South America Remote Patient Monitoring Systems Market is trending with CAGR of 7.5% by 2023, Key Players- ABBOTT LABORATORIES, ALERE, BAXTER, BOSCH MEDICAL, BOSTON SCIENTIFIC, CARDIOCOM, COVIDIEN, GE HEALTHCARE, HONEYWELL MED

The South-America Remote Patient Monitoring Systems Market is expected to witness a CAGR of 7.5%, during the forecast period, 2018-2023. The Heart rate monitor segment accounts for a significant market share in 2015.

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Increase in Aging Population
Based on World Health Organization data, the number of people aged 65 year or older is projected to grow from an estimated 524 million in 2010 to nearly 1.5 billion in 2050, with most of the increase in developing countries. The National Council on Aging (NCA), states that approximately 80% of older adults have at least one chronic disease and 77% have at least two. Population aged 55 and above is at risk for the chronic diseases, such as the heart diseases, diabetes, cancer, and the neurological diseases. All these conditions may require a prolonged stay or require specialist guidance for a long duration. This prolonged stay results in an increase in the healthcare expenditure. In some of the cases, patients need to be monitored regularly, which can be done from home. This technological advancement can help in decreasing the overall costs and provide the better patient care. Hence, the growing of the aging population, need to contain healthcare expenditure and the prevalence of the chronic diseases, increases the demand for the remote patient monitoring devices.

Key Developments in the Market
September 2016 - Abbott Laboratories has launched a new product called FreeStyle Libre Pro Flash Glucose Monitoring System, is a professional continuous glucose monitoring (CGM) device indicated for detecting trends and tracking patterns in persons (age 18 and older) with diabetes

Major Players –
ABBOTT LABORATORIES, ALERE, AMD SOUTH AMERICA TELEMEDICINE, BAXTER, BOSCH MEDICAL, BOSTON SCIENTIFIC, CARDIOCOM, COVIDIEN, GE HEALTHCARE, HONEYWELL MED, amongst others.

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Resistance from Healthcare Industry Professionals towards the Adoption of Patient Monitoring Systems
The unwillingness among the healthcare professionals to adopt the new technologies is the major factor restraining the remote patient monitoring market. The remote patient monitoring systems pose a threat to the entire hospital and the healthcare set up. These devices are being adopted by the patients to reduce expenditure of hospitalization and follow up care. This, in turn, is likely to reduce the revenue of the hospitals to a large extent. As a result, the hospitals are resisting the adoption of patient monitoring systems. Hence, resistance from healthcare professionals to adopt the new technologies is acting as a major restraint on the remote patient monitoring market.
The other factor also includes stringent regulatory framework and lack of proper reimbursement.

Brazil Dominates the Market
On the basis of Geography, Brazil, and Argentina are projected for the highest share in 2017. The major factors driving the growth of the market in this region are the aging population and increased lifestyle diseases.

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