LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global remote patient monitoring market to grow at a CAGR of over 15% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global remote patient monitoring market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market will grow at a moderate pace during the forecast period. The sales of remote patient monitoring devices will increase globally due to the rise in the incidence of mental illness, cardiac disorders, respiratory disorders, lung disease, among others, the treatment of which require continuous monitoring to prevent post-complications and decrease mortality rate. The growing elderly population would also necessitate the use of remote monitoring devices as they are prone to falls and injuries that may require immediate medical attention.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global remote patient monitoring market:
- Increasing consumer trend toward online medical purchase
- Increase in chronically ill and aging population
- Increasing need for patient-friendly devices
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Increasing consumer trend toward online medical purchase
Vendors have been increasing online marketing and promotional activities to provide better accessibility to their products and gain more product sales. Online marketing services allow vendors to minimize setup, distribution, and operational costs, thereby reducing overheads. Many small and large vendors sell remote patient monitoring devices and accessories online. They also provide discounts and promotional offers online, which increases the number of online purchases.
Srinivas Sashidhar, a lead patient monitoring devices research analyst at Technavio, says, “Manufacturers such as Omron Healthcare, GE Healthcare, Medtronic, and Abbott sells their products through direct online platforms and provides discounts to increase their sales. Online retailing also allows consumers to compare products, their use, and efficacy through online chat and forum as well as though customer reviews. They further allow consumers to purchase products from the comfort of their homes.”
Increase in chronically ill and aging population
Globally, there has been an increase in the incidence of chronic diseases such as cardiovascular diseases, diabetes, respiratory disorders, hypertension, and neurological disorders (Alzheimer’s disease, Parkinson’s disease, and epilepsy). This is because of a variety of factors, including unhealthy dietary habits, lack of physical activity, excessive consumption of alcohol, and smoking.
“Patients with chronic conditions need to be monitored on a regular basis to avoid any untoward incidents. Presently, the emphasis is laid on the course of treatment, in the form of observations and monitoring. Remote patient monitoring devices are used to monitor or record the medical data of patients on a regular basis, and these readings are either stored or sent to the physician for analysis, which can help the physician to chart a different course of action if need be,” adds Srinivas.
Increasing need for patient-friendly devices
Vendors are increasingly investing in R&D activities and forming collaborations with technology providers to design and develop innovative remote patient monitoring devices that are portable, patient-friendly, and painless. Also, there is a huge demand for non-invasive devices such as remote monitoring devices as they offer more advantages compared with traditional systems such as bench top regular BP monitors, cardiac monitors, and blood glucose monitors.
The increasing need for patient-friendly devices will also aid in the growth of the market. Also, multiparameter remote monitoring devices can help in measuring more health parameters such as respiration rate, ECG, cardiac rate, temperature, and blood pressure in a single use. These types of devices save patients cost for medical tests and hospital visits.
Top vendors:
- Medtronic
- Boston Scientific
- Abbott
- Koninklijke Philips
- GE Healthcare
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