Remote Patient Monitoring Market worth US$ 7,338.92 million by 2028 COVID-19 Impact and Global Analysis By Geography

According to our new market 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$ 7,338.92 million by 2028 from US$ 2,177.69 million in 2020. 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.
Remote Patient Monitoring Market: Competition Landscape and Key Developments
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.
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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.
Remote Patient Monitoring Market: Segmental Overview 
The global remote patient monitoring market, based on type, is segmented into software, devices, and services. In 2020, the devices segment accounted for the largest share in the market and is expected to retain its dominance during the forecast years. The market growth for this segment is attributed to the high-volume demand for vital sign remote patient monitoring devices across various countries worldwide. In addition, the surge in demand for respiratory and multifunctional monitoring devices due to the COVID-19 outbreak also contributes to the market growth for this segment. Furthermore, medical device manufacturers are constantly focusing on the improvement of the quality and innovations in these devices, which would help the segment to hold a dominant share in the remote patient monitoring market during the forecast years.
Healthcare has taken a centerstage in the backdrop of COVID-19 outbreak in terms of its capacity and reach in countries such as India, Australia, South Africa, Saudi Arabia, the UAE, Oman, Qatar, Kuwait, and others. The shortage of hospitals and skilled professionals, along with the risk of unnecessary exposure, has led to the adoption of meaningful remote patient monitoring and management solutions. There has been a significant push by governments of various countries to enable healthcare facilities for the underserved communities and geographies through technology-adopted imperatives. For instance, in April 2020, The Ministry of Health & Family Welfare India (MoHFW) in collaboration with NITI Aayog allowed consultations through multifarious communication channels via audio, video, and text for registered medical practitioners to prescribe medications. The government’s proactive steps for clarification of the regulatory regime surrounding this vital industry has given a booster shot during a critical COVID-19 pandemic. Furthermore, in March 2021, the Australian Government added several temporary Medicare items to help healthcare professionals deliver remote patient monitoring and telehealth services via video conferencing and phone calls. The Australian Health Protection Principal Committee (AHPPC) approved and recommended the policy to continue till December 2021.
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. 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.
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Remote Patient Monitoring Market – by Geography
North America
US
Canada
Mexico
Europe
France
Germany
Italy
UK
Russia
Rest of Europe
Asia Pacific (APAC)
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Middle East and Africa (MEA)
South Africa
Saudi Arabia
UAE
Rest of Middle East & Africa
South and Central America (SCAM)
Brazil
Argentina
Rest of South and Central America

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Remote Patient Monitoring Devices Market to 2027 - Global Analysis and Forecasts By Product (Vital Sign Monitors, Special Monitors), Application (Cardiovascular Diseases Treatment, Cancer Treatment, Sleep Disorder Treatment, Diabetes Treatment, Weight Management and Fitness Monitoring) End User (Hospitals & Clinics, Ambulatory Care Centers, Home Healthcare, and Others) and Geography
Remote Patient Monitoring Devices Market Global Analysis and Forecast to 2027

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