Remote patient monitoring devices supports patient monitoring of physical conditions without the need to visit a medical practitioner. Digital technology is used to monitor the patients, which gathers medical data that is securely passed to the healthcare providers at another location for clinical review. The remote patient monitoring devices helps to control patient costs by reducing hospital stays, empower patients to shift from healthcare to self-care, avoid hospital readmissions and modify patient behavior with reliable diagnosis. Remote patient monitoring devices allow for real-time sharing, allowing physicians to take vital decisions to ensure efficient treatment for various physiological parameters.
Global Remote Patient Monitoring Devices Market is expected to gain steady traction in the foreseeable future as the remote monitoring experience bring total solution with sophisticated web-based technology personalized and day-to-day support.
The market is gaining significant traction due to rising prevalence rate of hypertension and diabetes. Management of these chronic conditions include a lifelong collaboration with the healthcare professionals. According to the World Health Organization 2012, an estimated 1.5 million deaths were directly caused by diabetes and another 2.2 million deaths were attributable to hyperglycemia or high blood glucose levels. The technological innovations and developments of remote monitoring products are contributing to the market growth. For instance, the FDA approval of CGM remote mobile communications device Dexcom SHARE, an accessory of Dexcom G4 PLATINUM Continuous Glucose Monitoring System, uses a secure wireless connection to transmit the glucose levels of a diabetic. With Dexcom SHARE, the glucose data can be easily monitored by parents and personal caregivers from a remote location.
Increasing prevalence of respiratory disorders drives the growth of remote patient monitoring devices market
The remote patient monitoring devices market is expected to grow drastically owing to the government regulations to control the rising healthcare costs, the technological innovations and developments of efficient self-monitoring products. The Patient Protection and Affordable Care Act, also known as Obamacare was implemented under the Hospital Readmissions Reduction Program by U.S. government to impose penalties to hospitals. According to the penalty, government had reduced up to 1% in the Medicare payment per patient for hospital readmission within 30 days in 2013, thereby, accelerating the growth of remote patient monitoring devices by the healthcare professionals.
According to the Biomed Central Respiratory Research 2016, asthma and chronic obstructive pulmonary disease (COPD) are common chronic obstructive lung disorders characterized by variable airflow limitation and airway hyper responsiveness, affecting over 25 million people in the U.S. The patient monitoring devices are largely been validated as clinically effective tools for the management of disease.
Key companies covered as a part of this study include Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic, St. Jude Medical, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd. And Kokinklijke Philips N.V. and St. Jude Medical.
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The rise in the geriatric population, associated with high susceptibility to chronic diseases, increases demand for home-based treatments, opinion based diagnosis of chronic diseases tests in rural areas is expected to boost the global remote patient monitoring device market. The remote patient monitoring device in Asia Pacific is expected to increase over the forecast period, owing to high population base and the increasing purchasing power of the patients. The key players are acquiring smaller organizations to improve their product portfolio and gain additional market share. The collaborations between manufacturers, hospitals, and academic institutions are expected to establish a positively impact the market growth.
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