Westford USA, March 30, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest research analysis, the remote patient monitoring market is set to exceed USD 157.9 billion by 2030, with a CAGR of over 19.2% between 2022 and 2030. The World Health Organization (WHO) predicts that the global population of those aged 60 years and older will increase from 900 million in 2015 to approximately 2 billion by 2050, thereby leading to an increase in the prevalence of chronic diseases and the aging population. As a result, the demand for remote patient monitoring technology is expected to increase significantly in the coming years, driven by technological advancements and healthcare providers' cost-effectiveness needs.
The global patient-centered care market is expected to reach $16.4 billion by 2025, primarily driven by the need to improve patient outcomes, patient-centered care, and other factors, as stated in the SkyQuest report. Furthermore, adopting remote patient monitoring systems is likely to result in lower hospital admissions, with research indicating a 20% decrease, leading to an annual cost saving of $6,000 per patient.
Browse in-depth TOC on "Remote Patient Monitoring Market"
- Pages - 157
- Tables - 96
- Figures - 77
The significance of remote patient monitoring is on the rise as it allows healthcare providers to monitor patients outside the traditional healthcare settings. It brings about cost-effectiveness for both patients and providers, decreases hospital admissions, encourages timely intervention, and facilitates patient-centric care. Furthermore, the emergence of cutting-edge technologies like wearable devices and AI integration is expected to enhance the role of remote patient monitoring in healthcare delivery in the future.
Prominent Players in Remote Patient Monitoring Market
- Philips Healthcare
- Abbott Laboratories
- Medtronic
- Omron Healthcare
- BioTelemetry
- Boston Scientific
- Masimo
- Nihon Kohden
- GE Healthcare
- Honeywell Life Care Solutions
- Welch Allyn
- Smiths Medical
- ResMed
- Garmin Health
- iRhythm Technologies
- Teladoc Health
- AliveCor
- Kinsa Health
- Nonin Medical
- VivaLNK
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Chronic Disease Management Application Segment to Drive Higher Sales as there is the Growing prevalence of Chronic Disease, Cost-Saving for Healthcare Providers
A recent analysis revealed that the Chronic Disease Management Application segment played a significant role in the rapid growth of the Remote Patient Monitoring market in 2021. This trend is expected to continue from 2022 to 2030, driven by the increasing prevalence of chronic diseases, cost savings for healthcare providers, improved patient outcomes, advancements in technology, and the expansion of telehealth. According to the World Health Organization, chronic diseases account for 71% of all deaths globally, and the growing number of chronic diseases can result in increased hospital readmissions. However, a study published in the Journal of Medical Internet Research found that remote patient monitoring can lead to a 30% reduction in hospital readmissions for patients with chronic heart failure.
According to research analysis, the North American region is expected to become a dominant player in the Remote Patient Monitoring market from 2022 to 2030. SkyQuest projects that the region will grow at a CAGR of 17.95% during the forecast period, driven by major players, a favorable regulatory environment, an increasing prevalence of chronic diseases, and growing demand for patient-centric technological advancements. Cardiovascular diseases are the leading cause of death in the United States, accounting for 1 in 4 deaths, according to the American Heart Association. Adopting remote patient monitoring can play a crucial role in managing these chronic diseases, thus driving market growth in the region.
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Wearable Devices Type Segment to Exhibit Strong Growth due to Rising Demand for Home Healthcare, Cost-Effectiveness
The Remote Patient Monitoring market is seeing significant growth in the wearable devices type segment, which emerged as the dominant method in 2021 and is expected to continue leading the market from 2022 to 2030. This trend is driven by the increasing demand for home healthcare and cost-effectiveness, which enhances patients' operational efficiency and safety. According to SkyQuest, the wearable devices market is projected to grow at a CAGR of 15.5% during the forecast period due to advancements in wearable technology.
The Asia Pacific region is also a significant force in the Remote Patient Monitoring market and is expected to maintain its leading position by 2030. SkyQuest forecasts substantial growth for the region, with a projected CAGR of 19.4% during the forecast period. This expansion is attributed to the growing aging population, increasing prevalence of chronic diseases, favorable government initiatives, technological advancements, and increasing adoption of telemedicine in the region. According to a report by the International Diabetes Federation, the Asia Pacific region has the highest number of people with diabetes globally. Remote patient monitoring can help manage these chronic diseases, driving the market's growth in the region.
A comprehensive analysis of the major players in the Remote Patient Monitoring 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 endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Remote Patient Monitoring Market
- Carbon Health, a prominent healthcare provider in the US, has acquired Alertive Healthcare, a top remote patient monitoring (RPM) company. This acquisition enhances Carbon Health's strategy of providing comprehensive care through various channels, broadens its ability to offer care at home, and expands its range of remote patient care services.
- Aero 3, Inc., the parent company of AeroRepair, has acquired Aircrafters, Inc. in a deal announced by GenNx360 Capital Partners. Based in New Castle, Delaware, Aircrafters is a significant supplier of wheel and brake parts for the aviation industry. The company's services include the aftermarket distribution of Collins wheel and brake parts and an extensive parts inventory, and exchange asset pools catering to multiple global operators.
Key Questions Answered in Remote Patient Monitoring Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- Can you 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 might these differences shape the market's future growth?
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