From the bang of wellness applications to chronic illness management, industry leaders to start-ups and remote monitoring to innovative software solutions, healthcare innovation in healthcare industry is rushing to support a trade that is facing challenges related to rising tension among increasing demand and tightening capacity as well as growing care cost and new models of reimbursement aiming towards controlling costs.
Major Players
The leading companies operating in the global remote patient monitoring device market are Medtronic, F. Hoffmann-La Roche Ltd., Boston Scientific Corporation, St. Jude Medical, LifeWatch AG, Koninklijke Philips N.V., Nihon Kohden Corporation, and Abbott Laboratories.
Market Drivers
Factors that are boosting the revenue growth of the global market of remote patient monitoring device include rising availability of solutions that effective in treatment and growing expenditure on healthcare. Increase in the geriatric population who have chronic diseases are propelling the demand of RPM devices which in turn driving the market growth. Moreover, growing awareness among patients as well as doctors regarding RPM devices and chronic diseases diagnosis in rural areas based on opinions due to shortage of standard diagnostic tests is further fueling the revenue growth of the global RPM device market in the coming years.
However, shortage of skilled professionals to help with RPM devices is hindering the market growth of remote patient monitoring device globally. Lack of awareness regarding RPM devices as well as insufficiency while maintaining the security and privacy of stored data and lack of regularity in functionality of device are the major factors hampering the global market of remote patient monitoring device.
Regionally, the global market of remote patient monitoring device is segmented as APEJ, North America, Europe, Latin America and MEA. North America will dominate the global market of RPM device in terms of value and will exhibit revenue share of XX% by the end of 2018. While the Europe market is estimated to exhibit XX% revenue share of the global market of RPM device by the end of 2018.
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