Telemonitoring System Market

Telemonitoring System Market Size and Growth Rate (2023-2028)

The Global Telemonitoring system market is poised to register a CAGR of 12.9 % during the projected period 2023-2028. This market was valued at USD 2.8 billion in 2023 and is expected to reach USD 4.2 billion by 2028.

Impact of Covid-19 on the Telemonitoring System Market:

The sudden outbreak of the pandemic had hampered every sector of the globe. Every sector of the world had faced certain issues due to disruptions in the supply chain, restrictions on production because of social isolation, lockdowns, and social distance, the whole world fight against the pandemic due to the rising burden on hospital and healthcare professionals, however, this has also opened new opportunities in the digital health platforms such as telemonitoring system. A growing number of people are adopting digital technologies like telehealth for remote patient monitoring, electronic health records, and telemedicine platforms for delivering medication like pharmacies, as well as various platforms to provide healthcare services, as there were approximately 503 million confirmed cases of COVID-19 during the pandemic and 6.3 million deaths globally, which increased the burden on healthcare facilities. Due to the large range of digital tools created in response to the increase in demand for remote patient monitoring and counseling, the telemonitoring system market experienced growth during times of crisis. Rapid information dissemination to healthcare professionals was crucial throughout the pandemic for treatment. The pandemic demonstrated the significance of modern technologies, including telemedicine and electronic health records (EHR), as dependable and scalable solutions in case of medical emergencies. Cloud computing technology aids healthcare organizations in monitoring, diagnosing, testing, and consulting clinical operations.

The pandemic produced a significant amount of healthcare data about COVID-19 testing, contact tracing, and vaccine distribution the tools such as cloud computing provided scalable storage solutions and potent processing capabilities to handle the increased data volume and allowed healthcare professionals and researchers to analyze and gain insight from the data effectively. As more benefits are associated with the telemonitoring system it boosts the demand in the market during the crisis and will continuously boost the growth of the market in upcoming years.

MARKET DRIVERS:

One of the most relevant factors boosting the growth of the telemonitoring system market is the rising global incidence of chronic diseases. As there is a rapidly changing lifestyle of individuals and also due to physical inactivity, unhealthy dietary habitat, and growing burden of risk factor such as tobacco use and obesity, the chances of arising chronic condition is more, many people globally suffer from chronic diseases. Globally 58% of people suffer from hypertension, cholesterol, and diabetes and 38% of people suffer from chronic kidney diseases and arthritis, thus there is a rising demand for telemonitoring services such as telehealth, telemedicine for remote patient monitoring, and counseling. This system enables healthcare professionals to remotely monitor patients’ health parameters such as blood pressure, heart rate, glucose level, and respiratory function. It also enhances early detection of deteriorating health conditions, reduces hospital readmission and improves the overall patient outcome, promotes self-management, and empowers the patient to actively participate in their care thus these factor boosting the growth of the market during the projected period.

Another major factor fueling the growth of the market is the government initiative to promote telehealth. Government establishes certain policies and regulations that facilitate the integration of telemonitoring systems into the healthcare system, including creating standards for data privacy and security and defining reimbursement policies for telehealth services. The government also provide certain funds to healthcare organization to adopt telehealth solutions. The government also invest in the development of telehealth infrastructure including broadband connectivity in remote and underserved areas, and reliable and high-speed internet connections crucial for the implementation of a system to enable real-time data transmission and remote communication between patient and healthcare provider, also it is time-saving system hence the market generate more revenue by adopting the telemonitoring system.

The third crucial factor that favors market growth is the rising geriatric population. As there is a vastly rising population emerging the need for emergency medical services. Due to the aging population, people are more prone to developing chronic diseases such as cardiovascular conditions, diabetes, respiratory disorders, and hypertension. Telemonitoring system enables healthcare providers to manage their chronic condition more effectively, also this system allows for continuous monitoring of vital signs and can alert healthcare professional to any concerning changes, the geriatric population often require frequent medical appointment leading to increased healthcare cost, the telemonitoring system can help to reduce healthcare expenses by minimizing hospital visits thus this factor favors the market growth during the projected period.

The other factor which propels the market growth is technological advancement, rising consumer preference towards adequate monitoring at home and reducing the number of hospitalization, rising incidences of non-communicable diseases such as Alzheimer’s disease, cardiovascular disease, diabetes, cancer, increasing patient preference towards continent health monitoring, emerging research and development activities boosting the growth of the market during the forecasted period.

MARKET RESTRAINTS:

Although many factors are propelling the growth of the telemonitoring system market, some factors could restrain that market's expansion throughout the forecast period. Trust and privacy concern about medical information is a major issues that constrained the growth of the market. The implementation of the telemonitoring system is constrained by issues like the need to build the trust of care, and professionals who are not physically present. The complexity of technology, and privacy concern about medical information, restrict the market growth. If the patient experiences dementia and sensory impairment, communicating with distant clinicians will be challenging and impact the market growth. The other factor hampering the growth of the market is a lack of trained professionals in rural regions, privacy, and information security concern and low availability of telecommunication bandwidth are the major factor hampering the growth of the telemonitoring system market.

