The research study on the “U.S. remote patient monitoring market – industry outlook and forecast 2023-2028”, recently published by Arizton Advisory & Intelligence, the U.S. remote patient monitoring market states that it will grow at a CAGR of 11.16% during 2022-2028.
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The U.S. Remote Patient Monitoring Market Report Scope
|Market Size (2028)||USD 25.28 Billion|
|Market Size (2022)||USD 13.40 Billion|
|Market Segmentation||Component, Application, End-User, and Geography|
|Geographic Analysis||United States (South, West, Midwest, and Northeast)|
Transformation in US Healthcare Landscape: Remote Patient Monitoring and Telehealth Revolutionize Patient Care
The healthcare industry in the United States has witnessed a remarkable shift, transitioning from a focus on readmission avoidance to preventing admissions and offering remote patient treatment. This paradigm shift has significantly improved efficiency and effectiveness in healthcare settings, elevating the quality of patient care. Healthcare facilities heavily invest in remote patient monitoring, telehealth, and advanced patient monitoring systems to support this new model. Technology and software companies are pivotal in facilitating this transformative market shift.
One major development is standardizing home patient monitoring for adult patients who require long-term alternatives to hospital-based treatment. Wireless patient monitoring systems that track vital signs have emerged as a growing trend in healthcare, offering many benefits, such as improved home care for chronic and acute conditions. The impact of the COVID-19 pandemic has further emphasized the potential for integrating care at home, while technological advancements have made remote patient monitoring feasible and highly effective.
Healthcare systems are actively collaborating with market vendors and stakeholders to raise awareness about the advantages of remote patient monitoring devices, thereby driving the growth of this market. Key industry players focus on obtaining product approvals and launching initiatives to expand their product portfolios, foster technological advancements, and meet the increasing demand from consumers seeking these innovative monitoring devices.
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Rising Adoption of Telemedicine Ushering New Opportunities for Remote Monitoring
Telehealth, or healthcare enabled by technology, has revolutionized the home care environment and is expected to increase significantly in future years. Simple technology (for instance, e-mail, the Internet, and cell phones) can now monitor people’s health remotely. Telephone lines or internet connections can send high-resolution visual pictures and audio. Remote monitoring will become much more common in the next years, involving more types of home equipment. Technology such as wireless electronics and digital processing will enable the connection between various devices and remote health care practitioners. Some wireless equipment, particularly meters, and monitors, will be wearable, allowing continuous monitoring or more convenient testing.
The U.S. remote patient monitoring market is in a state of intense competition. The industry includes providers of a range of products and services, from diagnosis and treatment to delivery of healthcare applications. Companies operating in this segment are continually forced to innovate and improve to gain a competitive edge. Over the past few years, the U.S. remote patient monitoring market has grown rapidly with the entry of new players and the widespread adoption of technological advances. The focus is shifting towards conquering and expanding the market share from smaller, more localized players to larger, national-scale players. This competition has led to market size, scope growth, and product diversification.
AMD Global Telemedicine, GE Healthcare, Koninklijke Philips, Medtronic, ResMed, Teledoc Health, and Vivify Health are some of the top vendors in the U.S. remote patient monitoring market, offering a wide range of RPM solutions. However, many local vendors are providing products with similar specifications at lower prices, which has resulted in a price war among vendors. Major vendors continuously compete for the leading position in the market, with occasional competition coming from other local vendors.
Key Company Profiles
- AMD Global Telemedicine
- GE Healthcare
- Koninklijke Philips
- Teledoc Health
- Vivify Health
- ACL Digital
- Boston Scientific
- Datos Health
- Drägerwerk AG
- F.Hoffmann-La Roche
- GrandCare Systems
- Health Recovery Solutions
- Hinge Health
- Honeywell International
- iHealth Unified Care
- iRhythm Technologies
- Limber Health
- NIHON KOHDEN
- OSI Systems
- Resideo Technologies
- Ventricle Health
- Component: Services and Devices & Software
- Application: Cardiovascular Diseases, Respiratory Diseases, Diabetes, Musculoskeletal Diseases, and Others
- End-User: Hospitals, Home Healthcare Settings, Ambulatory Care Settings, and Long-term Care Centers
- Geography: United States (South, West, Midwest, and Northeast)
Check the detailed table of contents of the report @ https://www.arizton.com/market-reports/us-remote-patient-monitoring-market?details=tableOfContents
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Arizton offers syndicate and custom market intelligence & competitive intelligence solutions across MedTech, pharmaceuticals, and life sciences & biotechnology markets within the healthcare industry. Arizton’s healthcare vertical provides unbiased research and evidence-based analysis to support business decisions and comprehensive end-to-end solutions to its customers, covering all dimensions of the healthcare value chain. We track various devices (equipment, implants, and hospital supplies) and drugs (patented, generic, & OTC) across North America, Europe, APAC, Latin America, and the Middle East & Africa regions. The healthcare reports provide historic and forecast data for 20+ key countries worldwide. We track product approvals/launches, M&A activities, and collaboration/partnership activities among pharma/biotech, medical device, and life sciences companies. Our pharmaceutical portfolio tracks 15+ therapy areas with a major focus on immunology, oncology, rare & genetic diseases, dermatology, and metabolic diseases. Our medical devices and life sciences portfolio covers in-vitro diagnostics, healthcare IT, patient monitoring, cardiovascular devices, medical imaging, personal protective equipment, clinical laboratory services, and CMO/CDMO services.
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