The global remote patient monitoring devices market is foreseen in a report by Transparency Market Research (TMR) to show a decently consolidated nature coupled with intense competition between key players. Recently, a larger aggregate share was held by a few prominent names of the market. F. Hoffmann-La Roche Ltd., AMD Global Telemedicine, and Honeywell HomMed LLC are some of the leading companies operating in the market. Merger and acquisition could be a commonly adopted strategy for diversifying product portfolio and gaining a strong market share. Companies are expected to focus on increasing the application of remote patient monitoring devices and take advantage of the availability of technologically developed products to gain traction.
TMR envisages the global remote patient monitoring devices market to earn a US$0.98 bn by the end of 2020. Heart rate monitor categorized under heart monitor could take a leading position in terms of market share. Regionally, the global market is anticipated to find North America securing a lion’s share.
Remote Patient Monitoring Considered Ideal amid Rising Healthcare Costs
The demand for remote patient monitoring devices is foretold to see a rise on the back of the growing economic pressure of patient readmission on medical clinics and hospitals. Expanding geriatric patient base and swelling healthcare expenses in the U.S. could be powerful factors supporting the growth of the global remote patient monitoring devices market. This is predicted to positively affect the North America market in the coming years. Rising incidence of diabetes, on the other hand, could increase the requirement of hematology monitoring devices.
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Companies are projected to bank on lucrative market opportunities available in emerging regions such as Asia Pacific for attaining a position of strength. The boom of medical tourism in Thailand and India could translate into propelled market growth for remote patient monitoring devices.