Initiatives by the government to boost telehealth services and North American demand for telemonitoring systems is likely to fuel revenue growth in the telemonitoring system market. Growing R&D efforts by major industry players for developing global telemonitoring system market is likely to boost market growth during the forecast period. For example, on March 4, 2021, TytoCare, an Israeli firm, raises a further US$ 50 million from insights partners to expand its device from remote clinical tests, particularly in Europe, Asia, and the United States. The adoption and deployment of telemonitoring systems is hampered by difficulties such as the need to gain the trust of carers who are not physically there, the intricacy of technology, and privacy issues around medical information. Concerns have been raised concerning remote risk management, which is usually relied on the level of training obtained by the individual examining the data. Communicating with distant physicians will be difficult if the patient has dementia and sensory impairment.
According to Coherent Market Insights, The global Telemonitoring System Market size was valued at US$ 2,576.8 Million in 2022 and is expected to witness a CAGR of 10.3% over the forecast period (2022 – 2030).
Top Companies in the Telemonitoring System Industry:
1. Abbott Laboratories
Abbott Laboratories, together with its subsidiaries, discovers, develops, manufactures, and sells health care products worldwide. It operates in four segments: Established Pharmaceutical Products, Diagnostic Products, Nutritional Products, and Medical Devices. Abbott Laboratories was founded in 1888 and is based in North Chicago, Illinois.
2. Allscripts Healthcare Solutions Inc.
Veradigm Inc., a healthcare technology company, provides information technology solutions and services to healthcare organizations in the United States, Canada, and internationally. The company operates through two segments, Hospitals and Large Physician Practices, and Veradigm. The company was formerly known as Allscripts Healthcare Solutions, Inc. and changed its name to Veradigm Inc. in January 2023. Veradigm Inc. was founded in 1986 and is headquartered in Chicago, Illinois.
3. Cisco Systems, Inc.
Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol based networking and other products related to the communications and information technology industry in the Americas, Europe, the Middle East, Africa, the Asia Pacific, Japan, and China. Cisco Systems, Inc. has strategic alliances with other companies. Cisco Systems, Inc. was incorporated in 1984 and is headquartered in San Jose, California.
4. Care Innovations LLC
5. General Electric Company
GE was formed through the combination of two companies in 1892, including one with historical ties to American inventor Thomas Edison. Today, GE is a global leader in air travel and in the energy transition. The company is known for its differentiated technology and its massive industrial installed base of equipment sprawled throughout the world. The company was headquartered in Boston, U.S.
6. InTouch Health
InTouch Health’s mission is to provide a Telehealth Network and Services to support access and delivery of high-quality clinical care to any patient at any time, while reducing overall costs of care. The company was founded in 2002, headquartered in California. The company is acquired by Teladoc Helath.
7. Koninklijke Philips N.V.
Koninklijke Philips N.V. operates as a health technology company in North America, the Greater China, and internationally. It operates through Diagnosis & Treatment Businesses, Connected Care Businesses, and Personal Health Businesses segments. Koninklijke Philips N.V. was founded in 1891 and is headquartered in Amsterdam, the Netherlands. It has strategic partnership agreements with TriHealth, Prisma Health, and the University Health System of San Antonio to help the health system standardize patient monitoring, drive interoperability, and lay the foundation for enterprise-wide platform; and Oulu University Hospital to deliver advanced image-guided therapy solutions.
8. McKesson Corporation
McKesson Corporation provides healthcare services in the United States and internationally. It operates through four segments: U.S. Pharmaceutical, International, Medical-Surgical Solutions, and Prescription Technology Solutions (RxTS). McKesson Corporation was founded in 1833 and is headquartered in Irving, Texas.
9. Medvivo Group Ltd.
Medvivo group provides integrated solutions to the full spectrum of health and social care problems. In June 2, 2017, Medvivo Group acquired Expert 24. The company was founded in 2004, headquartered in England.
*Definition-A telemonitoring system delivers frequent readings of a variety of symptoms and physiological data to patients and experts.
