NEW YORK, United States, March 23, 2023 (GLOBE NEWSWIRE) -- Facts and Factors has published a new research report titled “Remote Patient Monitoring Devices Market Size, Share, Growth Analysis Report By Product (Vital Sign Monitors and Special Monitors), By Application (Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorder, Weight management & Fitness Monitoring, Bronchitis, Infections Virus, Dehydration, Hypertension), By End User (Hospital Based Patients, Ambulatory Patients, Home Healthcare), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028” in its research database.
“According to the latest research study, the demand of global remote patient monitoring devices market size & share was valued at approximately USD 29.94 billion in 2021. The market is expected to grow above a CAGR of 18.56% and is anticipated to reach over USD 98.58 billion by 2028.”
The report analyzes the remote patient monitoring devices market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global market.
Remote Patient Monitoring Devices Market Overview:
The use of remote patient monitoring devices makes it possible to digitally record a person's medical information from a single location and to electronically transmit that information to healthcare specialists in other locations for evaluation and recommendations. A few of the medical data that are gathered by the monitoring devices from point-of-care testing include blood pressure, blood oxygen levels, heart rates, electrocardiograms, and blood sugar levels. The medical staff working in hospitals, intensive care units, and nursing homes then send the data collected by the devices for further analysis.
Over the course of the projection period, it is predicted that the global remote patient monitoring devices market would grow significantly as a result of the increased prevalence of ailments including heart problems, respiratory disorders, and other conditions.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2021 | USD 29.94 Billion |
| Projected Market Size in 2028 | USD 98.58 Billion |
| CAGR Growth Rate | 18.56% CAGR |
| Base Year | 2021 |
| Forecast Years | 2022-2028 |
| Key Market Players | Shenzhen Mindray Bio-Medical Electronics Co. Ltd., NIHON KOHDEN CORPORATION, Omron Corporation, OSI Systems Inc., Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, Welch Allyn, Smiths Medical, Abbott, Boston Scientific Corporation, and others. |
| Key Segment | By Product, Application, End User, and Region |
| Major Regions Covered | North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
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Key Insights from Primary Research
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Market Dynamics:
Growth Drivers
- Increase in the prevalence of various ailments and diseases is anticipated to fuel market growth
The global remote patient monitoring devices market growth will be accelerated by the aging population's rising disease burden. By the year 2050, there will be 1.5 billion elderly people worldwide, according to the World Health Organization (WHO). During 2022–2028, it is also predicted that the prevalence of chronic diseases affecting the older population will rise. Therefore, there is a growing demand for ongoing vital sign monitoring and efficient illness management.
For instance, remote patient monitoring improves patient participation in managing chronic illnesses, according to a study published in the Journal of American Medical Informatics Association (JAMIA). Therefore, it is projected that the older population's adoption of remote systems to prevent frequent hospital visits will propel market expansion throughout the anticipated timeframe.
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Restraints
- Lack of adoption of remote monitoring technologies in low- and middle-income countries
The market growth will be hampered by the lack of deployment of remote monitoring solutions in low- and middle-income nations. Despite the rising need for solutions, it is projected that the lack of device and software adoption in low- and middle-income nations will restrain market growth throughout the course of the projection period. One aspect of the drop in usage in these nations is the high implementation cost of remote patient monitoring systems.
The adoption of these solutions needs appropriate funding, providers, and IT staff to ensure a smooth transition and the provision of high-quality patient care. For instance, the Journal of Telemedicine and Telecare reported that the annual cost per patient for equipment purchases, servicing, and monitoring ranged from USD 275 to USD 7,963.
Remote Patient Monitoring Devices Market: Segmentation Analysis
The global Remote Patient Monitoring Devices market is segmented based on product, application, end-user, and region.
