According to Precedence Research, the remote patient monitoring systems market is expected to reach US$ 5,101 million by 2030 and expanding growth at a CAGR of 20% over the forecast period 2022 to 2030.
According to Precedence Research, the remote patient monitoring systems market is expected to reach US$ 5,101 million by 2030 and expanding growth at a CAGR of 20% over the forecast period 2022 to 2030.
Growth Factors
The remote patient monitoring systems are used to track and collect data and information of patients who are suffering from specific disorders. The products used in the remote patient monitoring systems market are vital sign monitors and specialized monitors. The remote patient monitoring systems are used in the diagnostics and treatment of hypertension, diabetes, viral infection, cancer, dehydration, cardiovascular diseases, sleep disorder, weight management, and bronchitis. The remote patient monitoring systems are applicable and utilized in home healthcare, hospitals, and ambulatory centers.
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One of the key factors boosting the growth of the global remote patient monitoring systems market is growing geriatric population. The old people cannot visit hospitals and clinics for the treatment of disorders frequently. This fact is driving the demand for remote patient monitoring systems globally. The remote patient monitoring systems helps to save time of patients as well as doctors. In addition, the extra cost is also saved by patients by using remote patient monitoring systems. Thus, this factor is propelling the expansion of the global remote patient monitoring systems market over the projected period.
Another factor driving the growth of the global remote patient monitoring systems market is rising adoption of advanced technologies. The new added features in remote patient monitoring systems help to attract more patients which is increasing consumer reach of key market players. Furthermore, the major market players are adopting key strategies for the growth and development of their market. Those strategies are acquisitions, mergers, collaborations, and partnerships. As a result, all of these aforementioned factors are supporting the growth of the worldwide remote patient monitoring systems market during the forecast period.
Report Highlights:
- Based on the product, the specialized monitorssegment dominated the global remote patient monitoring systems market in 2020 with largest market share. The specialized monitors are one of the prominent remote patient monitoring systems that are equipped with advanced features. These systems help to track and monitor health of patients remotely.
- On the basis of application, the diabetessegment holds the largest market share the global remote patient monitoring systems market in 2020.The diabetes has become one of the diseases which can be caused to people of all age group. Thus, the growing prevalence of diabetes is driving the segment growth.
- Based on the end use, the hospital patients segment dominated the global remote patient monitoring systems market in 2020 with largest market share. The huge number of patients visits to hospitals for their treatment against disorders. The high utilization of remote patient monitoring systems in hospitals is driving the demand for remote patient monitoring systems.
- North America is the largest segment for remote patient monitoring systems market in terms of region.The remote patient monitoring systems market in North America region is expanding due to rising research and development initiatives and existence of key market players.
- Asia-Pacific region is the fastest growing region in the remote patient monitoring systems market.The factors such as growing prevalence of chronic disorders and rising demand for remote patient monitoring systems are contributing towards the market growth in the region.
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Future of Remote Patient Monitoring Systems Market
The growing prevalence of chronic disorders and infectious diseases is one of the primary reasons for the growth of the global remote patient monitoring systems market. The transmission of infectious disorders is one of the key factors driving the need for remote patient monitoring systems. By taking example of coronavirus outbreak, the key market players have understood the need and requirement of remote patient monitoring systems. Such situations and circumstances are going to contribute towards the growth of the global remote patient monitoring systems market in near future.
COVID-19 Impact Analysis:
- Due to COVID-19 pandemic, the demand for remote patient monitoring systems increased significantly.
- The patients were monitored remotely with the help of remote patient monitoring systems.
- As a result, the coronavirus outbreak had positive impact on the growth of the global remote patient monitoring systems market.
Key Developments in the Marketplace:
- Philips launched the Avalon CL Fetal and Maternal Pod and Patch for remote patient monitoring in the Europe, New Zealand, U.S., Australia, and Singapore in 2020.
- American Telemedicine Association signed agreement with Philips, which aided in the adoption of telehealth in acute and home care settings.
- BioIntelliSense and Philips announced a strategic agreement in July 2020 to improve remote patient monitoring technologies. Philips has included the BioSticker gadget from the latter in its remote patient monitoring systems, which monitors chronic conditions.
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Segments Covered in the Report
By Product
- Specialized Monitors
- Vital Sign Monitors
By Application
- Diabetes
- Cancer
- Cardiovascular Diseases
- Weight Management
- Bronchitis
- Sleep Disorder
- Dehydration
- Virus
- Hypertension
By End Use
- Hospital Patients
- Ambulatory Patients
- Home Healthcare
By Geography
- North America
- Europe
- Asia Pacific
- Rest of the World
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