According to the latest market study released by Technavio, the global telemonitoring systems marketis projected to grow at a CAGR of nearly 13% over the forecast period.
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Technavio has published a new report on the global, telemonitoring systems market from 2017-2021. (Graphic: Business Wire)
This research report titled 'Global Telemonitoring Systems Market 2017-2021' provides an in-depth analysis of the market in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all geographical regions.
The telemedicine technology has revolutionized the healthcare industry, which is evident from the growing adoption of digital health platforms such as m-health, telehealth, electronic medical record (EMR), and other wireless technologies. The market is experiencing swift growth, due to a number of technological developments in this field, including the emergence of new software, and the increased demand for the widening of network services by end-users.
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Based on the system type, the report categorizes the global telemonitoring systems market into the following segments:
- Hardware
- Software
- IT service
- Telecom
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The top three revenue-generating system segments in the global telemonitoring systems market are discussed below:
Hardware
"Telecardiology ecosystem is deployed by smart connected medical devices, smart sensors, wearable devices, smartphones, tablets, computers, light-emitting diode displays, projectors, cameras, and networking devices and equipmentsays Amrita Choudhury, a lead analyst at Technavio for enterprise application research.
Original equipment manufacturers and third-party suppliers provide the electronic devices and components required for the installation of cardiology information systems. Videoconferencing technology is gaining traction in the market at a rapid pace as a number of hospitals use videoconferencing devices and equipment. The shipments of videoconferencing devices and equipment are increasing for collaborative diagnosis of cardiovascular diseases.
Software
The software segment of the telemonitoring software market is expected to grow at the fastest rate, with rising demand from hospitals, specialty clinics, and telecardiology centers to run software applications and store digital cardiac data on systems. The global telemonitoring system in the software segment is expected to reach USD 11.98 billion by 2021 due to the factors mentioned above.
Software such as enterprise resource planning, telemonitoring software suite, medical imaging software, EHR, e-prescription management software, and other healthcare informatics software is implemented for telecardiology services. Software firms are offering innovative software solutions that can be seamlessly integrated with the existing IT platform of hospitals. Medical image solutions such as cardiology picture archiving and communications system (PACS) software are in high demand.
IT service
"IT services, such as IT support services, network support services, system integration services, consulting services, education and training services, and managed services, are subscribed by telecardiology service providers. IT services aid telecardiology centers to offer services over the Internetsays Amrita.
System integration services enable IT departments of the hospitals to integrate the telemonitoring systems with the enterprise systems. These services require advanced IT skills to integrate cardiac information systems without interoperability issues. It breaks down silos of healthcare IT departments and connects different functions such as radiology, cardiology, pathology, and other medical departments to provide centralized access to healthcare professionals.
The top vendors highlighted by Technavio's research analysts in this report are:
- Abbott
- General Electric
- McKesson
- Philips
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