The Global Telemonitoring System Market, by Component (Hardware and Software), by Mode of Delivery (Web-Based and Cloud-based), by Application (COPD Monitoring, Blood Pressure Monitoring, Glucose Monitoring, Cardiovascular Disease Monitoring, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) was valued at US$ 2576.8 Million in 2022 and is projected to exhibit a CAGR of 10.3% over the forecast period (2022– 2030).
Advancements in telemedicine such as telemonitoring is used to improve outpatient and homecare services reduces healthcare costs and effectively serve elderly people suffering from chronic diseases. According to National Center for Biotechnology Information (NCBI) 2012 study, telemonitoring helps in the management of common chronic illnesses such as asthma, chronic obstructive pulmonary disorder (COPD), diabetes, heart failure, and hypertension.
For instance, as per a reports published by BMC Health Services Research on 14 May 2022, which report the effectiveness of remote home monitoring for patients with Chronic Obstructive Pulmonary Disease (COPD). Telemonitoring systems allow caretakers and doctors to remotely check the status of patients at any given point of time. Telemonitoring systems can be used in rural areas with low health care facilities.
Global Telemonitoring System Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
The American Heart Association (AHA) also supports drive that increase access to the use of Remote Patient Monitoring technologies (RPM) for superior health management. Efforts from device manufacturers to develop advanced products are expected to further drive the growth. For instance, in July 2021, a strategic collaboration was formed between Philips and BioIntelliSense to enhance remote patient monitoring solutions. Philips also integrated the latter’s BioSticker medical device into its remote patient monitoring (RPM) portfolio. It monitors chronic conditions and keeps a track of COVID-19 symptoms which is a wearable device.
Thus, increasing efforts by the key players to develop telemonitoring system market for COVID-19 infection is expected to drive the market growth over the forecast period.
Global Telemonitoring System Market: Key Developments
In February 2021 Royal Philips, a global leader in health technology, announced that it has completed the acquisition of BioTelemetry, Inc., a leading U.S.-based provider of remote cardiac diagnostics and monitoring. BioTelemetry’s financial results will be consolidated as part of Philips’ Connected Care business segment, another strategy being used by players was to expand industrial operations into nations with large populations and high illness rates.
In September 2019, in China, GE Healthcare officially launches Edison AI platform (intelligence platform designed to help you achieve greater efficiency, improve patient outcomes, and increase access to care) in China where a MoU (memorandum of understanding) of strategic partnership was also signed between GE Healthcare and five local software development companies to develop applications for the platform. According to the MoU, GE would collaborate with the five software providers to create applications for the platform in China and foster the market's expansion.
Browse 36 Market Data Tables and 25 Figures spread through 176 Pages and in-depth TOC on " Global Telemonitoring System Market, by Component (Hardware and Software), by Mode of Delivery (Web-based and Cloud-based), by Application (COPD Monitoring, Blood Pressure Monitoring, Glucose Monitoring, Cardiovascular Disease Monitoring, and Others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) - Global Forecast to 2030"
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Manufacturers in telemonitoring systems market are focusing on strategic collaborations and development of adequate security and privacy protections of telehealth data and systems. In April 2020, GE Healthcare expanded its long-standing partnership with Microsoft, in order to introduce a cloud-based COVID-19 patient monitoring software for health systems. The program is made to give hospital workers a central location to monitor patients in intensive care units, particularly those who are receiving medical ventilation. Moreover, in March 2020, Sparrow Health System and Amwell, a supplier of telemedicine services, collaborated to produce a COVID-19 virtual care screening digital app in response to growing concerns around the coronavirus (COVID-19) and when to seek medical attention. The new app is attainable by smartphone, tablet or computer.
Key Takeaways of the Global Telemonitoring System Market:
- The global telemonitoring system market is expected to expand at a CAGR of 10.3% during the forecast period (2022–2030), owing to increasing geriatric population and rising demand for home healthcare services
- Among application, the COPD monitoring segment is expected to generate significant revenue in 2022, owing to increasing incidence of COPD worldwide. According to the World Health Organization, in May 2020, the third leading cause of death worldwide was Chronic obstructive pulmonary disease (COPD), causing 3.23 million deaths in 2019.
- Major 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.
