Remote Patient Monitoring Market size worth $ 166.52 Billion, Globally, by 2030 at 20% CAGR: Verified Market Research®

The enhanced chronic illness management provided by remote monitoring systems, along with early warning indications and progress trackers, will increase demand for Remote Patient Monitoring systems globally in the upcoming years.

Jersey City, New Jersey, Aug. 25, 2022 (GLOBE NEWSWIRE) -- Verified Market Research recently published a report, “Remote Patient Monitoring Market” By Component (Services and Software, Devices), By End-User (Providers, Payers), and By Geography. According to Verified Market Research, the Remote Patient Monitoring Market size was valued at USD 24.56 Billion in 2020 and is projected to reach USD 166.52 Billion by 2030, growing at a CAGR of 20% from 2022 to 2030.

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Global Remote Patient Monitoring Market Overview

The prevalence of lifestyle disorders, increased use of remote patient monitoring devices, and an increase in the number of elderly people is driving the expansion of the Remote Patient Monitoring Market size. Devices for remote patient monitoring are gaining popularity because they are user-friendly and accessible to people of all ages. Additionally, because the elderly population is more likely to suffer from chronic illnesses, remote patient devices are employed by them. As this demographic segment expands, the need for healthcare and long-term care services will rise, placing a heavier load on public health systems and governments. The market for remote patient monitoring will benefit from this. While minimizing unneeded visits, hospital admissions, and readmissions, as well as the time and expenses associated with traveling to see medical professionals, remote patient monitoring can expand the overall reach of healthcare and improve access to it.

Regarding telehealth and telemedicine practices, healthcare fraud is a crucial factor. A patient or a doctor may become a victim in a number of ways, such as when institutional providers who are ineligible or not listed use inappropriate coding and billing for false claims or when the doctor’s name and accounts are used fraudulently to get money from the insurance carrier.

Key Developments

  • In 2020, Philips, Launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring.
  • In July 2020, Medtronic announced the clearance of Linq II insertable cardiac monitor (ICM) by the U.S. Food and Drug Administration and the European CE mark. The monitor is equipped with remote programming that allows clinicians to monitor patients and change device settings without the physical need of patients in hospitals and clinics.

Key Players

The major players in the market are Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Nihon Kohden Corporation, F. Hoffmann-La Roche Ltd, Welch Allyn, Smiths Medical, Abbott, Boston Scientific Corporation, GE Healthcare, Honeywell, Johnson & Johnson, LifeWatch, Medtronic.

Verified Market Research has segmented the Global Remote Patient Monitoring Market On the basis of Component, End-User, and Geography.

  • Remote Patient Monitoring Market, By Component
    • Services & Software
    • Devices
  • Remote Patient Monitoring Market, By End-User
    • Providers
    • Payers
    • Patients
    • Other
  • Remote Patient Monitoring Market, by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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