Remote Patient Monitoring Solutions 2018 Global Key Players – GE Healthcare Ltd., Biotronik, Johnson & Johnson Market Analysis and Forecast to 2024
Pune, India, 4th January 2017: WiseGuyReports announced addition of new report, titled “Global Remote Patient Monitoring Solutions Market Outlook 2024: Global Opportunity and Demand Analysis, Market Forecast, 2016-2024”.
Pune, India - January 4, 2018 /MarketersMedia/ —
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.
Key Market Players
• GE Healthcare Ltd.
o Synopsis
o Business Strategy
o Product Portfolio
o SWOT Analysis
• Abbott Laboratories
• Aerotel Medical Systems
• Medtronic Plc
• Johnson & Johnson
• Honeywell Life care Solutions
• Biotronik
• Philips Healthcare
• Boston Scientific
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)
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.
Market Drivers and Challenges
Rising frequency of chronic health issues mainly cardiovascular diseases, diabetes and respiratory problems is driving the adoption rate of remote patient monitoring solutions around the world. Growing health awareness and independent living among people is boosting the demand of remote patient monitoring devices. Government investment in improving healthcare facilities and effective treatment is impelling the demand of remote patient monitoring solutions across the globe. Technological advancement in treatment facilities and internet of things (IoT) based connected devices is spurring the growth of remote patient monitoring solutions market globally.
Lack of trained medical professionals to assist with remote monitoring devices for patients is expected to restrain the adoption rate of remote patient monitoring solutions. High cost of remote patient monitoring systems and patient privacy concern are majorly hindering the growth of remote patient monitoring solutions. Lack of awareness about remote patient monitoring devices and lack of appropriate reimbursement policies are some of the challenges which are obstructing the expansion of remote patient monitoring solutions market across the globe.
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Source: MarketersMedia
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