Telemonitoring Systems Market - Forecast(2023 - 2028)
Telemonitoring Systems Market Overview
Telemonitoring Systems Market Size is estimated to reach $6.1 billion by 2027. Furthermore, it is poised to grow at a CAGR of 13.5% over the forecast period of 2022-2027. Telemonitoring is the process of healthcare monitoring by transmitting symptom scores as well as physiological patient data such as heart rate, oxygen saturation, blood pressure monitoring, and other measurements. Patients and professionals can use telemonitoring systems to get regular readings on a variety of clinical and physiological markers. This strategy has the potential to provide access to specialist care in places where health professionals are scarce or health services are unavailable. It has the potential to improve the quality of life of chronic disease patients while also lowering healthcare costs. Remote counseling and radiation services assist reduce wait times, optimizing resources, and boosting productivity. A telemonitoring systems is a medical diagnosis device that uses a physician's communication technology to remotely check, diagnose, and monitor a patient's health at home. Physicians can monitor important patient data and evaluate the patient's symptoms, condition, and other medical factors using Telemonitoring Systems at any time. In the market under investigation, the use of IoT is generating a substantial new trend. IoT-enabled medical wearable temperature sensors, for example, can send data to a central monitoring system from afar. According to the Centers for Disease Control and Prevention (CDC), hypertension affects approximately 100 million people in the United States. Hypertension raises the risk of heart disease even more. The American Heart Association (AHA) also backs projects to expand access to remote patient monitoring (RPM) technology for better health management, which is set to further enhance the overall market developments of the Telemonitoring Systems Market for the forecast period 2022-2027.
Telemonitoring Systems Market Report Coverage
The report: “Telemonitoring Systems Market Forecast (2022-2027)", by Industry ARC covers an in-depth analysis of the following segments of the Telemonitoring Systems Market.
- Geographically, North America held a dominant market share in the year 2021, as the number of people using these systems grows in the United States A robust economy and a growing trend in in-home care facilities and Healthcare monitoring are driving demand for telemonitoring systems in the United States.
- The Telemonitoring Systems Market is predicted to increase owing to the demand for improved remote patient monitoring measures and the integration of information technology and monitoring equipment.
- However, the key factor that is likely to stifle the target market's growth is the difficulty in understanding the technology over the forecast period 2022-2027.
- A detailed analysis of strengths, weaknesses, opportunities, and threats will be provided in the Telemonitoring Systems Market Report.
Telemonitoring Systems Market: Market Share (%) by region, 2021
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Telemonitoring Systems Market Segmentation Analysis- By Product Type
Telemonitoring Systems Market based on product type can be further segmented into Remote Glucose Level Monitoring Systems, Remote COPD Monitoring Systems, Remote Cardiac Monitoring Systems, Remote Blood Pressure Monitoring Systems, and Others. The Remote Cardiac Monitoring Systems segment held a dominant market share in the year 2021. Telemonitoring is anticipated to rise at a consistent rate in heart disease patients as it reduces costs by considerably lowering emergency hospitalization, provides continuous monitoring, and allows patients to receive accurate treatment. The impact of telemonitoring technologies and their ability to alleviate the rising burden of chronic diseases, such as chronic cardiovascular disease (CVD), on healthcare systems has stimulated interest. CVD is believed to be one of the world's leading killers, claiming the lives of more than 17.5 million people worldwide. As a result of the increased health risks, remote cardiac monitoring systems are becoming more popular.
However, the Remote COPD Monitoring Systems segment is expected to grow at the quickest rate between 2022 and 2027, with a CAGR of 14.1%. According to the World Health Organization, chronic obstructive pulmonary disease (COPD) is the third greatest cause of death worldwide, accounting for 3.23 million deaths in 2019. COPD is also known as "emphysema" and "chronic bronchitis." Emphysema is a condition in which the little air sacs at the end of the airways in the lungs are destroyed. Indoor air pollution: biomass fuel (wood, animal dung, crop residue) or coal is frequently used for cooking and heating in low- and middle-income countries with high levels of smoke exposure; asthma in childhood; and a rare genetic condition called alpha-1 antitrypsin deficiency, which can cause COPD at a young age.
Telemonitoring Systems Market Segmentation Analysis- By End User
Telemonitoring Systems Market based on end user can be further segmented into Long-Term Care, Home Care, Hospital Care Facilities, and Others. The Hospital Care Facilities segment held a dominant market share in the year 2021. This is owing to the enormous number of patients and tests that are carried out at hospitals. Vendors of telemonitoring solutions are increasingly collaborating with government and healthcare organizations to promote the adoption of these systems. In April 2020, GE Healthcare and Microsoft will deploy a cloud-based COVID-19 patient monitoring platform for health systems, extending their long-standing partnership. The program is intended to serve as a central point for hospital personnel to monitor patients in intensive care units.
