Telemonitoring Systems Market size is forecast to reach $5.5 billion by 2026, growing at a CAGR of 13.7% during the forecast period 2021-2026. Telemonitoring systems serve with improved chronic disease management like oxygen saturation, including early warning signs and progress tracker, thus anticipated to witness an increased demand for healthcare monitoring and medical diagnosis in the coming years at the global level. Chronic conditions account for 90% of the healthcare costs in the U.S. annually. This can be prevented by timely assistance provided to patients using a remote monitoring system. It can delay emergency room visits and hospitalizations, thus expanding the usage of remote monitoring systems in the coming years. The COVID-19 pandemic has led to a shortage of space in hospitals. Apart from this, patients, especially those suffering from chronic diseases, are also advised to avoid physical visits to hospitals owing to the threat of getting infected. This has led hospitals to implement a remote patient monitoring system to keep track of a patient’s health. Hence, a remote patient monitoring system such as blood pressure monitoring is expected to play a vital role amidst the COVID-19 pandemic. According to the Centers for Disease Control and Prevention (CDC), over 100 million people have hypertension in the U.S. Hypertension further increases the risk of heart disease. The American Heart Association (AHA) also supports initiatives that increase access to the use of Remote Patient Monitoring (RPM) technologies for better health management which is set to further enhance the overall market developments of the Telemonitoring Systems Market for the period 2021-2026.
Telemonitoring Systems Market Segment Analysis – By Product Type
The specialized monitor segment held the largest share in the Telemonitoring Systems Market in 2020 and is estimated to grow at a CAGR of 12.0% during the forecast period 2021-2026. This is owing to its ability to monitor clinically important data pre and post-surgery, identify symptoms, and prevent complications. Advanced features such as wireless communication and iPad connectivity allow early diagnosis and higher applicability of the products. The vital sign monitors are expected to witness the fastest growth over the forecast period owing to their common usage. In the vital sign monitors segment, heart rate monitor emerged as the dominant sub-segment in 2020 due to the increasing incidence of cardiac conditions globally. The surge in the number of individuals with heart disorders has led to the increased usage of these monitors. The vital sign monitors segment is estimated to register the higher CAGR over the period 2021-2026.
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Telemonitoring Systems Market Segment Analysis – By End Use
The hospital-based patient segment held the largest share in the Telemonitoring Systems Market in 2020 and is estimated to grow at a CAGR of 11.6% during the forecast period 2021-2026. This is owing to the presence of a large number of patients and tests being performed in hospitals. Alternate site monitoring, especially home healthcare, is anticipated to exhibit a sturdy CAGR over the forecast period. The cost-efficiency of this alternate site, along with the availability of qualified resources, is expected to support the growth of the segment. Apart from this, the recent COVID-19 has increased the number of patients interacting with their doctors from home, thus boosting the demand for remote patient monitoring systems. Home Healthcare is estimated to register the higher CAGR over the period 2021-2026.
Telemonitoring Systems Market Segment Analysis – By Geography
North America dominated the Telemonitoring Systems Market with a major share of 39.7% in 2020. The increase in the incidence of chronic diseases, demand for wireless and portable systems, coupled with the presence of sophisticated reimbursement structures, aimed at cutting out-of-pocket expenditure are the major factors attributed to the regional growth. However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to the presence of untapped opportunities in the emerging markets of India and China. Japan is expected to be a key revenue generator owing to its wide old age (65+) population.
Telemonitoring Systems Market Drivers
Rising healthcare expenditure among consumers is driving the market growth
Rising healthcare expenditure is driving the market growth. The global Medicaid expenditure increased significantly over the years. According to CMS, the global Medicaid expenditure in 2019 was valued at USD 639.4 billion, from USD 616 billion during the previous year. Further, a significant share of global healthcare spending is directed towards 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. Thus, increasing the growth of the Telemonitoring Systems Market during the forecast period 2021-2026.
Increasing chronic diseases and the growing aging population is poised to increase the growth of the market
Increasing chronic diseases and the growing aging population is driving the market. The global population is aging at a rapid pace, owing to various government initiatives to enhance the longevity revolution. 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. According to IDF, in 2019, 463 million adults were living with diabetes, and by 2045, this is expected to increase to 700 million. Furthermore, 1 in 5 of the people that are above 65 years are suffering from diabetes. Thus, increasing the growth of the Telemonitoring Systems Market during the forecast period 2021-2026.
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Telemonitoring Systems Market Challenges
Delayed regulatory approvals are likely to challenge the market growth
Severe shortages in critical medical supplies and delayed regulatory approvals are hindered the overall remote patient monitoring devices market in the first quarter of 2020. According to PWC, the value of medical device deals decreased by 88% in 2020 and this has attributed to the current strain on the medical device industry due to the Covid-19 crisis, which is hindering the market’s growth.
Telemonitoring Systems Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Telemonitoring Systems Market. In 2020, the Telemonitoring Systems Market share is fragmented by the top ten players present in the market. In the Telemonitoring Systems Market, the top 10 companies include:
● Honeywell
● American Telecare
● Roche
● Philips Healthcare
● Bosch
● Biotronik
● Intel
● Welch Allyn
● Health anywhere Inc.
● Johnson & Johnson
● Covidien Plc
Recent Developments:
In March 2021, with growing concerns about Coronavirus (COVID-19) and when to seek medical care, Sparrow Health System launched a COVID-19 virtual care screening digital app in partnership with the telemedicine service provider, Amwell. The new app is accessible by smartphone, tablet, or computer.
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 Takeaways
North America dominated the Telemonitoring Systems Market in 2020 owing to an increase in the incidence of chronic diseases, demand for wireless and portable systems. The Telemonitoring Systems Market scope for different regions will be provided in the final report.
Rising healthcare expenditure among consumers coupled with increasing chronic diseases is likely to aid the market growth of the Telemonitoring Systems Market report. Delayed regulatory approvals are poised to create hurdles for the Telemonitoring Systems Market.
Detailed analysis of the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be Telemonitoring Systems Market report.
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