About Telemonitoring System
Due to increasing unhealthier and busy lifestyles across the globe need for auto patient monitoring has been increased across the globe. In addition to this, increasing instances of cardiovascular diseases have led consumers to adopt telemonitoring systems. These systems enable utilization of telecommunications technology for remote monitoring, continues patient care & remote assistance. This minimizes the overall cost required for patient treatments and routine monitoring as it has neglected the cost required in administrating patients inside the office premise. Moreover, continues technological advancements in developing telemonitoring systems will further improve the demand for the same over the forecasted period.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
High Growth Market | Asia Pacific |
Unit | Value (USD Million) |
CAGR | 10.12% |
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are Abbott, General Electric, McKesson, Philips and Aerotel. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Telemonitoring System market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Abbott Laboratories (United States), Allscripts Healthcare Solutions Inc. (United States), AMD Global Telemedicine, Inc. (United States), Cisco Systems, Inc. (United States), Care Innovations LLC (United States), General Electric Company (United States), Honeywell Life Care Solutions (United States), InTouch Technologies, Inc. (United States), Koninklijke Philips N.V. (Netherlands), Medtronic Plc (Ireland) and McKesson Corporation (United States) are some of the key players that are part of study coverage. Additionally, the Players which are also part of the research coverage are Medvivo Group Ltd. (United Kingdom), Nihon Kohden Corporation (Japan), Siemens Healthineers AG (Germany), St. Jude Medical, Inc. (United States), Tunstall Healthcare Group Ltd (United Kingdom) and Vidyo, Inc. (United States).
Segmentation Overview
AMA Research has segmented the market of Global Telemonitoring System market by Type (COPD Telemonitoring System, Glucose Level Telemonitoring System, Blood Pressure Telemonitoring System, Cardiac & Monitoring Systems and Others), Application (Home Care, Long-term Care Centers and Hospice Care) and Region.
On the basis of geography, the market of Telemonitoring System has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North Amercia region held largest market share in the year 2023. Europe, on the other hand, stood as the second largest market due to the presence of key companies in the region and high technological advancement.
Influencing Trend:
Continues Technological Advancement in Developing Healthcare Monitoring Devices and Rising Volatility and Imbalance in Heart Rate and Blood Pressure
Market Growth Drivers:
Growing Need for Observing the Symptoms, Conditions and Other Medical Parameters of the Patient and Increasing Adoption of Continues Patient Care and Remote Monitoring
Challenges:
Skilled Workforce and Literate Consumer Base is a Necessity and Lack of Awareness from Underdeveloped Regions
Restraints:
Comparatively Highly Priced Telemonitoring Systems will Stagnate the Demand and Unable to Update the Data without the Patient’s Willingness
Opportunities:
Increasing Adoption of Information and Visualization Technology and Enables Patients to gain Effective and Timely Medical Aid to Avoid Patients
Market Leaders and their expansionary development strategies
In February 2019, a not-for-profit healthcare organization, Blessing Health System has expanded and extended its commitment to Allscripts by creating one single integrated clinical and financial patient record. With this expansion, the and organization's portfolio by the inclusion of Sunrise suite of solutions, including Sunrise Ambulatory, Sunrise Financial Manager, Sunrise Surgical Care, Sunrise Wound Care, Sunrise Mobility and Smart Pump Integration to support the organization's strategic clinical and financial initiatives.
In May 2019, Abbott has launched a new and smarter heart monitor for better arrhythmia detection which will be profitable to people at risk for irregular heartbeats. Now with CE Mark in Europe and U.S. Food and Drug Administration (FDA) clearance, the next-generation Confirm Rx insertable cardiac monitor (ICM), a paperclip-sized implantable device, combines smartphone connectivity and continuous, remote monitoring to track unpredictable heart rhythm problems for a fast and accurate diagnosis.
Key Target Audience
Telemonitoring System Manufacturers, Telemonitoring System Distributors and Traders, Healthcare Equipment Industry Associations, Government Agencies, Research and Development Institutes, Non-Profit Healthcare Organisations and Others
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.