Telemonitoring System Market Prognosticated For A Ravishing Growth By 2026
Telemonitoring systems offer new ways for diagnosis and treatment of patients from distance. The technological advancements and fast-increasing communication capabilities are opening new growth opportunities in telehealth industry due to increasing prevalence of chronic conditions among elderly population, worldwide. Home care for patients with chronic conditions is becoming an important part of the new healthcare strategies in developed economies. Telemonitoring also has many advantages including financial benefits since patients do not have to pay for the cost of hospitalization and transportation.
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Rising geriatric population, higher incidences of non-communicable diseases such as Alzheimer’s disease, cardiovascular disease, cancer, diabetes, metabolic disorders, and other mental health problems, which require prolonged treatment are expected to be the major factors driving the telemonitoring systems market growth during the forecast period. Moreover, less number of physicians and healthcare professionals also increases the demand for telemonitoring systems. For instance, according to the 2016 Physician Supply and Demand report released by the Association of American Medical College (AAMC), the significant physician shortfall in the U.S. is expected to reach 94,700, from 61,700 between 2014 and 2025.
However, lack of trained professionals in rural regions, privacy and information security concerns, and low availability of telecommunication bandwidth are the major factors restraining growth of the telemonitoring systems market. Significant privacy and security risks in telehealth systems can adversely affect patients’ and clinicians’ level of trust and willingness to adopt and use the system. For instance, home telemonitoring systems that are designed to detect falls, can collect and transmit information on personal activities that a patient wishes to keep private.
Government initiatives to support telehealth services is expected to drive growth of the telemonitoring system market revenue
Increasing global incidence of chronic diseases, rising geriatric population rate, and government initiatives to promote telehealth are major factors driving the telemonitoring systems market growth. For instance, in the U.S., the new CONNECT (Creating Opportunities Now for Necessary and Effective Care Technologies) for Health Act, introduced in June 2017, is expected to promote cost savings and improve quality care in Medicare through telehealth and remote patient monitoring. Moreover, the act permits the use of telemonitoring systems for patients suffering from chronic conditions. The government is also funding the research and development activities to establish telehealth programs. In 2017, Southwest Telehealth Resource Center (SWTRC) received US$ 975,000 cooperative agreement grant from the Federal Office for the Advancement of Telehealth (OAT). The grant will help in adoption of telehealth programs in clinics, hospitals, and public health offices in the underserved areas in the U.S.
Telemonitoring System Market – Competitive Landscape
Key players operating in the global telemonitoring system market include Abbott Laboratories, Allscripts Healthcare Solutions Inc., AMD Global Telemedicine, Inc., Cisco Systems, Inc., Care Innovations LLC, General Electric Company, Honeywell Life Care Solutions, InTouch Health, Koninklijke Philips N.V., McKesson Corporation, Medvivo Group Ltd., Medtronic Plc, Nihon Kohden, Siemens Healthineers AG, St Jude Medical, Tunstall Healthcare Group Ltd, and Vidyo, Inc.
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- Global Telemonitoring System Market, By Component:
- Global Telemonitoring System Market, By Mode of Delivery:
- Global Telemonitoring System Market, By Application:
- COPD Monitoring
- Blood Pressure Monitoring
- Glucose Monitoring
- Cardiovascular Disease Monitoring
Telemonitoring System Market – Regional Insights
On the basis of region, the global Telemonitoring System Market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America telemonitoring system market is expected to witness significant growth over the forecast period, owing to increasing adoption of telemonitoring systems in the U.S. The demand for telemonitoring systems in the country is driven due to strong economy and rising trends of home nursing facilities. According to the Centers for Medicare & Medicaid Services, around 12 million individuals received care from over 33,000 providers in 2010. In 2009, annual expenditures for home health care was around US$ 72.2 billion.
Asia Pacific telemonitoring systems market is expected to grow at lucrative CAGR, owing to increasing number of diabetes and cardiovascular disorder patients. Moreover, a huge population in this region lives in economically backward areas with poor or no healthcare facilities. Therefore, implementation of low cost telemonitoring systems can increase the adoption of telehealth in the region. According to the American Heart Association 2016 report, premature mortality in terms of years of life lost because of cardiovascular disease in India increased by 59%, from 23.2 million in 1990 to 37 million in 2010.