Vendors are focusing on developing portable medical devices such as continuous glucose monitoring devices and blood pressure monitors that patients can easily use at home.
Technavio recognizes the following companies as the key players in the global remote patient monitoring market: Medtronic, Boston Scientific, Abbott, Koninklijke Philips, and GE Healthcare.Other Prominent Vendors in the market are: Aerotel Medical Systems, Honeywell HomMed, Masimo, Nihon Kohden, Microlife Corporation, Napier Healthcare, Dexcom, ResMed, mTelehealth, CareTaker Medical, VitalSignals Enterprises, and Ostar Healthcare Technology.Commenting on the report, an analyst from Technavios team said: One trend in the market is paradigm shift toward home-based healthcare. Home-based healthcare is the trend that increases the demand for remote patient monitoring due to compatibility, portability, accuracy, and user-friendly digital operative methods.
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According to the report, one driver in the market is increasing consumer trend toward online medical purchase. Vendors have been increasing online marketing and promotional activities to provide better accessibility to their products and gain more product sales.
Online marketing services allow vendors to minimize setup, distribution, and operational costs, thereby reducing overheads. Many small and large vendors sell remote patient monitoring devices and accessories online.
They also provide discounts and promotional offers online, which increases the number of online purchases.Further, the report states that one challenge in the market is high cost of monitoring devices and procedures. Most remote patient monitors are expensive, especially in developing countries.
The high cost of these devices and the related software is another key challenge that is hampering the growth of the market. The average cost of implantable cardiac monitors is between $3,500-$6,000, and the procedure cost is around $8,000.
This is a huge cost burden on individuals in need of them. Moreover, these devices are not implanted for a lifetime; their longevity is a maximum of six to eight years, after which they are either removed or replaced through a second surgery, thereby creating extra expenses for patients.The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry.
The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
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About Remote Patient MonitoringRemote patient monitoring is a branch of telemedicine that focuses on providing healthcare services to patients with chronic diseases in their homes. Caregivers can use the remote interface to gather patient data.
The highest market demand for remote patient monitoring is for cardiac procedures; they are also used to monitor diseases such as respiratory disorders, diabetes, mental illness, and cardiovascular diseases and blood pressure, thereby driving market growth.Technavios analysts forecast the global remote patient monitoring market to grow at a CAGR of 15.30% during the period 2017-2021.Covered in this report
The report covers the present scenario and the growth prospects of the global remote patient monitoring market for 2017-2021. To calculate the market size, the report considers sales, volume, and value of the remote patient monitoring market.The market is divided into the following segments based on geography:
EMEATechnavio's report, Global Remote Patient Monitoring Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years.
The report also includes a discussion of the key vendors operating in this market.
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Other prominent vendors
Aerotel Medical Systems
Ostar Healthcare TechnologyMarket driver
Increasing consumer trend toward online medical purchase
For a full, detailed list, view our report Market challenge
High cost of monitoring devices and procedures
For a full, detailed list, view our report Market trend
Paradigm shift toward home-based healthcare
For a full, detailed list, view our report Key questions answered in this report
What will the market size be in 2021 and what will the growth rate be?
What are the key market trends?
What is driving this market?
What are the challenges to market growth?
Who are the key vendors in this market space?You can request one free hour of our analysts time when you purchase this market report. Details are provided within the report.
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