Telemonitoring Systems Market 2024-2031: Growth Trends and Key Players | Insights & Analysis

Report Overview
Global Telemonitoring Systems market is expected to grow at a CAGR of 12.42% during the forecast period 2024-2031.

Telemonitoring involves remote patient monitoring facilitated by information technology. This approach offers a cost-effective solution for managing chronic diseases by facilitating improved follow-up care, thereby minimizing complications. It enables healthcare services to be delivered without the need for hospital beds, reducing patient travel, time away from work, and overall expenses.

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Market Trends

The growing adoption of telemonitoring among patients is poised to drive significant growth in the market. Technological advancements in patient monitoring, particularly the emergence of mobile health (mHealth) tools, are expected to further fuel market expansion by offering cost-effective solutions, improved access to care, and enhanced clinical outcomes.

According to a January 2021 article published in Sage Journals, chronic diseases have become a major global health concern, particularly with the rapid aging of the population. This trend has led to an increasing demand for home health care services, with telehealth playing a pivotal role in meeting this demand. Consequently, there's a rising need for telemonitoring systems in the market.

Key market players are also employing strategic initiatives such as product launches and acquisitions to bolster their market presence. For example, in January 2022, Clear Arch Health acquired Life Care Solutions (LCS), a division of Resideo, renowned for its two-decade leadership in the remote patient monitoring industry. LCS offers a comprehensive remote patient monitoring solution aimed at streamlining care coordination and improving outcomes.

Furthermore, in October 2021, Honeywell introduced its Real-Time Health Monitoring System (RTHMS), a sophisticated edge-to-cloud communication platform designed for remote and real-time patient monitoring. Acting as a bridge between caregivers and patients, RTHMS digitizes and automates critical tasks, potentially reducing hospital administrative burdens by up to 35%. These advancements reflect the industry's commitment to innovation and improving patient care through telemonitoring solutions.

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Industry Segmentation

By Product Type
Software
Hardware

By Application
COPD Tele Monitoring Systems
Vital Sign Telemonitoring Systems
Cardiac Telemonitoring Systems
ECG Telemonitoring Systems
Physical Health Telemonitoring Systems
Diabetes Telemonitoring
Others

By End Users
Hospitals
Home Care
Long Term Care Centers

Industry Players
Major players are Honeywell Life care solutions, Medtronic, Nomadeec, Meytec, Cisco Systems, Philips, Intouch health, AT&T, Medisanté AG, GE Healthcare, BodyTel, and Emperra GmbH.

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