Wilmington, Delaware, United States, Oct. 02, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The remote patient monitoring devices market is predicted to reach US$ 3.4 billion by 2030. Remote patient monitoring devices market sales are expected to increase at a CAGR of 12.5% from 2020 to 2030.
Both healthcare professionals and patients have benefited from remote patient monitoring. By reducing the risk of disease transmission, reducing the burden on hospital resources, making patient data more accessible, and lowering costs, healthcare providers can save money. COVID-19 has led to an increase in remote patient monitoring, and this trend is anticipated to continue at a higher rate. In recent years, telehealth has become a popular option for monitoring health issues from home.
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With NCDs and chronic diseases like cancer on the rise, remote patient monitoring has become increasingly important. Heart disease kills approximately 660,000 Americans annually, while stroke kills around 140,000 Americans annually according to the NICHD. With the increasing number of chronically ill patients, the need for remote monitoring has enhanced, causing a positive shift in market trends for devices that monitor patients remotely.
Key Findings of the Market Report
- The prevalence of asthma has increased in recent years due to rising environmental degradation and air pollution. Thus, the market is driven by products such as respiratory rate monitors in the market.
- Diabetes and cancer patients are becoming more prevalent in the market, which is increasing demand for these devices at home.
- With the growth of homecare services and busy lifestyles, the home segment is expected to grow in demand for remote patient monitoring devices.
- With growing concerns over weight loss and weight management among consumers demand for remote monitoring devices is expected to grow in the market.
- Government regulations and funding will further expand demand for these devices on the market.
Global Remote Patient Monitoring Devices Market: Growth Drivers
- Remote patient monitoring has become increasingly popular and convenient as telehealth grows in popularity and convenience. As medical technologies become more advanced and patients and providers become aware of telehealth, market demand for these devices will increase. Research and development activities will further drive market demand for these devices.
- In the long run, the ability to monitor serious complications at different locations and prevent them will help grow the global market for this product.
- The growing demand for these devices in rural areas will result in fewer hospitalizations and more satisfactory health outcomes for patients. Growing digitization and Industry 4.0 are expected to expand the market in the near future.
- With the increasing use of smartphones and the internet, these devices are expected to grow in popularity. A rising awareness among consumers and the availability of self-care devices on the market is driving demand for these devices.
- Further, FDA approvals and easy maintenance will provide a significant boost to growth in the market for these devices. Increasing innovation and technologies will expand the market in the years to come.
Global Remote Patient Monitoring Devices Market: Regional Landscape
- North America is expected to hold the largest share of the remote patient monitoring device market. In addition to growing investments and demand for high-end healthcare devices, manufacturers are expected to increase production of these devices as well. The ageing population and rising demand for home patient monitoring facilities are set to expand the market in the next few years.
- Asia Pacific is expected to grow fastest for remote patient monitoring devices. In addition, more advanced technology has been invested in and new products have been introduced to improve patient care. Increasing disposable incomes and an increase in interest in home healthcare are expected to lead to an increase in demand for these products.
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Global Remote Patient Monitoring Devices Market: Key Players
Several leading players dominate the global market for remote patient monitoring devices, while several small players dominate regional markets. In the global remote patient monitoring devices market, the top players hold the majority of the market share.
Some of the prominent players in the global remote patient monitoring devices market include
- Koninklijke Philips N.V.
- GE Healthcare
- Boston Scientific Corporation
- Omron Healthcare
- Medtronic Plc.
- Welch Allyn
- Abbott Laboratories
- Masimo Corporation
- Hoffmann-La Roche Ltd.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Key Developments
- In September 2023, Tenovi, a leading provider of remote patient monitoring software solutions and devices, today announced Jay Lenick's appointment as Chief Revenue Officer (CRO), marking an important milestone for the company as it continues to grow.
- In September 2023, UTMHealthcare, one of the leading mobile health technology companies, announced that the solution for remote patient monitoring (RPM) has been enhanced to provide seamless and reliable data sharing across healthcare settings, thus facilitating seamless integration with electronic health records (EHRs).
Global Remote Patient Monitoring Devices Market: Segmentation
By Product
- Vital Sign Monitors
- Heart Rate Monitors (ECG)
- Blood Pressure Monitors
- Respiratory Rate Monitors
- Brain Monitoring (EEG)
- Temperature Monitors
- Pulse Oximeters
- Others
- Special Monitors
- Blood Glucose Monitors
- Fetal Heart Monitors
- Multi-Parameter Monitors (MPM)
- Anesthesia Monitors
- Prothrombin Monitors
- Others
By Application
- Cardiovascular Diseases
- Diabetes
- Cancer
- Hypertension
- Infections
- Bronchitis
- Dehydration
- Sleep Disorder
- Weight Management & Fitness Monitoring
- Others
By End User
- Hospital-based Patients
- Homecare
- Ambulatory Patients
- Others
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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