DUBLIN--(BUSINESS WIRE)--The "Telemonitoring Systems Market - Growth, Trends, Forecasts (2020 - 2025)" report has been added to ResearchAndMarkets.com's offering.
The global telemonitoring system market was evaluated at USD 2,052.6 million in 2019, and it is expected to reach a value of USD 4,595.9 million by 2025, registering a CAGR of 13.41% over the forecast period 2020 - 2025. As telemonitoring refers to the process that comprises transmission of symptom scores, physiological patient data, such as the heart rate, oxygen saturation, blood pressure, and others, the usage of IoT is significantly driving new trends. Devices like IoT enabled medical wearable temperature sensors to transmit data to a central monitoring system remotely are already being implemented in regions such as North America. Medical staff are alerted based on trends and thresholds, identifying the patient and room, and can respond accordingly. For some countries in Europe, it is predicted that the use of IoT in the region may increase almost three-fold between 2017 and 2025, reaching 4.9 billion connected devices., increasing the integration of telemonitoring systems significantly.
Increasing chronic diseases and the growing aging population is driving the market. The global population is aging at a rapid pace. Most developed nations are increasingly observing growth in the number of the aging population. According to the UN data, in 2019, there were 703 million people aged 65 or older, and the number is projected to reach 1.5 billion by 2050. The world is observing a significant increase in the number of chronic diseases, especially in terms of hypertension, diabetes, and respiratory problems.
- Rising healthcare expenditure is driving the market. Global Medicaid expenditure has increased significantly over the years. A significant share of global healthcare spending is directed toward the purchase of equipment. For instance, in 2019, the UK's consumer spending on medical products, appliances, and equipment was valued at GBP 16,685 million, according to the Office for National Statistics (UK). Such developments are expected to influence the demand for telemonitoring.
- The healthcare expenditure to treat diabetes in the United States during 2019 was valued at USD 294.6 billion, and in China, it was valued at USD 109 billion, according to the International Diabetes Federation. Such growth is expected to further augment the demand for monitoring devices by patients undergoing the treatment.
- The impact of COVID-19 has been evident with the sudden spurt in demand as the investment in healthcare infrastructure has experienced a sudden increase to improve health services. The demand for telemonitoring system is expected to spearhead over the coming years due to the outbreak of COVID-19. As governments across the world have reduced non-emergency visits to hospitals and postponed surgeries, in-case they are not on an emergency, both patients and healthcare professionals are adpating to remote monitoring systems.
- Telemonitoring solution vendors are increasingly working with the government and healthcare industry to encourage the use of such systems. For example, Phillips is enabling hospitals in the Netherlands to remotely screen and monitor patients with COVID-19. In April 2020, GE Healthcare extended its long-time collaboration with Microsoft to launch a cloud-based COVID-19 patient monitoring software for health systems. The software is designed for providing a central hub from which hospital staff can monitor patients in intensive care units, including those on medical ventilation.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Force Analysis
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 Assessment of Impact of Covid-19 on the Industry
5 MARKET SEGMENTATION
5.1 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
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 GE Healthcare Systems (General Electric Company)
6.1.3 Care Innovations LLC
6.1.4 Koninklijke Philips NV
6.1.5 Aerotel Medical Systems Ltd
6.1.6 Boston Scientific Corporation
6.1.7 Resideo Technologies Inc.
6.1.8 Sparrow Health System
6.1.9 InfoBionic Inc.
6.1.10 AMD Global Telemedicine Inc.
6.1.11 SHL Telemedicine
6.1.12 Omron Corporation
6.1.13 Nihon Kohden Corporation
7 INVESTMENT ANALYSIS
8 MARKET OPPORTUNITIES AND FUTURE TRENDS
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