By end user, the market is divided into hospital-based patients, ambulatory patients, and home healthcare. In 2021, the leading end-use segment was hospital-based patients. Both inpatients and outpatients in considerable numbers are served by hospitals. They have a larger technical staff and a wide range of diagnostic tests available to meet the needs of the patients. The important drivers for the category growth are the large patient pool and the rising number of tests being performed.
However, it is projected that alternate site monitoring, particularly home healthcare, will show a strong CAGR throughout the forecast period. The availability of qualified resources and the cost-effectiveness of this alternative site are anticipated to promote growth. Additionally, remote patient monitoring offers market players tremendous opportunities in terms of partnering with hospitals and other healthcare settings and launching new products to facilitate accessible care at a patient's home, especially in light of the growing strain on hospital resources and personnel.
Regional Analysis:
- North America to lead the market growth during the forecast period
In 2021, North America dominated the market for remote patient monitoring devices worldwide. Higher use of these monitoring devices by patients and hospital settings characterizes the market in the area. Furthermore, the region's leading market position in 2020 is due to increasing investment in the introduction of advanced technology for high-quality patient care.
For instance, 100Plus stated in March 2021 that Henry Kravis, George Roberts, and other investors had invested a total of USD 25 million in a series of investments for platforms for remote patient monitoring. In addition, 6 out of 10 persons in the United States have a chronic condition, according to the Centers for Disease Control and Prevention (CDC). Therefore, it is predicted that over the projection period, demand for U.S. FDA-approved remote patient monitoring devices will increase due to the rising prevalence of chronic diseases.
Competitive Players:
The report contains qualitative and quantitative research on the global remote patient monitoring devices market, as well as detailed insights and development strategies employed by the leading competitors.
Some of the main players in the global remote patient monitoring devices market include;
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- NIHON KOHDEN CORPORATION
- Omron Corporation
- OSI Systems Inc.
- Koninklijke Philips N.V.
- F. Hoffmann-La Roche Ltd
- Welch Allyn
- Smiths Medical
- Abbott
- Boston Scientific Corporation
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Recent Industry Developments:
- In May 2021, the University of California, San Francisco (UCSF), a biomedical research hub and health system, and Royal Philips, a global health technology company, announced a partnership to develop technology that will enable a contemporary, more streamlined experience for patients and set a new benchmark for healthcare delivery. UCSF will use Philips HealthSuite to oversee the development of technologies that customize care, making it easier for patients to choose doctors, access their medical records, and receive virtual treatment at home.
- In March 2021, Henry Kravis, George Roberts, and other investors announced a USD 25 million series investment in 100Plus for platforms for remote patient monitoring. In addition, 6 out of 10 persons in the United States have a chronic condition, according to the Centers for Disease Control and Prevention (CDC).
The global remote patient monitoring devices market is segmented as follows:
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
- Fetal Heart Monitors
- Prothrombin Monitors
- Multi Parameter Monitors (MPM)
- Others
By Application
- Cancer
- Cardiovascular Diseases
- Diabetes
- Sleep Disorder
- Weight management and Fitness Monitoring
- Bronchitis
- Infections
- Virus
- Dehydration
- Hypertension
By End User
- Hospital Based Patients
- Ambulatory Patients
- Home Healthcare
By Region
- North America
-
- The U.S.
- Canada
- Europe
-
- France
- The UK
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Southeast Asia
- Rest of Southeast Asia
- The Middle East & Africa
- GCC
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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Key questions answered in this report:
- What is the size of the remote patient monitoring devices market and what is its expected growth rate?
- What are the primary driving factors that push the remote patient monitoring devices market forward?
- What are the remote patient monitoring devices Industry's top companies?
- What are the different categories that the remote patient monitoring devices Market caters to?
- What will be the fastest-growing segment or region?
- In the value chain, what role do essential players play?
- What is the procedure for getting a free copy of the remote patient monitoring devices market sample report and company profiles?
Key Offerings:
- Market Size, Trends, & Forecast by Revenue | 2022−2028
- Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
- Market Segmentation – A detailed analysis by Product, Application, End User, and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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