DUBLIN--(BUSINESS WIRE)--The "Telemonitoring Systems Market - Growth, Trends, and Forecast (2019 - 2024)" report has been added to ResearchAndMarkets.com's offering.
Over the last couple of decades, healthcare monitoring systems had drawn significant attention worldwide. Telemonitoring improves patient visibility and interaction that is beneficial at any point of the care continuum. An aging population, increase in chronic diseases, rise in healthcare spending worldwide, accelerating health cost, regulatory reforms and new payment models are driving interest and growth in telemonitoring.
- The healthcare industry is quickly adopting smart and connected medical devices for real-time monitoring of patients to diagnose cardiovascular disease (CVD). Devices equipped with sensors allow real-time monitoring from distant locations and the transition of records during emergencies. This will boost the adoption of smart and connected medical devices which will be one of the principal telemonitoring systems market trends behind the growth of this industry.
- The rapidly aging population has resulted in a significant rise in the prevalence of chronic diseases and their effects, thereby bolstering the need for increased care and welfare. The geriatric population has become one of the main target groups for telecare technologies, like telemonitoring, with the availability of various devices for people suffering from chronic health conditions and for those with limited mobility and memory problems, typical of the advanced age.
- Technological advancements are helping end users to decrease the overall cost and provide better patient care. Therefore, with a growing aging population and the increasing prevalence of chronic diseases across the world, the demand for telemonitoring systems is expected to witness significant growth, during the forecast period.
Home Care Telemonitoring is Fueling the Growth for Telemonitoring Systems Market
- The Telemonitoring system for homecare augments the quality of care as measured by enhanced nursing productivity, improved patients' clinical and behavioral results and reduction of cost. The system includes managerial, organizational, operational and clinical responsibilities optimized for the offering of quality care through telemonitoring.
- A protected, multi-modal computer network that combines homecare nurses, patients and those who care into one seamless environment has been developed. The network takes together a new generation of small, hand-held, wireless terminals managed and used by nurses and patients.
- Home telemonitoring can increase home health care services during a patient's shift from hospital to home. Home health care agencies normally use telemonitors for patients with heart failure. The Homecare telemonitoring network has been designed to change and improve patients' clinical and behavioral outcomes, strengthen nursing productivity, and decrease the cost of home care.
North America is a Major Contributor in Telemonitoring Systems Market
- The North American segment accounted for the largest share of the telemonitoring systems market, with the United States leading the market. The demand for telemonitoring systems in the United States is driven by the country's robust economy and the rising trends of hospice care and home nursing facilities. In addition, the growing aging population and increasing incidence of pediatric heart diseases are projected to boost the demand for telemonitoring systems, in the region.
- The increase in patient awareness, high investment in R&D, and the increase in acceptance of telemedicine approaches are the other factors that are expected to augment the demand for telemonitoring systems, over the forecast period. In addition, the increasing national health expenditure in the United States is expected to significantly contribute to the growth of the market studied, during the forecast period.
The telemonitoring systems market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. Vendors are continually introducing smart medical devices and are investing massively toward the development of next-generation healthcare IT. Vendors compete based on the quality of telemonitoring systems and solutions, services, and advanced characteristics and their performance is affected by factors such as strong competition, accelerated technological advances, and technological obsolescence.
- July 2019 - BioTelemetry, Inc. the company which acquired Lifewatch AG in 2017, made significant acquisitions during the study period. Bio Telemetry announced that it has acquired ADEA Medical AB, an early-stage Swedish medical technology company that delivers remote health services in the Nordics. the company also acquired Geneva Healthcare, Inc., a provider of remote monitoring for implantable cardiac devices in March 2019.
- May 2018 - Philips, a global leader in health technology, and Dutch Rijnstate Hospital signed a new 10-year strategic partnership agreement, to jointly develop the hospital of the future, a new hospital concept that uses the latest monitoring and connected health technologies, to expand its delivery of care from the hospital to a regional care network, including homes.
Key Topics Covered
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Introduction to Market Drivers and Restraints
4.3 Market Drivers
4.3.1 Increasing Chronic Diseases and Growing Aging Population
4.3.2 Rising Healthcare Expenditure
4.4 Market Restraints
4.4.1 Lack of Adequate Information and Communication Technology Infrastructure in Rural Areas
4.5 Industry Attractiveness - Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product Type
5.1.1 COPD Telemonitoring System
5.1.2 Glucose Level Telemonitoring System
5.1.3 Cardiac Telemonitoring System
5.1.4 Blood Pressure Telemonitoring System
5.1.5 Other Product Types
5.2.1 North America
5.2.3 Asia Pacific
5.2.4 Latin America
5.2.5 Middle East & Africa
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 General Electric
6.1.3 McKesson Corporation
6.1.4 Koninklijke Philips N.V.
6.1.5 Aerotel Medical Systems Ltd.
6.1.6 Advanced TeleHealth Solutions
6.1.7 Honeywell Life Care Solutions
6.1.8 Medtronic PLC
6.1.9 LifeWatch AG (Bio Telemetry Inc.)
6.1.10 Allscripts Healthcare Solutions Inc.
6.1.11 SHL Telemedicine
6.1.12 Siemens Healthineers AG
6.1.13 Nihon Kohden Corporation
List Not Exhaustive...
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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