TELEMONITORING SYSTEM MARKET ANALYSIS

Telemonitoring system provides patients and professionals with regular measurements of a range of symptoms and physiological parameters. The system can improve access to specialized care in areas with lack of healthcare professionals or in areas where access to healthcare is difficult. It can improve quality of life of patients suffering from chronic diseases and reduce hospital costs. Services such as Teleconsultation and Teleradiology will help shorten waiting lists, optimize the resources, and enable productivity gains.

Moreover, increased implementation of telehealth will significantly decrease the dependency on hospitals and enable accessibility to proper healthcare services from home. According to the reports published on 29 April 2022, B-Secur, a global leader in EKG (Electrocardiogram) technology, launched an EKG Cloud Tech Improves Accuracy in Heart Health Monitoring. The new cloud-based software significantly reduces EKG signal noise, elevating EKG interpretation to new heights of efficiency and accuracy for clinicians and facilitating the trend towards greater remote cardiac monitoring.

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).

Figure 1.Global Telemonitoring System Market Share (%), by Application, 2022

To learn more about this report, Request sample copy

Government initiatives to support telehealth services is expected to drive growth of the telemonitoring system market revenue

Increasing global incidence of chronic diseases, rising geriatric population rate, and government initiatives to promote telehealth are major factors driving the telemonitoring systems market growth. For instance, a report was published in Pharmabiz, on 28 April 2021, government initiatives such as the National Digital Health mission (NDHM) are expected to increase preference and adoption of e-healthcare models in 2021 and improve the current scenario of the healthcare industry. Tattvan is India’s first-of-its-kind telemedicine company that established a widespread telemedicine business with its ‘brick & mortar’ model to provide medical diagnosis, prompt cure, right guidance, and best consultancy to the people of the tier-2, tier 3 cities and tier-4 towns.

Figure 2. Global Telemonitoring system Market Share (%), by Region, 2022

To learn more about this report, Request sample copy

The demand for telemonitoring systems in the North America is driven due to strong economy and rising trends of home nursing facilities

Increasing research and development activities by key players in the market for developing global telemonitoring system market is expected to drive market growth over the forecast period. For instance, on March 4, 2021, TytoCare, an Israel-based company raises an additional US$ 50M from insights partners to grow its device from remote clinical examinations especially in Europe, Asia and the U.S.

Global Telemonitoring System Market– Impact of Coronavirus (COVID-19) Pandemic

Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.

The sudden outbreak of COVID-19 has bought the world to a standstill. The whole world is fighting this pandemic with increase burden on hospital and healthcare professionals. However this has also opened new opportunities in the digital health platforms. The demand of virtual consultation is esteemed to increase by many folds amid the percent crisis.

People are actively adopting teleconsultation and remote monitoring services. The high emphasis on social distancing between the patients and the physician is one of the major factor for the rising uptakes of services. For instance, in April 2021, according to Mckinsey & company, approximately 57% would prefer to continue offering virtual care while around 84% of physician were offering virtual visits in U.S.

Global Telemonitoring System Market: Key Developments

In May 2021, Veradigm, a leading provider of data and technology solutions and business units of Allscripts Healthcare Solutions announces collaboration with Lash Group to streamline patient care. Allscripts and AmerisourceBergen(Wholesale Drug company) businesses are accelerating the fulfillment of specialty medications through innovation and automation in support of physician practices, patient adherence and better outcomes, delivers a unique breakthrough solution that is helping to streamline specialty medication management for medical clinics and practices across the country.

Global Telemonitoring System Market: Restraints

The use and implementation of telemonitoring systems is constrained by issues like need to build the trust of care professionals who are not physically present, the complexity of the technology, and privacy concerns about medical information. Concern has been raised about risk management while managing risks remotely, which is frequently based on the quality of training received by the person reviewing the data. If the patient experiences dementia and sensory impairment, communicating with distant clinicians will be challenging.

Key Players

Key players operating in the global telemonitoring system market include 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.