Remote Patient Monitoring Devices Market Size, Share, Trend, Opportunity Assessment and Global Forecast to 2025 | Top Key Players; Honeywell, Roche Diagnostics, Welch Allyn, Phillips Healthcare, and Johnson & Johnson

AnalystView Market Insights recently introduced an in-depth study on Global Remote Patient Monitoring Devices Market, describing different products and geographies which elaborates market outlook and status to 2025.

According to this study, by the end of 2025, the global Remote Patient Monitoring Devices market is expected to reach USD 1.96 billion, expanding at the growth rate of 11.6%. This proposed study provides a comprehensive analysis of remote patient monitoring devices market based on its growth potential, market drivers, barriers, future opportunities, key players’ market strategies and detailed qualitative analysis for industry segments. Strategic analyses such as Porter’s five forces, PEST analysis, leading companies’ market share (value %), and value chain analysis will also be included which will help you to take a strategic decision with respect to this market.
Remote patient monitoring is an emerging industry as the demand for such devices is increasing rapidly for fast and real-time detection of illnesses. Use of these products has become an integral part of patient’s routine health check-ups. As per the International Electrotechnical Commission (IEC), more than seven million patient’s benefits from the remote monitoring techniques.

With the convergence of many technological breakthroughs, the pace of this industry is accelerating. With relatively simple applications to monitor patients inside hospital settings, the devices have developed to the extent that individual can be allowed daily activities at home while still being diagnosed with the use of advanced sensor technologies. Due to these advantages, remote monitoring could reduce the patient’s healthcare cost to the significant extent. For example, National Broadband Plan (2017) of the Federal Communications Commission (FCC) stated that use of remote patient monitoring technology along with electronic health records (EHR) could save the more than USD 700 billion healthcare cost over 15-20 years.
Patient’s diagnosed with various chronic diseases such as cardiovascular, cancer, respiratory disorders among others have conditions that are better to be diagnosed continuously. Remote monitoring devices play an important role in such disease conditions that enable the patient to track disease condition on regular basis. Thus, rising incidences of these chronic disease conditions are expected to drive the industry growth significantly. However, lack of proper reimbursements is anticipated to pose a potential threat for the industry.

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Key Takeaways:
• In terms of products, special monitors accounted for the highest share of the global market with more than 82% share. Of which, respiratory devices are considered to be one of the highest revenue generating product segment and the segment is expected to stay strong owing to the rising incidence of respiratory disorders across the globe.
• Among the different vital sign products, heart rate monitors captured the highest share due to its high cost along with increasing cardiovascular disorders globally
• Brain monitoring devices recorded the lowest revenue, capturing less than 2% revenue share throughout the study period. This equipment is primarily used to record electrical activity and thus the presence of any abnormalities in the brain.
• Collectively, North America and Europe captured more than 65% revenue share in 2017. North America is the dominant region in global market owing to the rising chronic disease incidences coupled with favorable reimbursement schemes.
• Technology innovation is likely to help key players to create a new market in the developing region, primarily in smaller towns and rural areas, and leapfrog to the next level of growth.
• Companies such as Honeywell, Roche Diagnostics, Welch Allyn, Phillips Healthcare, and Johnson & Johnson are considered to be the prominent players in this industry.
• Strategic mergers and acquisitions are considered to be one of the important initiatives adopted by key players to capture large customer base. For instance, in 2017, OSI Systems partnered with University of Massachusetts Amherst and Spacelabs Healthcare to advance medical technology and value-based innovation
• Likewise, in 2017, Imprivata, a healthcare IT security company collaborated with Welch Allyn to improve security features of their medical equipment. Roche Diagnostics has also formed a strategic alliance with Qualcomm’s subsidiary Qualcomm Life, Inc. to enhance remote patient monitoring and management among patients.

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Global Remote Patient Monitoring Devices Market: Snapshot

MARKET, BY PRODUCT
1. Vital Sign Monitors
- Blood Pressure Monitors
- Heart Rate (ECG) Monitors
- Respiratory Rate Monitors
- Brain Monitoring (EEG) Devices
- Others
2. Special Monitors
- Cardiac Rhythm Monitors
- Anaesthesia Monitors
- Blood Glucose Monitors
- Respiratory Monitors
- Multi-Parameter Monitors (MPM)
- Others

MARKET, BY REGION
1. North America (U.S. and Canada)
2. Europe (France and Germany)
3. Asia Pacific (India and China)
4. Middle East and Africa
5. Latin America
6. Rest of the World

Key players profiled in this report with special attention on competitive landscape includes, (can be further customized to include an additional 10 profiles of companies):
1. Honeywell
2. Roche Diagnostics
3. Welch Allyn
4. Phillips Healthcare
5. Johnson & Johnson

USP of our key vendor analysis:
1. Well-designed strategic framework design for these key players will help to understand the market movement including regional expansion, mergers & acquisitions, and new product developments
2. Thorough SWOT i.e. Strength, Weakness, Opportunities, and Threat for individual company profiling is analyzed in order to present a detailed market opportunity assessment.

Key benefits of the report:
• The report presents a macro and micro-level outlook regarding the industry. Thus, it becomes easy for our clients to perceive the business landscape and take a glimpse of their own standing in it.
• A thorough analysis of relevant statistical data to estimate the market paradigms
• Exceptional understanding of the region and country-specific markets. The report will answer some of the toughest questions regarding the market shares, sizes, forecasts segmentations, and growth specific to the countries.
• Well-designed strategic framework analyzes the market movements including regional expansion, mergers & acquisitions, and new product developments

Research Methodology:
- Preliminary Data Mining: Secondary Research, Paid Databases, Primary Research
- Data Synthesis & Analysis: Top-Down Approach, Bottom-Up Approach, Supply Side and Demand Side
- Market Formulation: Market Dynamics, Total Addressable Market, and Machine Learning Technique
- Data Verification: Quality Assurance and Reach a Conclusion

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