Westford USA, Aug. 10, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest, the growing prevalence of chronic diseases, including heart disease and diabetes, among the patient population is poised to drive the demand for remote patient monitoring devices market. In addition, as the healthcare burden continues to rise, remote patient monitoring technologies play a crucial role in assisting physicians in prioritizing treatment by providing guidelines tailored to each patient's needs.
Browse in-depth TOC on "Remote Patient Monitoring Devices Market"
- Pages - 242
- Tables - 89
- Figures – 76
Remote patient monitoring (RPM) is a healthcare delivery process that influences advancements in information technology to collect patient data outside of traditional healthcare settings. RPM enables healthcare providers to remotely monitor patients' vital signs, symptoms, and other relevant health information using connected devices and digital platforms in the remote patient monitoring devices market. This proactive approach to healthcare empowers patients to take an active role in managing their health, fostering greater engagement and accountability.
Prominent Players in Remote Patient Monitoring Devices Market
- Medtronic plc
- Koninklijke Philips N.V.
- GE Healthcare Inc.
- Abbott Laboratories
- Boston Scientific Corporation
- Nihon Kohden Corporation
- Omron Corporation
- Masimo Corporation
- BioTelemetry, Inc.
- Hill-Rom Holdings, Inc.
- Smiths Group plc
- ResMed Inc.
- Biotronik SE & Co. KG
- AliveCor, Inc.
- iRhythm Technologies, Inc.
- Welch Allyn, Inc.
- General Electric Company
- Nonin Medical Inc.
- Honeywell International Inc.
- McKesson Corporation.
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Devices are Expected to Dominate the Market Due to the Rise in the Introduction of New Devices
Devices segment witnessed substantial expansion in remote patient monitoring devices market. This growth can be attributed to introduction of new devices into the market and collaborations among prominent players to enhance device offerings. An example of such cooperation is the partnership between Medtronic plc and DaVita Inc. As a result, the two companies announced their intention to establish an independent medical device firm specifically focusing on renal care.
The markets in North America is expected to experience the significant growth, with a projected value of over USD 16 billion by 2032 in the remote patient monitoring devices market. The expanding geriatric population base in the region primarily drives this growth. According to the U.S. Centers for Disease Control and Prevention, the number of individuals aged 65 years and older is expected to surpass 80.8 million by 2040, accounting for 25% of the American population. In addition, a higher incidence of multiple chronic illnesses characterizes the aging population.
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Cardiovascular Segment is Expected to Grow the Market Due to the Rising Chronic Cardiovascular Diseases
Cardiovascular segment emerged as the largest contributor, holding a significant share among the various global remote patient monitoring devices market. This can be attributed to the transformative impact of remote patient monitoring on the care and therapy of patients with chronic cardiovascular diseases. Remote patient monitoring has revolutionized how patients receive critical care for conditions such as diabetes, hypertension, palpitations, and cardiac rhythm abnormalities.
Regional markets in the Asia Pacific are anticipated to witness profitable growth throughout the forecast period in the remote patient monitoring devices market. Several factors, including the significant diabetic population in countries such as China and India, drive this growth. In addition, the prevalence of diabetes in these countries is projected to increase during the forecast period, leading to a rise in awareness and focus on diabetes prevention.
A comprehensive analysis of the major players in the remote patient monitoring devices market has been recently conducted in a report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavours to develop innovative solutions to cater to the growing demand.
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Key Developments in Remote Patient Monitoring Devices Market
- GE Healthcare moved significantly by opening its first 5G Innovation Lab in Bengaluru, India, in 2022. As a renowned leader in medical technology, diagnostics, and digital solutions, GE Healthcare aims to explore the potential of 5G technology in transforming the patient care continuum. The advent of 5G brings numerous benefits, including high capacity, fast data rates, low latency, and reliable connectivity.
- Medtronic plc expanded its entire ear, nose, and throat (ENT) portfolio by acquiring Intersect ENT in 2022. This acquisition enabled Medtronic to incorporate breakthrough devices used in sinus treatments to improve postoperative outcomes and address nasal polyps.
Key Questions Answered in Remote Patient Monitoring Devices Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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