Global Remote Patient Monitoring Market 2017-2021 with Medtronic, Boston Scientific, Abbott, Koninklijke Philips & GE Healthcare Dominating

The global remote patient monitoring market to grow at a CAGR of 15.30% during the period 2017-2021.

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.

Remote 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.

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. 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.

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.

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Key vendors

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