The market of Remote Patient Monitoring Devices Market is projected to grow at a CAGR of 6.7% and reach US$ 1,502.9 million by 2024, generating an additional US$ 657.1 million in opportunity between 2016 and 2024.
Report Overview
Due to the rise in chronic diseases and the aging population, remote patient monitoring is becoming more and more popular. In the conventional healthcare context, every piece of information gathered is lost as soon as the patient leaves the hospital and is only recovered when the patient returns. Nevertheless, a remote patient monitoring device makes it possible to gather and transmit data even from a distance outside of a hospital or clinic. Telemedicine as an idea is also gaining popularity. It enables remote patient diagnosis and treatment utilizing a telecommunications device, significantly lowering costs and providing comfortable care.
The producers of remote patient monitoring equipment are likewise concentrating on and increasing their investment in R&D projects. This is being done to lower the high cost of gadgets and enhance the remote patient monitoring system that is currently available.
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Market dynamics
Major drivers propelling the expansion of the global remote patient monitoring device market include the general population’s increasing prevalence of cardiovascular diseases, respiratory conditions, and diabetes. Global demand for remote patient monitoring devices is anticipated to develop in line with rising healthcare costs and the availability of more efficient treatment options for chronic diseases. A growing awareness among people to self-monitor before diseases advance and government reimbursements granted to homecare settings facilities are two additional elements promoting market expansion.
The expansion of the global market for remote patient monitoring devices is anticipated to be constrained by a lack of qualified specialists to assist with these devices. The main obstacles facing the market include insufficient privacy and security protections for stored data, inconsistent device operation, and a lack of widespread knowledge about patient monitoring devices.
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Key Players of the market-
Some of the key players in the global remote patient monitoring devices market are-
- Boston Scientific Corporation
- Abbott Laboratories, Koninklijke Philips N.V.
- F. Hoffmann-La Roche Ltd
- Nihon Kohden Corporation, St. Jude Medical
- LifeWatch AG
- and Medtronic.
Regional analysis
Between 2017 and 2024, North America is anticipated to continue to dominate the global market for remote patient monitoring devices. North America’s revenue is probably going to surpass US$ 500 million by the end of 2024. One of the biggest markets in the region for remote patient monitoring equipment is the United States. The need for home-based monitoring devices is being driven by technological development and an increasing desire for comfort.
More than 80 million Americans have high blood pressure, and more than 90 million have been diagnosed with cardiovascular illness, according to research from the American Heart Association. As a result, the need for remote patient monitoring equipment is growing in the area.
Market highlights
The market for remote patient monitoring devices is divided into segments based on Product Type (Cardiac Monitors, Respiratory Monitors, and Hematological Monitors), Application (Diabetes, Ischemic diseases, Hypertension, Sleep apnea, Chronic respiratory diseases, and Hyperlipidemia), End User (Hospitals, Homecare Settings, Long-term Care Centers, Others), and Region (North America, Latin America, Europe, APEJ, and MEA).
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