The Insight Partners published latest research study on “Remote Patient Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, End User, and Geography,” the market is expected to reach US$ 188,952.22 million by 2028 from US$ 29,062.30 million in 2021. It is estimated to grow at a CAGR of 16.6% from 2021 to 2028. The key factors that are driving the growth of market are the growing prevalence of chronic diseases, rising awareness regarding healthcare, and surging demand for home-based treatments. However, security and privacy issues, and unaddressed regulatory concerns restrain the market growth.
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Koninklijke Philips N.V., NIHON KOHDEN CORPORATION, Medtronic, General Electric, Cerner Corporation, Siemens Healthineers AG, Boston Scientific Corporation, Omron Healthcare, Abbott, and VitalConnect are among the leading companies operating in the remote patient monitoring market.
Based on end user, the remote patient monitoring market is segmented into providers, payers, patients, and others. The providers segment held the largest share of the market in 2021, whereas the patient segment is estimated to register the highest CAGR in the market during the forecast period.
It is anticipated that efficient remote healthcare may reduce the number of routine checkups before or after visiting a healthcare professional. Also, the patients would be permitted to leave the clinic or hospital earlier as the healthcare professionals will be enabled to monitor the patients from their home rather than admitting them in the hospital for further observation. For instance, in 2018, Britain’s National Health Service announced their Test Bed Programme, in which Type 1 or Type 2 diabetic patients were to be experimented with health technology allowing them to self-manage their conditions by staying at home. This helps in decreasing the additional costs required for staying in hospitals, thereby decreasing the overall medical expenditure of the individuals. Also, the improved internet connectivity and decreasing internet costs particularly in developing nations, are the major factors for the growth of the remote patient monitoring devices market.
Browse key market insights spread across 234 pages with 144 list of tables & 81 list of figures from the report,” Remote Patient Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Software, Devices, and Services) and End User (Providers, Payers, Patients, and Others) and Geography. in detail along with the table of contents: https://www.theinsightpartners.com/reports/remote-patient-monitoring-market
The COVID-19 outbreak has been adversely affecting most of the businesses globally since December 2019. Due to the pandemic, international trade and supply chain are disrupted, it has affected the sales and manufacturing of remote patient monitoring products for a short period. However, overall prospects for the growth of the remote patient monitoring market are considered positive. Increasing government support and reimbursement policies for various remote patient monitoring devices to reduce and avoid human contact during the pandemic and promote telehealth and monitoring services have bolstered the growth of remote patient monitoring market.
Growing Prevalence of Chronic Diseases
According to the American College of Cardiology Foundation, in 2018, CHD was the major cause of death, owing to cardiovascular disease (CVD), followed by stroke, high BP, heart failure, and other CVDs contribution share of 16.8%, 9.4%, 9.0%, and 17.9% respectively. By 2035, nearly 130 million adults in the US are feared to have CVD. Thus, rising geriatric population and related chronic disorders are expected to push the sales of remote patient monitoring devices, thus propelling the growth of global remote patient monitoring devices market during the forecast period.
Chronic diseases such as heart disease, diabetes, stroke, and obesity are the leading causes of death across the world and these diseases account for the largest share of the country’s health care cost. According to CDC, in 2018, ~9% of the total population had diabetes, and it is the major cause of lower-limb amputation and kidney failure in the US. Further, the report also suggests that more than 1.5 million American population are diagnosed with diabetes in the US every year. Similar scenario of higher prevalence of diabetes persists in other regions such as Europe, Asia Pacific, and Middle East and Africa. According to International Diabetes Federation’s published IDF Diabetes Atlas, in 2017, south-east part of Asia had ~19% of the total diabetes population globally.
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The rate of obesity among population is growing rapidly in developed as well as developing countries across the world. Unhealthy lifestyle and sedentary life are the factors driving the number of obese individuals. According to the Organization for Economic Co-operation, (OECD), in 2020, more than 1.9 billion adults of 18 years and above were overweight, of these over 650 million were obese. The number has grown rapidly in Canada, Australia, Chile, the UK, and South Africa. Obese population is expected to be high in the US, Mexico, and England, consisting of around 47%, 39% and 35% respectively by next 2 decades.
Diabetes is caused by the body’s inability to secret insulin and is considered a life-threatening disorder with no ensured cure. This inability prevents body from adequately regulating blood glucose levels. Diabetes is one of the largest diseases of the 21st century. According to the International Diabetes Federation (IDF), in 2017, the total number of diabetic populations in North America was 46 million and by 2045, it is expected to rise to 62 million. The increase in number of people suffering from various lifestyle and chronic diseases creates a need for efficient devices and solutions to monitor individual’s physiological parameters, under a physician’s consultation, thereby increasing the demand for remote patient monitoring devices. This is likely to promote the market growth during the forecast years.
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