Global Remote Patient Monitoring Products Revenue Was Valued At 694.7 Million USD In 2018
Remote Patient Monitoring Products
is the system to measure vital signs remotely, and to manage escalation strategies based on pre-determined rules applied on the measured data.
Data transfer can be achieved via wireless communication means and or data transfer over other media, such as a telephone or computer network or via an optical link.
Remote Patient Monitoring Products improves patient visibility and interaction, which is beneficial at any point of the care continuum.
According to this study, the global revenue of Remote Patient Monitoring Products was valued at 694.7 Million USD in 2018, and is forecast to reach 1558.4 Million USD by the end of 2024, growing at a CAGR of 13.98% during the forecast years.
The key manufacturers covered in this report:
Medtronic is the largest company in this market, accounted for 12.55% of the global Remote Patient Monitoring Products revenue market share in 2018. Followed players, Philips Healthcare accounted for 10.55%, Abbott accounted for 11.60%. The increase in Abbott’s share was due to the acquisition of St. Jude Medical in 2017, which increased market share.
Global giant manufactures mainly distributed in North America and Europe. They have unshakable status in this field. North America takes the market share of 40.77% in 2018, Europe followed by with 30.56% in 2018. North America was the dominant market for Remote Patient Monitoring Products market in 2018. Increasing base of geriatric population, rising incidences of chronic diseases, growing demand for wireless and portable systems coupled with presence of sophisticated reimbursement structure aiming towards cutting out of pocket expenditure levels are major factors attributing to its larger market share.
Europe, especially the Western European countries, due to higher mortality rate and rising demand for low cost treatment, is expected to remain the second most profit generating region for market over the forecast period. Rising demand for in house monitoring, supportive central data management systems, and rising accuracy and efficiency of Remote Patient Monitoring Products are the high impact rendering drivers for the region’s growth. Asia Pacific is expected to grow at the fastest rate over the forecast period owing to the large presence of untapped opportunities in the emerging markets of China, rising medical and constantly improving healthcare infrastructure in these markets.
Cardiovascular diseases emerged as the leading application segment in 2018 and accounted for over 39.01% of the global market share. Globally rising geriatric population base and the growing crisis of chronic diseases are expected to be high impact rendering drivers for the growth of the industry over the forecast period.