Telemonitoring Systems Market 2021 Value with Status and Global Analysis – Abbott Laboratories, 6.1.2 GE Healthcare Systems (General Electric Company), Care Innovations LLC, Koninklijke Philips NV

Telemonitoring Systems Market – Growth, Trends, And Forecast (2020 – 2025)

Telemonitoring Systems market has been thoroughly scrutinized and then carefully demarcated by geographic locations which are based on major economic regions and their topographical regions. Growing competition and the changing market dynamics has been highlighted. Aggressive market players are profiled with attributes of company overview, financial overview, business strategies, product portfolio and recent developments. The Market share and Market size prominent players for 2020 to 2025 are profiled in this report.

The Telemonitoring Systems market is highly competitive and consists of a number of major players: Abbott Laboratories, 6.1.2 GE Healthcare Systems (General Electric Company), Care Innovations LLC, Koninklijke Philips NV, Aerotel Medical Systems Ltd, Boston Scientific Corporation, Resideo Technologies Inc., Sparrow Health System?, InfoBionic Inc., AMD Global Telemedicine Inc., SHL Telemedicine, Omron Corporation, Nihon Kohden Corporation

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Scope of the Report

The global telemonitoring system market was evaluated at USD 2,052.6 million in 2019, and it is expected to reach a value of USD 4,595.9 million by 2025, registering a CAGR of 13.41% over the forecast period 2020 – 2025. As telemonitoring refers to the process that comprises transmission of symptom scores, physiological patient data, such as the heart rate, oxygen saturation, blood pressure, and others, the usage of IoT is significantly driving the new trend in the studied market. Devices like IoT enabled medical wearable temperature sensors to transmit data to a central monitoring system remotely are already being implemented in regions such as North America. Medical staff is alerted based on trends and thresholds, identifying the patient and room, and can respond accordingly. Further, countries such as in Europe, it is predicted that the use of IoT in the region may increase almost three-fold between 2017 and 2025, reaching 4.9 billion connected devices., increasing the integration of telemonitoring systems significantly.

Key Market Trends

Cardiac Telemonitoring System Accounts for Significant Share

– The adoption of telemonitoring in heart ailment patients is anticipated to grow at a steady rate as they reduce the cost by significantly reducing emergency hospitalization, provide continuous monitoring, and patient for accurate treatment. There has been increasing interest regarding the impact of telemonitoring devices and its ability to reduce the increasing burden of chronic diseases, including chronic cardiovascular disease (CVD), on healthcare systems.
– It is said that CVD is one of the world�s largest killers and claims more than 17.5 million lives across the world. Cardiovascular disease (CVD) produces immense health and economic burdens globally. Across Australia, each year, as many as 30,000 out-of-hospital cardiac arrests (OHCAs) occur, and unfortunately, the death rate remains at 90%, cementing OHCA as one of the leading causes of death in Australia.
– Further, telemonitoring may serve as a vital conduit for improving hypertension control and reducing the economic burden that stems from the costly hospital stays that result from acute events related to hypertension.?
– For instance, the LifeWatch MCT 3 Lead is a mobile cardiac telemetry (MCT) product that detects, records, and wirelessly transmits asymptomatic and symptomatic arrhythmia to clinicians for analysis. The four wearable cardiac electrodes are connected to a smartphone via Bluetooth. If an arrhythmia is detected, the smartphone automatically sends the data to a monitoring center for review and notifies a doctor if required.
– The capability and efficacy delivered by cardiac devices with RPM, specific devices with wireless technology, propelled the management of cardiac device patients to the next level and is also redefining the standard of care for patients with implanted devices. Remote patient management of cardiac devices provides a safe, outcomes-based, and scalable platform for the management of cardiac patients with implantable devices.
– Further, the country such as Germany is witnessing growth in mobile health deployments in Europe, with different solutions being offered and services being delivered through varied means, from simple SMS to complex apps, where the primary focus is on remote monitoring of patients suffering from chronic diseases. For instance, T-Mobile has a cardio messenger service in Germany that provides remote cardiac monitoring. Telefonica’s ‘help at hand’ service provides location information on dependent people (e.g., the elderly), coupled with tracking and geo-fencing. It also supports emergency and alert signals that are handled by its alarm receiving center.
– Furthermore, players such as Abbott Laboratories launched the latest in Insertable Cardiac Monitor (ICM) across India in December 2019, which helps in providing patients access to the world’s first and only smartphone with compatible ICM. The technology is designed to assist physicians remotely identify cardiac arrhythmias, atrial fibrillation (AF) in order to help guide appropriate therapy.

Asia-Pacific to Witness Significant Growth

– Many Asian countries rely heavily on technology to assist in day-to-day living, from smartphones to smart homes. As technology advances, it brings new opportunities to enhance the well-being and quality of life of its users. Within Asia, India, Japan, and Singapore are emerging as crucial health tech hubs, concentrating many startups and attracting a significant portion of investments.
– As per the United Nations Population Fund and HelpAge India report, the number of elderly persons in the country is expected to grow to 173 million by 2026. These factors are driving several players to innovate and introduce different telemonitoring solutions in the market.? For instance, Abbott provides Insertable Cardiac Monitor (ICM) across India, offering patients access to a smartphone-compatible ICM. The technology is designed to further help physicians remotely identify cardiac arrhythmias.
– Furthermore, several companies operating in the Singaporean region are witnessing economic prosperity, with an unprecedented boom in sales. Owing to the surge in demand, many market players are introducing solutions catering to different patient requirements.? For instance,myHealth Sentinel Pte Ltd is offering TeleMetrix+, which is the first commercial cloud-based telehealth service in the Singapore that enables patient vital signs, such as blood pressure, blood sugar, weight, and temperature, to be remotely monitored and tracked by the doctor.
– Further, product innovation in terms of adding features, enhancing software, and other functionality is expected to differentiate vendors. In September 2019, in China, GE Healthcare launched the Edison AI platform in China by signing an MoU of the strategic partnership with five local software development companies to develop applications for the platform. Under the MoU, GE would cooperate with the five software vendors to develop the platform’s applications in China and propel the growth of the market.
– Moreover, with the spread of COVID-19, several companies from the region have launched solutions, specifically catering to the need of the hour. For instance, in 2020, Defense major Bharat Electronics Ltd (BEL) developed a telemonitoring system, along with the All-India Institute of Medical Sciences (AIIMS), Rishikesh. The device has non-invasive sensors to measure the main parameters of the COVID-19 patient’s health – temperature, pulse rate, SPO2 (saturated oxygen level), and respiration rate.

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What are the market factors that are explained in the report?

–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.

–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

–Analytical Tools: Telemonitoring Systems Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.

The research includes historic data from 2015 to 2020 and forecasts until 2026 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.

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