The Global Market for Remote Patient Monitoring Systems is Projected to Reach US$46.08 Billion by 2020

Need to Minimize Healthcare Costs & Hospital Readmissions to Drive the Remote Patient Monitoring Systems Market, According to a New Report by Global Industry Analysts, Inc.

GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Remote Patient Monitoring Systems market. The global market for Remote Patient Monitoring Systems is projected to reach US$46.08 billion by 2020, driven by government measures to reduce healthcare spending against a backdrop of widening healthcare budget deficit.

Remote Patient Monitoring (RPM) systems enable efficient healthcare delivery to patients outside conventional hospital or clinical settings, by transmitting real-time patient data for remote clinical review. The global RPM systems market draws immense focus due to strict governmental measures to cut down healthcare expenditure, and reduce hospital stays. Remote Patient Monitoring serves to minimize hospital readmissions, and reduces the load on physician time and nursing staff, thus greatly reducing healthcare costs. A rapidly aging population vulnerable to chronic diseases and the growing desire to live independent lives among the elderly are factors driving growth in the market. Given the rise in the number of insured patients covered under reforms such as the Affordable Care Act coupled with stricter reimbursement norms, healthcare providers are under constant pressure to manage wider patient population at lower costs. With the healthcare industry migrating towards an outcome-driven effective healthcare system, remote patient monitoring technology stands optimally positioned for growth.

Remote patient monitoring systems incorporate wireless medical devices and computer based software applications. Encouraged by the widespread proliferation of high-speed Internet, and related services, adoption of RPM systems is witnessing strong growth. There is growing interest in IoT-driven healthcare services and wearable medical devices that feature sensors, actuators, and other mobile communication methods through which patient data can be continuously transmitted onto a Cloud-based platform. Healthcare providers are increasingly adopting cloud computing technologies, which not only offer cost benefits but also allow healthcare organizations to increase operational efficiency. Key issues challenging smooth growth in the market include high upfront costs of devices, lack of reimbursement and clarity on associated accountability, privacy concerns regarding transmitting sensitive patient data, and security issues of devices.

As stated by the new market research report on Remote Patient Monitoring Devices, the United States represents the largest market worldwide. Asia-Pacific ranks as the fastest growing market with a CAGR of 13% over the analysis period. The growth in the region is driven by the increase in per capita healthcare spending and the need for a cost-effective and sustainable healthcare system and infrastructure capable of addressing the growing healthcare needs of an expanding population.

Major players in the market include Abbott Laboratories, Aerotel Medical Systems, AMD Global Telemedicine, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, GE Healthcare Ltd., Honeywell Life Care Solutions, Intelesens Ltd., LifeWatch AG, Masimo Corporation, Medtronic Plc, Mindray North America, Nihon Kohden Corporation, Omron Healthcare, Inc., Philips Healthcare, Qualcomm Life, Inc., St. Jude Medical Inc., and Welch Allyn, Incorporated.

The research report titled “Remote Patient Monitoring Systems: A Global Strategic Business Report” announced by Global Industry Analysts Inc., provides a comprehensive review of market trends, issues, drivers, product launches, mergers, acquisitions and other strategic industry activities of global companies.  The report provides market estimates and projections for all major geographic markets that include the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China and Rest of Asia-Pacific), Latin America (Brazil and Rest of Latin America), and Rest of World.

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