A new business intelligence report released by Allied Market Research with title “Remote Patient Monitoring Market” is the comprehensive study about the market which tells about what is the market status in the forecast period of 2021-2030. This analysis gives an examination of various segments that are relied upon to witness the quickest development amid the estimate forecast frame. The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.
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The Global Remote Patient Monitoring Market was valued at $1.9 billion in 2021, and is estimated to reach $8.5 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031. The increasing adoption of digital technologies in the global healthcare industry is significantly driving the remote patient monitoring (RPM) systems market. Further, the rising prevalence of various deadly diseases, growing geriatric population, and increasing incidences of road accidents is boosting the growth of the global RPM systems market.
The demand for the RPM systems is rapidly growing among the old age population as this age group needs continuous monitoring of their health conditions. The rapidly growing geriatric population across the globe is expected to be the major driver of the RPM systems market in the foreseeable future. Moreover, rising disposable income, demand for the advanced healthcare facilities, and increased consumer expenditure on healthcare are the crucial factors the supplements the market growth across the globe.
The home healthcare segment is expected to witness the fastest growth during the forecast period. The rising disposable income, increased demand for convenience, and rising awareness regarding hospital acquired infections among the population are the major factors that can be held responsible for the growth of the home healthcare segment during the forecast period.
The remote patient monitoring market share is segmented on the basis of condition, component and region. By condition, the market is fragmented into congestive heart failure, diabetes, chronic obstructive pulmonary disease, blood pressure, mental health and others. The congestive heart failure segment dominated the market in 2021 with a revenue of $916.75 million. Growth of the segment is attributed to rising burden of chronic diseases such as heart diseases due to lifestyle changes and the rising geriatric population. By component the market is segregated into devices and software. The device segment dominated the market in 2021 with a revenue of $1,453.63 million. The growth of the segment can be attributed to surge in incidences of chronic diseases, such as diabetes and COPD and the growing demand for home-based monitoring devices are responsible for the high growth rate. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Region wise, in remote patient monitoring industry, North America dominated the global market in 2021 with a revenue of $746.40 million, which is attributed to increase in the geriatric population and cancer.
KEY FINDINGS OF STUDY
– The study provides an in-depth analysis of the remote patient monitoring market size along with the current trends and future estimations to elucidate the imminent investment pockets.
– It offers remote patient monitoring market analysis from 2021 to 2031, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
– A comprehensive analysis of four regions is provided to determine the prevailing opportunities.
– The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global remote patient monitoring market growth.
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