Remote Patient Monitoring Market Outlook, Analysis of Future Growth, Opportunities, Current Scope and Revenue Estimation
Market Overview
Market Research Future (MRFR) expects the Remote
Patient Monitoring Market to reach USD 6.42 billion by 2030 and record a growth
rate of 18.64% between 2022 and 2030.
Top Drivers and
Major Challenges
The COVID-19 outbreak has been quite favorable for the remote patient monitoring industry. Remote monitoring systems help efficiently manage chronic diseases in various ways, including assessing early warning signs, progress tracking, and more. These useful applications are bound to create a huge demand for these systems in the years to come. Annually, chronic illnesses account for more than 90% of the total healthcare costs in the United States. These conditions can be prevented if there is timely assistance available for patients, a feature that is provided by remote monitoring systems. These delay visits to the emergency room and also reduce hospitalization rates, with telemedicine apps automating and digitizing critical tasks. This helps bring down hospital administrative activities, thereby boosting the use of remote monitoring systems. The fact that the pandemic has caused notable space constraints in hospitals will also enhance the
need for remote patient monitoring systems.
Patients dealing with chronic diseases are
being advised not to visit hospitals, given the threat of infections. This
factor has accelerated the growth rate of the remote patient monitoring market
to a great extent. Also, massive investments by firms as part of
collaborations, acquisitions, and partnerships with new startups will benefit
the global market.
Personalized telemedicine apps are in huge
demand among people, as these offer a solid communication platform for
real-time, remote monitoring, acting as a link between the patient and the
caregiver. This borne out of necessity advanced offering has transformed market
dynamics of remote patient monitoring systems, following the COVID-19 outbreak.
This has not only sped up people’s recovery rates but also helped providers
enhance their revenue streams.
The American Heart Association and similar
other organizations come up with different initiatives aimed at elevating
access to remote patient monitoring technologies for improved health
management. Efforts by the top device manufacturers in terms of developing
advanced systems will augment market demand in subsequent years. To cite a
reference, in May 2022, Novant Health formed an alliance with Health Recovery
Solutions to launch a new remote patient monitoring system. This system offers
effective care and accurate outcomes. The pilot program will be introduced and
will focus majorly on bariatric patients, before exploring spaces.
Reputed
Competitors
Nihon Kohden Corporation (Japan), OSI
Systems, Inc. (US), GE Healthcare (US), Cerner Corporation (US), Koninklijke
Philips N.V. (Netherlands), Abbott Laboratories (US), Siemens Healthineers AG
(Germany), Medtronic plc (Ireland), OMRON Healthcare (Japan), and Boston
Scientific Corporation (US)
are the most affluent Remote Patient Monitoring Market Players.
Market
Segmentation
Services and devices are the major types of
Remote Patient Monitoring Market Insights.
·
The various types of devices are Respiratory
Monitoring, Blood Glucose Monitoring, Multi-parameter Monitoring,
Cardiac Monitoring, and more.
·
Applications of remote patient monitoring
systems are Diabetes, Cardiovascular Diseases, Cancer, and more.
·
Key
end-users in
the market include Providers, Patients, as well as Payers.
Regional Study
North America is the most successful Remote Patient Monitoring Market Outlook, with its revenue share
expected to continue to grow in the years to come. The escalating cases of
chronic diseases, the burgeoning use of portable and wireless systems as well
as the presence of advanced reimbursement structures that bring down
out-of-pocket expenditures benefit the regional industry. Besides, the surging
R&D for designing novel, efficient sensor-based patient monitoring systems
and the rising efforts by renowned companies in the region, especially in the
US, will further strengthen the market position.
The Asia Pacific market could anticipate
growth at the fastest pace in the given period, thanks to various untapped
opportunities in emerging nations like India and China. However, Japan will be
the highest revenue generator in the years to come, due to the expansive
population of old age patients.
About US:
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