As per our research report, the Global Remote Patient Monitoring Market size is estimated to be growing at a CAGR of 18.7% from 2023 to 2030.
The market for remote patient monitoring benefited from the COVID-19 pandemic epidemic, at the height of the outbreak, several countries established strict laws and even implemented nationwide lockdowns. Telehealth and remote patient monitoring allowed doctors to treat patients in their homes because of the high patient traffic in hospitals and other healthcare facilities. Because COVID-19 is a highly contagious disease, the growth in COVID-19 cases led to the development of COVID-19 monitoring systems, which enable clinicians to remotely check the health of their patients. The need for monitoring devices like thermometers and pulse oximeters was significantly enhanced by these same factors. A few wearable or remote patient monitoring devices also received Emergency Use Authorizations (EUA) from the U.S. FDA in July 2021, making them more available to patients. The use of remote patient monitoring systems has increased since the COVID-19 pandemic as a result of the development of new RPM technologies. Remote patient monitoring also helped to lessen the COVID-19 epidemic's impact on healthcare workers' exposure to SARS-CoV-2.
The market for remote patient monitoring is primarily driven by the aging population and the increasing need for better healthcare access. The need for remote patient monitoring systems is being driven by the increase in elderly individuals who need medical attention. It is easier for elderly people to stay in touch with their doctors and have access to healthcare without having to often go to the hospital thanks to systems for remote patient monitoring. Additional reasons for the need for remote patient monitoring systems include the need to better serve patients in outlying and rural regions and the requirement to lower healthcare expenses.
RPM is a rapidly evolving technology that has the potential to fundamentally alter the way healthcare is delivered. Remote patient monitoring, which makes use of wireless technology, enables medical practitioners to monitor a patient's health even when they are not together. By capturing information on vital signs, physical activity, and sleep habits, remote patient monitoring can offer medical professionals a real-time picture of a patient's health and alert them of any changes or potential issues. Remote patient monitoring is very helpful when dealing with infectious diseases and outbreaks. To diagnose and treat patients earlier, remote patient monitoring, which enables healthcare personnel to keep an eye on patients while they're gone, can help them recognize sickness indicators before they worsen. Additionally, remote patient monitoring can help doctors monitor the health of patients who are quarantined or isolated, reducing the likelihood that the sickness will spread to other individuals or communities. Remote patient monitoring can help lessen the burden of infectious diseases and, in this way, limit their spread.
The cost of installing and providing training for a remote patient monitoring system can range from a few hundred to several thousand dollars, depending on the device's sophistication. The cost of routine maintenance, software upgrades, and technical support services may increase over time. More complex features like real-time data processing and predictive maintenance capabilities might result in higher costs. However, it is crucial to keep in mind that investing in a powerful RPM system may have substantial long-term benefits, such as improved asset management, decreased downtime, and higher operational performance.
Based on the application, Diabetes surpassed all other application sectors in 2022 and accounted for around 13.10% of total revenue. The application sector for hypertension is also likely to grow considerably throughout the projected time. Similarly, based on the end-use, Hospital end-use led the market in 2022 and contributed the largest revenue share, at 80.00%.
Based on the region, with more than 41.45% of the worldwide market in 2022, North America held the top spot. Due to the existence of untapped potential in the rising economies of China and India, the Asia Pacific region is anticipated to see the quickest CAGR throughout the course of the projected period. Japan's big senior population is expected to be a substantial source of income.
Companies playing a leading role in the global Remote Patient Monitoring market profiled in this report are Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, and Siemens Healthineers AG.
By Product
Vital Sign Monitors
Blood Pressure Monitors
Pulse Oximeters
Heart Rate Monitor (ECG)
Temperature Monitor
Respiratory Rate
Monitor Brain Monitoring (EEG)
Special Monitors
Anesthesia Monitors
Blood Glucose Monitors
Cardiac Rhythm Monitor
Respiratory Monitor
Capnography
Spirometers
Fetal Heart Monitors
Prothrombin Monitors
Multi-Parameter Monitors (MPM)
Others
Cancer
Cardiovascular Diseases
Diabetes
Sleep Disorder
Weight Management and Fitness Monitoring
Bronchitis
Infections
Eye infections
Sinus Infections
Strep Throat
Virus
Dehydration
Hypertension
Hospital-based Patients
Ambulatory Patients
Home Healthcare
North America
Europe
Asia Pacific
South America
Middle East & Africa
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