Albany, NY, March 12, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Remote Patient Monitoring Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020", the global remote patient monitoring devices market was valued at USD 0.38 billion in 2013 and is expected to grow at a CAGR of 14.2% from 2014 to 2020, to reach an estimated value of USD 0.98 billion in 2020.
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Medical devices industry is experiencing tremendous growth since its first use. Improving healthcare infrastructure and perpetually developing technology are primarily driving the medical devices industry. Adoption of remote patient monitoring devices is swiftly increasing owing to availability of portable, user-friendly and non-invasive medical devices. Remote patient monitoring is mainly preferred by patients suffering from chronic diseases such as cardiovascular diseases, respiratory diseases and diabetes. Therefore, rise in the prevalence of chronic diseases is a prime factor responsible for the growth of the global remote patient monitoring devices market. On the other hand, privacy and security of data and lack of reimbursement coverage are major factors that are anticipated to hamper the expansion of global remote patient monitoring devices market.
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Heart monitors segment accounted for the largest market share in 2013 owing to high incidence of cardiac diseases globally. ECG monitors segment held the chief market share among the heart rate monitors due to recommended use of this device by the physicians coupled with high cost of the equipment. Furthermore, considering continuous expansion of geriatric population, worldwide prevalence of cardiac disease is also growing rapidly. As a result, the demand for heart monitors is anticipated to rise, leading to fastest growth of the segment during the forecast period from 2014 to 2020.
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Geographically, North America is the leading remote patient monitoring devices market globally and is also anticipated to dominate the market in the future.Increasing economic burden on hospitals owing to penalties imposed under the Hospital Readmissions Reduction Program formed by the Patient Protection and Affordable Care Act are resulting in increased adoption of remote patient monitoring devices market in North America. Likewise, more than 70% of the U.S. population is above 65 years of age. Thus, presence of high number of geriatric population in the U.S. is resulting in increased prevalence of cardiovascular disease in the country. Thereby, demand for heart monitors is estimated to be high in the North America. Furthermore, high prevalence of diabetes is witnessed to aid the growth of hematology monitoring devices market in North America. Thus, collectively heart rate monitors and hematology monitors accounted for of the largest share in the overall remote patient monitoring devices market in North America in 2013.
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While, Asia Pacific remote patient monitoring devices market is anticipated to grow at the fastest rate in the future. Expanding healthcare expenditure and flourishing medical tourism industry in this region is expected to fuel the growth of the remote patient monitoring devices market in Asia Pacific. India and China accounts for the largest population pool and in the future they are estimated to have the largest geriatric population base in the world. Thus, presence of large pool of geriatric population is anticipated to accentuate the growth of the remote patient monitoring devices market in Asia Pacific.
Major players contributing to the global remote patient monitoring devices market include, Abbott Laboratories, Aerotel Medical Systems, Covidien plc, AMD Global Telemedicine, F. Hoffmann-La Roche Ltd., Honeywell HomMed LLC, Omron Healthcare and Smiths Medical.
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The global remote patient monitoring devices market is segmented as follows:
Global Remote Patient Monitoring Devices, by Types
- Heart rate monitors
- Fetal heart monitors
- Blood pressure monitors
- Respiration rate monitors
- Sleep apnea monitors
Physical Activity Monitors
- Activity level monitors
- Weight monitors
- Blood glucose monitors
- Prothrombin time monitors
- Body Temperature Monitors
- Multi-sign Monitors
- Others (remotely monitored infusion pumps, Ventilators, etc.)
Global Remote Patient Monitoring Devices, by End Users
- Home Healthcare
- Ambulatory Care Centers
Global Remote Patient Monitoring Devices, by Geography
- North America
- Rest of the World
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Source:Transparency Market Research