Canada Remote Patient Monitoring Device Market to be Dominated by Vital Sign Monitors Through 2028
Canada remote
patient monitoring device market is expected to grow due to the increasing
demand for monitoring patient health during the forecast period, 2024-2028.
According to TechSci Research report, “Canada Remote Patient
Monitoring Device Market - By Region,
Competition, Forecast, and Opportunities, 2018-2028”, the Canada remote patient monitoring device market is anticipated to grow
at an impressive rate during the forecast period, 2024-2028. This can be
ascribed to the Increasing demand for improved chronic disease management,
including early warning signs and progress trackers. Additionally, the growing demand for
personalized telemedicine, due to avoid physical visits to hospitals especially
those suffering from chronic diseases across the region, is expected to create
lucrative growth of the Canada remote patient monitoring device market during
the forecast period. Additionally, growing awareness regarding new remote
patient monitoring device is expected to create lucrative opportunities for the
growth of the Canada remote patient monitoring device market in coming years. Besides,
the growing adoption of these devices due to the high prevalence of
cardiovascular diseases, hypertension along with the high geriatric population is
further expected to support the growth of the Canada remote patient monitoring
device market in coming years. Also, growing product improvements by major
companies will propel Canada Remote Patient Monitoring Device market in coming
years.
However, while there is growing recognition of the potential
benefits of RPM technology, there is currently limited reimbursement available
for remote patient monitoring services which can slow down the growth of the Canada
remote patient monitoring device market during the forecast period. Similarly, remote
patient monitoring involves the collection and transmission of sensitive
patient data. As such, privacy and security concerns may hamper the growth of
the Canada remote patient monitoring device market during the forecast period. Also, while the Canadian government has taken steps to
support the adoption of RPM technology, there are still regulatory barriers to
its widespread use which can further restrict the growth of the Canada remote
patient monitoring device market.
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The Canada remote
patient monitoring device market can be segmented by product, application, end user,
and region.
Based on product, the Canada remote patient
monitoring device market can be divided into special
monitors and vital sign monitors.
The vital sign monitors remote patient monitoring devices segment dominated Canada
remote patient monitoring device market in 2022 and is expected to continue maintaining
its dominance during the forecast period. This can be ascribed due to its
ability to monitor clinically important data pre-and post-surgery, identify
symptoms, and prevent complications and can effectively track a patient’s ECG,
noninvasive blood pressure, body temperature, respiration rate, and brain
activity.
Based on application, the Canada remote patient
monitoring device market can be segmented into diabetes,
hypertension, cardiovascular diseases, weight management & fitness
monitoring, and others.
The hypertension segment is expected to dominate the Canada remote patient
monitoring device market during the forecast period on account of the increased
risk of cardiovascular diseases, hypertension, and other chronic diseases.
Major companies operating in the Canada remote
patient monitoring device market are:
- Medtronic of Canada
Ltd
- Abbott Canada.
- Omron Canada Inc
- GE Healthcare Canada
Inc
- Cerner Canada ULC.
- Siemens Healthcare
Diagnostics Ltd/Canada.
- Philips Canada Ltd
- Welch Allyn Canada
Ltd
August
2022: Teladoc Health and Cloud DX entered a strategic partnership to better
serve the remote monitoring needs of patients across Canada.
March
2022: The Ontario government provides coverage for the Dexcom G6 CGM System
through Ontario’s Assistive Devices Program (ADP) for people living with type 1
diabetes who are over 2 years of age in Canada.
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“Canada
Remote Patient Monitoring Device market is expected to drive the market during
the forecast period due to the increase in the incidence of chronic diseases,
demand for wireless and portable systems coupled with the presence of
sophisticated reimbursement structures, aimed at cutting out-of-pocket
expenditure in the region. Furthermore, higher mortality rate, rising demand
for low-cost treatment, and growing demand for in-house monitoring, supportive
central data management systems, and rising accuracy & efficiency of RPM are
further contributing to the demand for remote patient monitoring devices. Similarly,
the presence of untapped opportunities in the emerging markets and the increase
in focus and availability of remote patient monitoring devices in hospitals and
clinics are the major factors contributing to the growth of the Canada remote
patient monitoring device market during the forecast period. Besides, increasing
focus of key market players on public access remote patient monitoring devices and
rising number of training & awareness programs in the region are further
expected to create lucrative opportunities for the market growth” said Mr.
Karan Chechi, Research Director with TechSci Research, a research based global
management consulting firm.
“Canada
Remote Patient Monitoring Device Market” by
Product (Special Monitors v/s Vital Sign Monitors), By Application (Diabetes,
Hypertension, Cardiovascular Diseases, Weight Management & Fitness
Monitoring, Others), By End User (Hospital Based Patients, Ambulatory Patients,
Home Healthcare) and
By Region and Competition”, has
evaluated the future growth potential of Canada remote patient monitoring
device market and provides statistics & information on market size,
structure, and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decisions.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities in Canada remote patient
monitoring device market.
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