Increasing Awareness Pertaining to Benefits and Entry of Multiple Remote Patient Monitoring Devices to Aid Market Growth
Increasing Awareness Pertaining to Benefits and Entry of Multiple Remote Patient Monitoring Devices to Aid Market Growth
The healthcare sector around the world has witnessed major developments over the past couple of years due to unprecedented progress in technology and efforts made in the research and development space. One of the major developments across the healthcare domain that has garnered immense popularity over the past decade is that of remote patient monitoring due to which, the demand for remote patient monitoring devices has witnessed considerable growth.
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The remote patient monitoring technology has advanced at a rapid pace over the past few years and the trend is set to gain further momentum during the forecast period due to increasing adoption of various novel technologies, including artificial intelligence and the Internet of Things (IoT).
As the remote patient monitoring trend continues to gain popularity within the healthcare system in major regions of the world, the dependence on this type of patient care has witnessed consistent growth. Remote patient monitoring enables physicians and other healthcare providers to assess the real-time data of patients and provide efficient care– a factor that is expected to propel the remote patient monitoring devices market during the assessment period.
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Due to the consistent progress in technology, a number of smart remote patient monitoring devices has entered the market. While traditional medical device manufacturers largely catered to requirements of hospitals and clinics, with the growing popularity of remote patient monitoring, a number of remote patients monitoring devices are available that are utilized by consumers.
At the back of these factors, along with the growing emphasis on leveraging technology to improve the monitoring of patient health outside the conventional clinical settings, the global remote patient monitoring devices market is on course to surpass the market value of US$ 3.4 Bn by the end of 2030. Moreover, a number of players involved in the current medical devices domain is increasingly focusing on launching cutting-edge, cost-efficient, and reliable remote patient monitoring devices. Due to this, the demand for remote patient monitoring devices is likely to witness a further growth during the assessment period.
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Market Players Aim to Minimize Size of Remote Patient Monitoring Devices
Due to the advent of remote patient monitoring devices, hospital readmissions around the world have witnessed a drastic decline– a trend that has played a key role in augmenting the demand for remote patient monitoring devices. However, patient satisfaction levels witnessed steady growth. The demand for remote patient monitoring devices, particularly to monitor the vital health parameters of senior citizens is expected to witness steady growth during the forecast period, as home-based care trend continues to gain considerable traction in both developed as well as developing regions of the world.
At present, players involved in the current remote patient monitoring devices market landscape are increasingly focusing on minimizing the size of remote patient monitoring devices. Moreover, several players are also focusing on expanding their market share by launching new products and forging strategic partnerships with other market players to gain an advantage in the current remote patient monitoring devices market landscape.
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Device Makers Focus on Product Launches to Increase Market Share
Witnessing the growing adoption of remote patient monitoring devices, a number of players in the remote patient monitoring devices market is primarily focusing on expanding their product portfolio and launching remote patient monitoring devices to expand their market share. For instance, in August 2020, Stasis Lab launched an app-connected remote monitoring platform in the U.S. wherein six vital signs of the body can be efficiently monitored in a remote setting. Similarly, in August 2020, Validic announced the launch of a new remote patient monitoring solution that does not require additional EHR integration.
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Demand on Rise amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is expected to provide a considerable boost to the global remote patient monitoring devices market in 2020. Due to considerable rise in the number of COVID-19 patients across hospitals and medical centers worldwide, the demand for remote patient monitoring devices witnessed steady growth. The demand for remote patient monitoring devices witnessed a major rise, especially among patients suffering from chronic diseases. The lack of clear access coupled with uncertainty involved with hospital visits due to the fear of contracting the COVID-19 infection is another factor that is likely to play a key role in boosting the growth of the remote patient monitoring devices market in 2020.
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