Global Remote Patient Monitoring Devices Market Are Projected to Reach USD 2114 million at a CAGR of 7.45%, by 2028

NEW YORK, Nov. 08, 2022 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Remote Patient Monitoring Devices Market By Application (Diabetes, Oncology, Cardiovascular Diseases, And Others), By Type (Services, And Devices (Respiratory Monitoring, Multi-Parameter Monitoring, Cardigan Monitoring, Blood Glucose Monitoring, And Others), By End-User (Patients, Providers, And Payers), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” in its research database.

“According to the latest research study, the demand of global Remote Patient Monitoring Devices Market size & share in terms of revenue was valued at USD 1192 million in 2021 and it is expected to surpass around USD 2114 million mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 7.45% during the forecast period 2022 to 2028.”

What are Remote Patient Monitoring Devices? How big is the Remote Patient Monitoring Devices Industry?

Remote Patient Monitoring Devices Industry Coverage & Overview:

Remote patient monitoring (RPM) devices help healthcare professionals in tracking, reporting, and analyzing chronic or acute conditions of their patients while they are not present at the healthcare facility and could be located in remote places like their homes. RPM devices are gaining popularity because they allow medical personnel to track patients’ health in real-time resulting in proactive measures being undertaken in case the patient's health device sends signals of abnormalities.

It also helps the patient by making them responsible and more aware of their health conditions while also letting them have more control over their response to body functions. It has been observed that when a patient is in touch with their medical conditions, they are more likely to witness better results in the long run. Even though there are many types and forms of remote patient monitoring devices each suitable for the condition they are tracking, there are 4 most common types of technologically-driven systems.

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Global Remote Patient Monitoring Devices Market: Growth Dynamics

The increased necessity and demand for patient independence when it comes to monitoring health signs is expected to drive growth in the global market for remote patient monitoring devices. This could be caused by an increase in the number of patients who require healthcare, such as the elderly population, patients suffering from chronic diseases, and other patients, which has led to a situation in which healthcare is being overwhelmed as a result of an increase in the number of patients admitted to hospitals. According to Statista, more than 1.5 million patients were admitted to hospitals run by the National Health Service in the three months spanning July to September 2019.

The medical industry is currently putting pressure on more people to use remote patient monitoring systems by merging cutting-edge technology into the healthcare sector. This is being done with the goal of improving patient care and making medical treatment available to all patients. The patient acceptance rate of RPM devices is also gaining momentum, which is due to the fact that these devices are beneficial to the patients as the cost of medical care decreases and patients have more control over the medical data, helped by the promptness of the devices in relaying information related to undesirable medical symptoms.

The increased efforts that product manufacturers and service providers are making to adopt higher technology in the devices for RPM systems in order to track and monitor even the most complex medical conditions and convert them into easier formats in order to assist patients and medical personnel in better analyzing the data may result in higher returns for the global market.

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Remote Patient Monitoring Devices Market: COVID-19 Impact Analysis

The introduction of COVID-19, which focused primarily on patients with a previous history of cardiovascular disorders and in the field of psychology, had a favourable impact on the total value of the global market. Due to the fact that hospital visits were restricted and, except for patients infected with Covid-19, only critically ill patients were admitted to medical facilities, many patients and healthcare providers showed an interest in adopting remote patient monitoring devices in order to guarantee access to medical care even while sitting in remote locations.

Remote Patient Monitoring Devices Market: Segmentation Analysis

The global market for remote patient monitoring devices can be divided into different submarkets based on things like application, end-user, and geographic location.

Based on application, the global market is segmented into Diabetes, oncology, cardiovascular disorders, and other. As a result of an increase in the number of people who need medical attention, cardiovascular diseases (CVDs) dominated the global market in 2020 and 2021. According to the World Health Organization, more than 17.9 million individuals passed away in 2019 as a result of cardiovascular diseases. Diabetes is another condition that may experience rapid growth at a high compound annual growth rate (CAGR) because of the increasing number of diabetic patients as well as the capabilities provided by RPM devices to monitor blood glucose levels.

Based on type, the global market can be broken down into two categories: services and hardware devices. The devices market can be broken down into several sub-segments, including respiratory monitoring, multi-parameter monitoring, cardiac monitoring, and blood glucose monitoring. Due to the fact that the services division produced the largest return in the prior years, there was a greater demand for support both during and after the completion of Covid-19. The demand for services relating to blood glucose monitoring was at its highest. In the year 2020, Roche, the world's biggest provider of glucose monitors, reported sales of between 8 and 9 million units in the Indian market.

