Telemonitoring Systems Market Trends - Segmented By Product Type (COPD Telemonitoring System, Glucose Level Telemonitoring System, Cardiac Telemonitoring System), Application (Home Care, Long-term Care Facilities, Hospice Care), and Region - Growth, Trends, and Forecast (2019 - 2024)

Telemonitoring Systems Market 

Telemonitoring systems market is expected to register a CAGR of over 12.65% during the forecast period 2018 - 2023. The report profiles the providers of telemonitoring systems for the healthcare industry.

Over the last couple of decades, healthcare monitoring systems had drawn significant attention worldwide. Telemonitoring improves the patient visibility and interaction that is beneficial at any point of the care continuum. An aging population, increase in chronic diseases, rise in healthcare spending worldwide, accelerating health cost, regulatory reforms and new payment models are driving interest and growth in telemonitoring. Moreover, technological advancements in the monitoring devices are expected to further fuel the growth of the market. However, lack of adequate information and communication technology infrastructure in rural areas is hampering the market growth.

Increasing Chronic Diseases and Aging Population Fueling the Growth of the Telemonitoring Systems Market 

The rapidly aging population has resulted in a significant rise in the prevalence of chronic diseases and their effects, thereby bolstering the need for increased care and welfare. The geriatric population has become one of the main target groups for telecare technologies, like telemonitoring, with the availability of various devices for people suffering from chronic health conditions and for those with limited mobility and memory problems, typical of the advanced age. Technological advancements are helping end users to decrease the overall cost and provide better patient care. Therefore, with a growing aging population and the increasing prevalence of chronic diseases across the world, the demand for telemonitoring systems is expected to witness significant growth, during the forecast period.

North America is a Major Contributor in Telemonitoring Systems Market 

The North American segment accounted for the largest share of the telemonitoring systems market, with the United States leading the market. The demand for telemonitoring systems in United States is driven by the country’s robust economy and the rising trends of hospice care and home nursing facilities. In addition, the growing aging population and increasing incidence of pediatric heart diseases is projected to boost the demand for telemonitoring systems, in the region. The increase in patient awareness, high investment in R&D, and increase in acceptance of telemedicine approaches are the other factors that are expected to augment the demand for telemonitoring systems, over the forecast period. In addition, the increasing national health expenditure in the United States is expected to significantly contribute to the growth of the market studied, during the forecast period.

Telemonitoring Systems Market Key Developments

• May 2018 - Philips, a global leader in health technology and Dutch Rijnstate Hospital signed a new 10-year strategic partnership agreement, to jointly develop the hospital of the future, a new hospital concept that uses the latest monitoring and connected health technologies, to expand its delivery of care from the hospital to a regional care network, including homes.
• Nov 2017 - Medtronic PLC announced that its Medtronic Care Management Services (MCMS) business launched new telehealth solutions, in support of its national contract awarded by the US Department of Veterans Affairs (VA), for home telehealth devices and services.

Telemonitoring Systems Market Major Players:

• Abbott Laboratories.
• General Electric.
• McKesson Corporation.
• Koninklijke Philips NV.
• Aerotel Medical Systems Ltd.
• Advanced TeleHealth Solutions.
• Honeywell Life Care Solutions.
• Medtronic PLC.
• LifeWatch AG.
• Allscripts Healthcare Solutions Inc.
• SHL Telemedicine.
• Siemens Healthineers AG.
• Biotronik Inc.
• Nihon Kohden Corporation.

Telemonitoring Systems Market Report Summary

Reasons to Purchase Telemonitoring Systems Market Report

• An analysis of the various perspectives of the market studied, with the help of Porter’s five forces analysis
• The segments that are expected to dominate the market
• The regional analysis of the market studied, during the forecast period
• The latest developments, market shares, and strategies employed by the major market players and key innovators
• 3 months analyst support along with the Market Estimate sheet (in excel)

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