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.
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Moreover, increased implementation of telehealth will significantly decrease the dependency on hospitals and enable accessibility to proper healthcare services from home. A NTCA-The Rural Broadband Association report published in 2017 stated that telemedicine could save thousand dollars per annum in healthcare costs, thereby, reducing significant cost spent on labor wages, lab cost, medical facility, and transportation.
The global telemonitoring system market size was valued at US$ 1.6 billion in 2017 and is expected to witness a CAGR of 10.1% over the forecast period (2018 – 2026).
Rising geriatric population, higher incidences of non-communicable diseases such as Alzheimer’s disease, cardiovascular disease, cancer, diabetes, metabolic disorders, and other mental health problems, which require prolonged treatment are expected to be the major factors driving the telemonitoring systems market growth during the forecast period. Moreover, less number of physicians and healthcare professionals also increases the demand for telemonitoring systems. For instance, according to the 2016 Physician Supply and Demand report released by the Association of American Medical College (AAMC), the significant physician shortfall in the U.S. is expected to reach 94,700, from 61,700 between 2014 and 2025.
However, lack of trained professionals in rural regions, privacy and information security concerns, and low availability of telecommunication bandwidth are the major factors restraining growth of the telemonitoring systems market. Significant privacy and security risks in telehealth systems can adversely affect patients’ and clinicians’ level of trust and willingness to adopt and use the system. For instance, home telemonitoring systems that are designed to detect falls, can collect and transmit information on personal activities that a patient wishes to keep private.
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, in the U.S., the new CONNECT (Creating Opportunities Now for Necessary and Effective Care Technologies) for Health Act, introduced in June 2017, is expected to promote cost savings and improve quality care in Medicare through telehealth and remote patient monitoring. Moreover, the act permits the use of telemonitoring systems for patients suffering from chronic conditions. The government is also funding the research and development activities to establish telehealth programs. In 2017, Southwest Telehealth Resource Center (SWTRC) received US$ 975,000 cooperative agreement grant from the Federal Office for the Advancement of Telehealth (OAT). The grant will help in adoption of telehealth programs in clinics, hospitals, and public health offices in the underserved areas in the U.S.
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Telemonitoring System Market – Regional Insights
On the basis of region, the global telemonitoring system market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America telemonitoring system market is expected to witness significant growth over the forecast period, owing to increasing adoption of telemonitoring systems in the U.S. The demand for telemonitoring systems in the country is driven due to strong economy and rising trends of home nursing facilities. According to the Centers for Medicare & Medicaid Services, around 12 million individuals received care from over 33,000 providers in 2010. In 2009, annual expenditures for home health care was around US$ 72.2 billion.
Telemonitoring System Market – Competitive Landscape
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, St Jude Medical, Tunstall Healthcare Group Ltd, and Vidyo, Inc.
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