Based on the end-user, Patients, healthcare providers, and insurance companies make up the three main categories in the global market. The provider segment held the largest share of the global market in 2017 due to the increased adoption of RPM devices by healthcare providers. This was done in order to provide patients with superior medical care while also relieving the additional strain placed on healthcare facilities as a result of an increase in the number of hospital admissions. In addition to this, it helps reduce the amount of money that must be spent on the upkeep of medical facilities, which typically ranges from nine to thirteen dollars per gross square foot on average.

The global Remote Patient Monitoring Devices market is segmented as follows:

By Application

• Diabetes
• Oncology
• Cardiovascular Diseases
• Others

By Type

• Services
• Devices
  • Respiratory Monitoring
  • Multi-Parameter Monitoring
  • Cardigan Monitoring
  • Blood Glucose Monitoring
  • Others

By End-User

• Patients
• Providers
• Payers

Browse the full “Remote Patient Monitoring Devices Market By Application (Diabetes, Oncology, Cardiovascular Diseases, And Others), By Type (Services, And Devices (Respiratory Monitoring, Multi-Parameter Monitoring, Cardigan Monitoring, Blood Glucose Monitoring, And Others), By End-User (Patients, Providers, And Payers), And By Region - Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028” Report at https://www.zionmarketresearch.com/report/remote-patient-monitoring-devices-market

Competitive Landscape

Some of the main competitors dominating the global Remote Patient Monitoring Devices market include - 

• ResMed
• Medtronic
• 100-Plus
• AltumView Systems
• Omron Healthcare
• Philips Healthcare
• Boston Scientific
• A&D Company
• Cardiomo Care
• BIOTRONIK
• MedM
• Bardy Diagnostics
• GE Healthcare
• Hoffmann-La Roche
• OSP Labs

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Remote Patient Monitoring Devices market is likely to expand at a CAGR of around 7.45% during the forecast period (2022-2028).
• In terms of revenue, the Remote Patient Monitoring Devices market size was valued at around US$ 1192 million in 2021 and is projected to reach US$ 2114 million by 2028.
• Based on type segmentation, services were predicted to show maximum market share in the year 2021.
• Due to rising medical cases, cardiovascular diseases (CVDs) dominated the global remote patient monitoring devices market in 2020 and 2021.
• Based on the end-users segmentation, providers were the leading revenue-generating payment modes in 2021.
• On the basis of geography, the “North America” region was the leading revenue generator in 2021.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Remote Patient Monitoring Devices industry?
• What are the main driving factors propelling the Remote Patient Monitoring Devices Market forward?
• What are the leading companies in the Remote Patient Monitoring Devices Industry?
• What segments does the Remote Patient Monitoring Devices Market cover?
• How can I receive a free copy of the Remote Patient Monitoring Devices Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2022−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis by types, by applications, by end-user, and by regional analysis
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is expected to expand the fastest during projections.

Due to patient adoption and healthcare providers' increasing need for RPM devices, the global market for remote patient monitoring devices is expected to increase. Upgrades to RPM device technology for different medical conditions and faster information relays could also help regional growth.

Service providers are developing software and initiatives to help patients use technology effectively. 2021. George Roberts, Henry Kravis, and other investors put $25 million into 100Plus to improve technologies for remote patient monitoring.

Europe may potentially see substantial growth due to government and business sector efforts to educate the public about RPM devices and other favourable regulatory processes. EU companies are forming strategic collaborations to increase consumer datasets and improve services so they can expand globally.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

• In August 2021, Rx. Health made the announcement that it has entered into a relationship with Livecare. The purpose of this agreement is to deliver remote patient monitoring technologies to payers, pharma, and the healthcare system as a whole. It is unlikely that Rx. Health will be able to incorporate device-based RPM into the device-free patient care it already provides.
  
  
• In April 2020, 100Plus, one of the most prominent and rapidly expanding remote patient monitoring platforms designed for physicians and patients, made the announcement that it was launching its platform with three brand-new remote patient monitoring devices. These devices were a blood glucose monitor, a digital weight scale, and a 100Plus blood pressure cuff. The devices will take care of the medical needs of seniors while they stay in their homes, where they are comfortable. 

Report Scope

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