The global remote patient monitoring devices market size was valued at USD 25.32 billion in 2020. The market grew from USD 30.05 billion in 2021 to USD 101.02 billion by 2028, exhibiting a CAGR of 18.9% during the forecast period. The rising prevalence of cardiovascular disorders and increasing adoption of Internet-of-Things (IoT) services are expected to bolster the market development. Fortune Business Insights™ mentions this information in its report titled “Remote Patient Monitoring Devices Market, 2021-2028.”
Remote patient monitoring devices are solutions that use advanced technologies that enable medical professionals to diagnose patients accurately and effectively. Rising cases of cardiovascular, hypertension, respiratory, and diabetic disorders are likely to boost the adoption of the service. As per the information provided by the World Health Organization (WHO), nearly 1.13 billion patients suffer from hypertension globally. Furthermore, the adoption of such devices to monitor cancer diseases may propel industry growth. In addition, the incorporation of IoT solutions for patient monitoring eliminates long hospital stays and allows medical professionals to monitor patient health from home. These factors may propel industry growth in the coming years.
- October 2021: NextGen Healthcare Inc. partnered with Validic to integrate remote patient monitoring in its NextGen Virtual Visits.
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Drivers and Restraints
Rising Geriatric Population and Adoption of Advanced Medical Devices to Fuel Market Growth
The rising cases of chronic disorders from the geriatric population are expected to surge the demand for the product. Increasing medical spending and adopting effective medical facilities are expected to fuel sales. As per the information provided by the Journal of American Medical Informatics Association (JAMIA), remote patient monitoring devices boost the patient’s engagement to manage chronic disorders. Furthermore, the rising adoption of technologically advanced medical solutions is expected to bolster market development. Incorporating IoT and AI technologies boosts the devices’ diagnosis capabilities and help patients heal faster. These factors may drive the remote patient monitoring devices market growth.
However, the lack of remote monitoring solutions in middle and low-income homes may hinder the market progress.
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Type, Application, End-user, and Region are studied for the Market
By type, the market is segmented into devices and services. Based on application, it is classified into cardiovascular diseases, diabetes, oncology, and others. As per end-user, it is categorized into patients, providers, and payers. Geographically, it is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
List of Key Players Profiled in the Report
- Philips (Amsterdam, Netherlands)
- Medtronic (Dublin, Ireland)
- A&D Company, Limited (California, U.S.)
- Boston Scientific Corporation (Massachusetts, U.S.)
- GE Healthcare (Illinois, U.S.)
- Omron Corporation (Kyoto, Japan)
- VitalConnect (California, U.S.)
- OSPLabs (California, U.S.)
- 100-Plus (San Francisco, U.S.)
- Nihon Kohden Corporation (Tokyo, Japan)
- Hoffmann-La Roche AG (Basel, Switzerland)
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Table Of Content
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Prevalence of Chronic and Infectious Diseases- Key Countries/Region, 2020
- Technological Advancements in Remote Patient Monitoring Devices
- Key Industry Developments – Mergers, Acquisitions and Partnerships, 2020
- Introduction of New Products / Approvals (By Major Players)
- Impact of COVID-19 on Remote Patient Monitoring Devices Market
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