However, Home care is expected to grow at the quickest rate between 2022 and 2027, with a CAGR of 14.3%. Patients, particularly those with chronic conditions, are often recommended to minimize physical trips to hospitals owing to the risk of infection. As a result, the market for remote patient monitoring systems has grown. Firms make a significant amount of investments via cooperating, acquiring, and partnering with new developing businesses to develop oxygen saturation devices. Philips and BioIntelliSense, for example, signed a strategic partnership in July 2021 to improve remote patient monitoring technologies. Philips has included the BioSticker gadget from the latter in its remote patient monitoring (RPM) portfolio. It's a wearable device that keeps track of COVID-19 symptoms while also monitoring chronic diseases. This is also anticipated to contribute to market expansion throughout the forecast period 2022-2027.
Telemonitoring Systems Market Segmentation Analysis- By Geography
The Telemonitoring Systems Market based on Geography can be further segmented into North America, Europe, Asia-Pacific, South America, and the Rest of the World. North America held a dominant market share of 35% in the year 2021. Along with the rising popularity of home nursing facilities and the availability of hospital treatment, particularly in the United States. Furthermore, increasing patient awareness, technological breakthroughs in Healthcare monitoring and medical diagnosis, and disease incidence are all on the rise in this region's countries. Owing to advantages such as precise diagnosis with easy technical access, rising awareness about medical diagnosis, and increased adoption of technologically sophisticated products, oxygen saturation devices, and services across various countries in Europe and Asia-Pacific are predicted to expand in the Telemonitoring Systems Market.
Furthermore, the Asia-Pacific is estimated to grow with the fastest CAGR over the forecast period 2022-2027. According to a survey by the United Nations Population Fund and HelpAge India, the country's old population is predicted to reach 173 million by 2026. Several players are being pushed to innovate and launch new telemonitoring systems as a result of these circumstances. For instance, Abbott offers patients in India access to a smartphone-compatible Insertable Cardiac Monitor (ICM). The technique is intended to aid physicians in detecting heart arrhythmias remotely.
Telemonitoring Systems Market Drivers
The Market Is Being Driven by Rising Chronic Disease Rates and Ageing Population.
The world population is rapidly aging as a result of different government programs aimed at accelerating the longevity revolution. The majority of wealthy countries are seeing an increase in the number of elderly people. According to UN estimates, there were 703 million people aged 65 and more in 2019, with that number anticipated to rise to 1.5 billion by 2050. The incidence of chronic diseases is rising over the world, particularly in terms of hypertension, diabetes, and respiratory difficulties. According to the International Diabetes Federation, 463 million adults had diabetes in 2019, and this number is anticipated to rise to 700 million by 2045. Furthermore, diabetes affects one out of every 5 persons over the age of 65.
The Market Is Being Driven by Rising Consumer Spending on Healthcare.
Telemonitoring Systems Market Challenges
Market Growth is Being Hindered by
Higher Installation and Maintenance Costs.
During the projected period, higher installation and maintenance expenses are anticipated to re-enable global Telemonitoring Systems Market growth. Technical concerns, user interface issues, and security issues, such as data loss and confidentiality, are all potential downsides. All of these problems, taken together, limit the adoption of telemonitoring systems. As per Pew Research Center, around 79% of Americans are concerned about how their data is utilized by companies or the government Other challenges that are anticipated to stymie growth in the worldwide Telemonitoring Systems Market include privacy and information security concerns.
Telemonitoring Systems Industry Outlook
Product launches, mergers and acquisitions, joint ventures, and geographical expansions are key strategies adopted by players in the Telemonitoring Systems Market. The top 10- Telemonitoring Systems Market companies are-
- Allscripts Healthcare Solutions Inc.
- Abbott Laboratories
- AMD Global Telemedicine, Inc.
- General Electric Company
- Care Innovations LLC
- InTouch Health
- Honeywell Life Care Solutions
- McKesson Corporation.
- Koninklijke Philips NV
- Medtronic Plc
- In January 2022, Abbott Laboratories launched a health wearables Lingo product line outside of the U.S. This product can be used to track diet and exercise. It uses FreeStyle Liber technology, which uses the sensor to measure glucose, ketones, and lactate for tracking diet and exercise.
- In April 2021, Care Innovations has entered into an agreement with Merck KGaA to work in combination with its human growth hormone (HGH) treatment system. Under the agreement, PRA’s remote patient monitoring platform backs Merck KGaA, HGH treatment system, including growlinkTM. This agreement is aimed to deliver a better product experience and scale for future enhancements.
- In March 2020, Medtronic plc has announced its Medtronic Care Management Services business is launching two new solutions. These solutions are designed to help assess, monitor, and triage support for patients who are concerned about their respiratory symptoms. The company is working on alternative approaches to disease monitoring, and patient education to reduce additional population exposure.
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