of effective treatment solutions for chronic diseases is projected to boost revenue growth of the global remote patient monitoring device market. Market growth is also driven by a rise in the geriatric population with chronic diseases that propels the demand for remote patient monitoring devices. Moreover, increasing awareness regarding remote patient monitoring devices among physicians and patients; and opinion based diagnosis of chronic diseases because of lack of standard diagnostic tests in rural areas is expected to boost the revenue growth of the global remote patient monitoring device market in the near future.

However, lack of trained professionals to help with remote patient monitoring devices is expected to hinder market growth of the global remote patient monitoring device market. Insufficiency in maintaining the privacy and security of the stored data, lack of uniformity in device functionality, and lack of general awareness on patient monitoring devices are the key restraints challenging the market.

Segmentation-wise market forecast

The global remote patient monitoring device market is segmented on the basis of Product Type (Cardiac Monitors, Respiratory Monitors, Hematological Monitors), Application (Cardiac Arrhythmia, Diabetes, Ischemic diseases, Hypertension, Sleep apnea, Chronic respiratory diseases, Hyperlipidemia), and End User (Hospitals, Homecare Settings, Long-term Care Centers, Others). The Cardiac Monitors product type segment accounted for 49.8% value share in 2015 and is projected to account for 50.9% share by 2024 end while the Respiratory Monitors segment is expected to reach US$ 435.0 Mn by 2024.

The Cardiac Arrhythmia application segment is expected to account for 20.2% revenue share of the global remote patient monitoring device market by 2016 end while the Diabetes segment is expected to account for 14.2% revenue share of the global remote patient monitoring device market by 2016 end.

In the end user category, the Hospitals segment is expected to account for 46.3% revenue share of the global remote patient monitoring device market by 2016 end while the Homecare Settings segment is expected to account for 24.0% revenue share of the global remote patient monitoring device market by 2016 end. Revenue from the Hospitals segment in the global remote patient monitoring device market is expected to increase 1.6X by 2024 end as compared to that in 2016.

remote patien mtonitoring devices image for market bytes

Key regions

The global remote patient monitoring device market has been segmented on the basis of region into North America, Latin America, Europe, APEJ, and MEA. In terms of value, North America is estimated to dominate the global remote patient monitoring device market with an estimated 31.4% revenue share by 2016. By the end of 2024, the North America regional market is anticipated to reach US$ 558.7 Mn, expanding at a CAGR of 9.0% over the forecast period. The Europe market is expected to account for 22.8% revenue share of the global remote patient monitoring device market by 2016 end. The Europe remote patient monitoring device market is expected to be the second most lucrative market in the global remote patient monitoring device market.

Key players

The leading companies operating in the global remote patient monitoring device market are Boston Scientific Corporation, Koninklijke Philips N.V., Abbott Laboratories, Nihon Kohden Corporation, F. Hoffmann-La Roche Ltd., LifeWatch AG, Medtronic, and St. Jude Medical.

Company Profiles

  • Boston Scientific Corporation
  • Koninklijke Philips N.V.
  • Abbott Laboratories
  • Nihon Kohden Corporation
  • F. Hoffmann-La Roche Ltd.
  • LifeWatch AG
  • Medtronic
  • St. Jude Medical
  • Others
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