Telemonitoring Systems Market is segmented By Product Type (COPD Telemonitoring System, Blood Pressure Telemonitoring System, Glucose Level Telemonitoring System, Cardiac Telemonitoring System, and Others) and By End-User (Home Care, Hospice Care, Long-Term Care Centers) and Region (United States, Canada, Mexico, South America, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, South Africa, Rest of World)
Telemonitoring Systems Market size was estimated at $2,350 million in 2020 and is expected to reach $5,302 million by 2028, growing at a CAGR of 13.1% during the forecast period of 2021 to 2028.
Telemonitoring is a form of the healthcare monitoring system that doctors use to diagnose, examine, and monitor patients health remotely from their homes using telecommunications technology. This system enables physicians and doctors to supervise a patients vital statistical data at any specified period. It also monitors the symptoms of the patient, requirements, and other medical parameters, such as blood pressure, pulse rate, and blood sugar and glucose levels, among other telemonitoring systems used in different hospitals, clinics, and detention centers. Constant technological advances and innovations in the healthcare industry are positively impacting the worldwide telemonitoring systems markets performance.
The growing cost of healthcare, particularly in hospital settings, has pushed the emphasis in recent years toward alternate modes of treatment, such as home care. As a result, demand for appropriate home-use equipment such as thermometer, oximeters, weight scales, ECG devices, event monitors, EEG recorders, and fetal monitors has increased.
Customer demand for adequate monitoring at home and reduction in hospitalization is a critical factor needed to drive market growth, as is the growing pool of elderly population, increasing incidence of non-communicable diseases like Alzheimers disease, cardiovascular disease, diabetes, metabolic diseases, cancer, and other health problems that require lengthy treatment and rehabilitation. Additionally, rising developments in information and visualization technology increased modernization and technical improvements in healthcare equipment, and increased research & development efforts will all contribute to the telemonitoring market globally gaining new opportunities. Telemonitoring system market also offers comprehensive market analysis for each country, including expansion in healthcare capital investment expenses, installed base of various products for telemonitoring market, the effect of technology using lifeline curves, and modifications in healthcare regulatory scenarios, all of which affect the telemonitoring system market.
Telemonitoring Systems Market Growth and Trend
The market is being driven by rising chronic illnesses and an aging population. The world population is aging rapidly because of several government programs aimed at accelerating the longevity revolution. Most developed countries are progressively noticing an increase in the aging population. According to UN estimates, there were 703 million individuals aged 65 or over in 2019, with the figure expected to reach 1.5 billion by 2050. The global population is seeing a dramatic increase in the prevalence of chronic illnesses, including hypertension, diabetes, and respiratory difficulties.
The healthcare sector is increasingly embracing smart and connected medical equipment for real-time monitoring of patients to identify cardiovascular disease, as per the telemonitoring systems market research analysis (CVD). These gadgets are connected to the internet via super-specialty hospitals wireless network information systems to record and analyze real-time patient health data. Sensor-equipped devices enable real-time monitoring from distant areas and the transfer of information in the event of an emergency. This will accelerate the adoption of smart and interconnected medical equipment, which will become one of the primary market trends driving the growth of telemonitoring systems.
Additionally, the influence of COVID-19 has been visible, since the demand for telemonitoring systems is projected to surge in the future years as a result of the epidemic. As governments across the globe have proclaimed a reduction in non-emergency hospital visits and a postponement of procedures when they are not necessary, this has influenced both patients and healthcare providers to use remote monitoring systems. Suppliers of telemonitoring systems are increasingly collaborating with medical and healthcare organizations to promote the adoption of such systems.
Telemonitoring Systems Market Segmentation
The telemonitoring systems market is segmented by product type and end-user. Based on product type, the market consists of COPD telemonitoring system, blood pressure telemonitoring system, glucose level telemonitoring system, cardiac telemonitoring system, and others. Based on end-user, the market is divided into home care, hospice care, long-term care centers.
Telemonitoring Systems Market Country Analysis
North America is predicted to lead the worldwide telemonitoring system share in terms of revenue throughout the forecast period, due to the growing popularity of home nursing facilities and the availability of hospital treatment, particularly in the United States. Europe and Asia-Pacific are predicted to lead the telemonitoring system industry in terms of economic growth, owing to the benefits of accurate diagnosis coupled with ease of technological availability, rising health awareness, and increased adoption of technologically advanced services across different countries in these regions.
Telemonitoring Systems Market Share and Competition
The major players operating in the global telemonitoring systems market are Abbot, Philips, GE, Aerotel Medical Systems, Allscripts, Mckesson, and Advanced TeleHealth Solutions.
• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Product Type Analysis (Revenue, USD Million, 2021 - 2028)
• COPD Telemonitoring System
• Blood Pressure Telemonitoring System
• Glucose Level Telemonitoring System
• Cardiac Telemonitoring System
End-User Analysis (Revenue, USD Million, 2021 - 2028)
• Home Care
• Hospice Care
• Long-Term Care Centers
Region Analysis (Revenue, USD Million, 2021 – 2028)
• North America
o United States
• South America
o United Kingdom
• Asia Pacific
o South Korea
• Middle East
o GCC C ountries
o South Korea
• South Africa
• Rest of World
Telemonitoring Systems Market Companies
• Aerotel Medical Systems
• Advanced TeleHealth Solutions.
• United States Telemonitoring Systems Industry Research Report
• Europe Telemonitoring Systems Industry Research Report
• Asia Pacific Telemonitoring Systems Industry Research Report
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