Telemonitoring System Market Is Booming Worldwide 2023-2030 | Cisco Systems ,Abbott, Siemens, Vidyo, Inc., McKesson
BURLINGAME, CALIFORNIA, UNITED STATES, December 5, 2023 /EINPresswire.com/ — The global telemonitoring system market size was valued at US$ 2,576.8 Million in 2023 and is expected to witness a CAGR of 10.3% over the forecast period (2023 – 2030).
Market Overview:
Telemonitoring systems allow remote monitoring of patients’ vital signs outside of conventional clinical settings, typically through the use of digital technologies to collect medical and other forms of health data from individuals and transmit that information electronically to healthcare providers. This allows care to be provided or triaged from a distance.
Market Dynamics:
The growing prevalence of chronic diseases such as cardiovascular diseases, diabetes, and respiratory diseases are expected to drive the growth of telemonitoring system market over the forecast period. Chronic diseases are long-lasting health conditions that require ongoing management. According to the World Health Organization (WHO), chronic diseases are the leading cause of death and disability worldwide. Chronic diseases are responsible for over 70% of all deaths globally. Telemonitoring systems allow for the remote monitoring of chronic disease patients, which facilitates early detection of worsening conditions or complications and timely intervention. This helps reduce healthcare costs associated with frequent hospital admissions and Emergency Room visits. Additionally, the growing geriatric population who are more prone to chronic diseases also supports the growth of the telemonitoring system market. According to the United Nations, the number of people over 60 years is expected to double from 12% to 22% by 2050.
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Competitive Landscape
In the segment specifically devoted to leading companies in the Telemonitoring System Market of the market analysis document, our researchers provide a summary of the financial statements of all the major companies, covering their noteworthy developments, product benchmarking, and SWOT analysis. The corporate profile copy also includes financial information and a business summary. The businesses in this area can be customized to match the unique needs of the client.
Some of the Top Players in Telemonitoring System Market:
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, Comarch SA, Tunstall Healthcare Group Ltd, and Vidyo, Inc.
Detailed Segmentation:
Global Telemonitoring system Market, By Component:
Hardware
Software
Global Telemonitoring system Market, By Mode of Delivery:
Web-based
Cloud-based
Global Telemonitoring system Market, By Application:
COPD Monitoring
Blood Pressure Monitoring
Glucose Monitoring
Cardiovascular Disease Monitoring
Others
Regional Analysis –
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
Latin America (Colombia, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
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Rising geriatric population and increasing chronic diseases
The global geriatric population is rising at an exponential rate. According to the World Health Organization (WHO), the number of people aged 60 years and above is predicted to grow from 900 million to 2 billion between 2015 and 2050. Similarly, chronic diseases such as cardiovascular diseases, diabetes, and respiratory diseases are on the rise. Telemonitoring systems help manage chronic conditions and improve patients’ quality of life by enabling remote monitoring of health metrics such as blood pressure and blood glucose. This reduces the need for frequent hospital visits driving the adoption of telemonitoring systems.
Lack of reimbursement policies for telemonitoring systems
Despite the proven benefits of telemonitoring systems in reducing healthcare costs, the lack of standardized reimbursement policies remains a major challenge for the market. Healthcare payers are still hesitant in reimbursing the costs associated with telemonitoring systems and services. This can discourage patients from adopting telemonitoring as they would have to bear the entire costs. Various pilot programs andstudies have demonstrated the ability of telemonitoring to cut costs. However, permanent reimbursement policies are yet to be implemented in most countries. This is a key restrain inhibiting the widespread adoption of telemonitoring systems.
Opportunity for telemonitoring in home healthcare
With rising preference for home healthcare among patients and clinicians, telemonitoring offers enormous untapped growth opportunity in remote patient monitoring applications within the home healthcare segment. Advancements in remote vital signs monitoring devices and connectivity solutions are enabling comprehensive care delivery and chronic disease management in the home setting. This reduces hospital admissions and readmissions improving patient satisfaction. The home healthcare telemonitoring market is expected witness significant traction in the foreseeable future.
Trends towards patient centric connected care
There is a clear shift in focus towards patient-centric connected care models. Consumers want to be active participants in their treatment and care processes. Telemonitoring facilitates continuous monitoring and management of chronic conditions allowing patients to live independently and be in control. Furthermore, proliferation of wireless communication technologies and remote patient monitoring devices have greatly enhanced convenience and accessibility of connected care services. Going forward, deployments of advanced digital platforms and integration of AI/ML will further augment patient-provider interactions and personalized chronic care through telemonitoring.
Reasons to Purchase this Report:
✔ Regional report analysis highlighting the consumption of products/services in a region also shows the factors that influence the market in each region.
✔ Reports provide opportunities and threats faced by suppliers in the Telemonitoring System industry around the world.
✔ The report shows regions and sectors with the fastest growth potential.
✔A competitive environment that includes market rankings of major companies, along with new product launches, partnerships, business expansions, and acquisitions.
✔ The report provides an extensive corporate profile consisting of company overviews, company insights, product benchmarks, and SWOT analysis for key market participants.
✔ This report provides the industry’s current and future market outlook on the recent development, growth opportunities, drivers, challenges, and two regional constraints emerging in advanced regions.
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Questions Answered by the Report:
(1) Which are the dominant players of the Telemonitoring System Market?
(2) What will be the size of the Telemonitoring System Market in the coming years?
(3) Which segment will lead the Telemonitoring System Market?
(4) How will the market development trends change in the next five years?
(5) What is the nature of the competitive landscape of the Telemonitoring System Market?
(6) What are the go-to strategies adopted in the Telemonitoring System Market?
Table of Contents
Chapter 1 Market Overview
1.1 Definition
1.2 Assumptions
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Market Size Analysis from 2023 to 2030
Chapter 2 Competition by Types, Applications, and Top Regions and Countries
2.1 Market (Volume and Value) by Type
2.3 Market (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Worldwide Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Telemonitoring System Sales, Consumption, Export, Import by Regions (2023-2023)
Chapter 5 North America Market Analysis
Chapter 6 Europe Market Analysis
Chapter 7 Middle East and Africa Market Analysis
Chapter 8 Asia Pacific Market Analysis
Chapter 9 Latin America Market Analysis
Chapter 10 Company Profiles and Key Figures in Telemonitoring System Business
Chapter 11 Market Forecast (2023-2030)
Chapter 12 Conclusions
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