According to the report, in 2013, the global market for remote patient monitoring devices was worth US$0.38 bn and is anticipated to reach US$0.98 bn by the end of 2020. The market is expected to register a progressive 14.20% CAGR between 2014 and 2020. The rising economic burden on medical clinics and hospitals for patient admission is the major factor propelling the global remote patient monitoring devices market in the forecast period. However, the inadequacy in maintaining the security and privacy of the data is the key factor hampering the growth of this market.
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On the basis of type, the global market for remote patient monitoring devices has been divided into breath monitors, physical activity monitors, heart monitors, hematological monitors, and multi-sign monitors. The growing prevalence of various chronic diseases that need constant monitoring, such as blood pressure, diabetes, and cardiovascular disorders, is driving the global market for monitoring medical devices. In 2013, the heart rate monitors segment led the overall market due to the rising prevalence of cardiac diseases across the globe.
On the basis of end-use, the global market for remote patient monitoring devices is classified into ambulatory care centers and home healthcare. In 2013, the ambulatory care center segment held the biggest share in the global remote patient monitoring devices market. The dominance of this segment is due to the growing geriatric population, as aging people are at a greater risk of developing various infections and diseases. Nevertheless, the home healthcare segment is also expected to grow at a fast pace in the forecast period.
On the basis of major geographies, the global market for remote patient monitoring devices has been segmented into Europe, Asia Pacific, North America, and Rest of the World. In terms of revenue generation, the North America region dominates the global remote patient monitoring devices market and is also anticipated to remain in that position throughout the forecast period. The dominance of this region is due to the growing geriatric population and increasing healthcare cost in the U.S., making the remote healthcare monitoring treatment option attractive.
In addition, the rising incidence of diabetes in this region is another factor that is anticipated to boost the demand for hematology monitoring devices in the global remote patient monitoring devices market. On the other hand, the Asia Pacific remote patient monitoring devices market is projected to witness rapid growth due to several factors including the increasing costs of healthcare services and the booming medical tourism industry in countries such as Thailand and India.