REPORT COVERAGE:

The Research Report on the Telemonitoring System Market has been segmented and sub-segmented into Component, Application, and Region

Telemonitoring System Market- Based on Component Type

• Diagnostic Medical Equipment
• Emergency Resuscitation Equipment
• Personal Protective Equipment
• Patient Handling Equipment
• Other Equipment

Based on component type, the diagnostic medical equipment segment held the largest market share in 2022 and is anticipated continuously dominate the market during the projected period. This segment enables the early detection and diagnosis of health conditions by continuously monitoring vital signs such as blood pressure, heart rate, and oxygen saturation, this early detection allows for better management of chronic diseases leading to improved patient outcomes. This system also collects and transmits data in real-time to healthcare providers, allowing them to remotely assess patients’ health, this segment also improves patient convenience and is cost-effective thus this segment is anticipated to boost the market growth during the projected period.

Personal protective equipment is another segment anticipated to dominate the market during the projected period. This equipment plays a critical role in infection control, especially during telemonitoring interactions that involve close contact or physical proximity between healthcare professionals and patients. It is also crucial in ensuring compliance with safety standards and regulations in healthcare settings the use of personal protective equipment in telemonitoring become even more critical during this period to protect healthcare professionals and prevent the transmission of infectious diseases thus this segment is also anticipated to dominate the market during the projected period.

Telemonitoring System Market- Based on Application

• COPD
• Blood Pressure Monitoring
• Glucose Monitoring
• Cardiovascular Disease Monitoring
• Other Applications

Based on application, the Glucose monitoring segment held a 35% market share and is anticipated continuously dominate the market at the fastest CAGR during the projected period. The increasing prevalence of diabetes worldwide is a significant market driver for glucose monitoring in telemonitoring systems. Globally 422 million suffer from a diabetic condition, this chronic condition requires regular monitoring of blood glucose levels. Telemonitoring system enables an individual with diabetes to track their glucose level remotely, this enhances disease management, enables timely intervention, and also improves overall glycemic control thus this segment boosts the market growth during the forecasted period.

Cardiovascular disease monitoring is another segment anticipated to dominate the market at a significant CAGR during the projected period. Globally 590 million people suffer from cardiovascular diseases including heart disease and stroke which is the leading cause of morbidity and mortality worldwide. The telemonitoring system enables healthcare professionals to remotely monitor patients with cardiovascular conditions and facilitate regular tracking of their vital signs such as blood pressure, heart rate, and oxygen saturation from the comfort of their home thus this segment is anticipated to dominate the market during the projected period.

Telemonitoring System Market- Based on Region

• North America
• Latin America
• Europe
• Asia-Pacific
• Middle East and Africa

Geographically, the North American continent is anticipated to lead the market. The North American market is anticipated to reach US$ 20.5 billion by 2028 and grow at a CAGR of over 24% from 2023 to 2028. Telemedicine usage and remote patient monitoring rose in the USA. This figure is projected to increase to 75.6 million by 2028. The growth rate of the North American market is being driven by an increase in data-driven healthcare initiatives and the use of digital healthcare technology. Thus this segment is anticipated to dominate the market in this region.

Asia-Pacific is the second-largest region anticipated to dominate the market during the projected period. As there is a rising prevalence of chronic conditions such as diabetes, and cancer due to the increasing geriatric population which needs remote patient monitoring in this region. The expanding use of digital health solutions in Asia, the modernization of the Chinese healthcare system, and the rapidly expanding healthcare sector in India rapidly fueling the market growth in this region.

Europe is another region anticipated to grow at the fastest CAGR during the projected period. One of the key factors boosting the development of the European Telemonitoring system market is the quickening acceptance of healthcare technology in European nations. By 2028, the market is anticipated to be worth 31.7 billion. Investments in modernizing healthcare infrastructure are increasing, which helps the European market expansion.

Latin-America region is also anticipated to dominate the market during the projected period. Rising chronic disease burden, improving healthcare infrastructure, and rising awareness among people regarding digital health services contribute to the overall growth of the market during the projected period.

The Middle East and Africa region is also anticipated to grow at a significant CAGR and generate more market revenue during the projected period.

KEY MARKET PLAYERS:

The prominent key player in the telemonitoring system market are the 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. majorly contributed to the overall growth of the market.

RECENT MARKET DEVELOPMENTS:

• In March 2022, MASI recently announced a major expansion of its leading hospital remote patient-monitoring and clinician notification platform Masimo Patient SafetyNet. The expansion includes the addition of secure telehealth capabilities, thereby making the solution more adaptable and comprehensive.
• In April 2020, In order to introduce a cloud-based COVID-19 patient monitoring software for health systems, GE Healthcare expanded its long-standing partnership with Microsoft. The programed is made to give hospital workers a central location to monitor patients in intensive care units, particularly those who are receiving medical ventilation.
• 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. You can use a computer, tablet, or smartphone to access the new software.