LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global remote patient monitoring market predicts a CAGR of around 16% during the period 2018-2022.
The report segments the global remote patient monitoring market by product (vital signs and implantable), by end-user (hospitals, ASC, and homecare), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global remote patient monitoring market, according to Technavio healthcare and life sciences researchers:
- Cost benefits of remote patient monitoring: a major market driver
- Rise of cloud computing solution: emerging market trend
- The Americas dominated the global remote patient monitoring market in 2017, contributing to a market share of approximately 51%.
- In 2017, the vital signs sector held the largest share in the market
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Cost benefits of remote patient monitoring: a major market driver
Cost benefits of remote patient monitoring is one of the major factors driving the global remote patient monitoring market. Healthcare costs are a critical problem for patients from poor and rural backgrounds who cannot afford hospital visits to distant areas. This has further increased the mortality rates. Furthermore, the lack of disease control due to the dearth of medical facilities has led to the spread of the disease across many remote areas globally. Remote patient monitoring allows the availability of medical assistance without time and location constraints. Many vendors are offering portable telemedicine kits that can be used in rural areas and are cost effective.
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Rise of cloud computing solutions: emerging market trend
Healthcare service providers are under pressure to reduce the IT costs because of the shrinking IT budgets and increasing operational efficiency. Cloud-based solutions are widely adopted in hospitals and clinics to implement flexible on-demand and cost-effective IT solutions. The cloud-based flexible IT solutions help in storing the cardiology medical images such as echocardiogram and angiogram images retrieved from cardiac test results. These medical images can be accessed from any remote location and can be further used by physicians to provide necessary consultation. It eradicates the need for patients to visit hospitals for post-medication consultation services repeatedly.
According to a senior analyst at Technavio for research on patient monitoring devices, “Cloud-based picture archiving and communication system for cardiology allows hospital service providers to share patient images with the department concerned or with cardiology specialists in remote locations. With the assistance from medical reports obtained online, doctors can prescribe medications and further tests for remote diagnosis.”
Global market opportunities
The Americas dominated the global remote patient monitoring market in 2017, accounting for a share of close to 51%. The APAC region will witness substantial growth in the global remote patient monitoring market during the forecast period when compared with the Americas and EMEA. APAC is expected to witness a high growth rate during the forecast period due to the increasing awareness of remote patient monitoring and high penetration of global vendors offering remote patient monitoring solutions in APAC. The Americas and EMEA are anticipated to have slow growth as they are early adopters of new technology.
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