Telemonitoring System Market to See Incredible Growth

Advancements in telemedicine such as telemonitoring used to improve outpatient and homecare services reduces healthcare costs and effectively serve elderly people suffering from chronic diseases. According to a National Center for Biotechnology Information (NCBI) 2012 study, telemonitoring helps in the management of common chronic illnesses such as asthma, chronic obstructive pulmonary disorder (COPD), diabetes, heart failure, and hypertension.

For instance, as per a study published by BMC Health Services Research in 2013, a multi-parametric telemonitoring system reduced the rate of COPD exacerbations in a randomized clinical trial of 100 COPD patients in the Global Initiative for Chronic Obstructive Lung Disease (GOLD) stage II–III, aged 65 years or above for nine months. The intervention group measured oxygen saturation, heart rate, temperature, and physical activity using a telemedicine commercial cellular phone plus specific software. Telemonitoring systems allow caretakers and doctors to remotely check the status of patients at any given point of time. Telemonitoring systems can be used in rural areas with low health care facilities.

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Manufacturers in telemonitoring systems market are focusing on strategic collaborations and development of adequate security and privacy protections of telehealth data and systems. In 2017, GE Healthcare acquired Monica Healthcare, a monitoring technology company. Moreover, in January 2018, Royal Philips and American Well entered into a strategic partnership to work together to integrate American Well's mobile telehealth services into an array of Philips solutions for both healthy consumers and patients with a medical need.

The global telemonitoring system market is expected to expand at a CAGR of 10.1% during the forecast period (2018–2026), owing to increasing geriatric population and rising demand for home healthcare services

Among application, the COPD monitoring segment is expected to generate significant revenue in 2018, owing to increasing incidence of COPD worldwide. According to the World Health Organization, in 2016, the Global Burden of Disease Study reported a prevalence of 251 million cases of COPD, globally.

Major 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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