What is the Size of Global Remote Patient Monitoring Industry?
Global Remote Patient Monitoring market is growing at a CAGR of ~% in 2017-2022 and is expected to reach ~USD Bn by 2028F.
The Remote Patient Monitoring Market is largely driven by the rising usage of digital technologies in the healthcare sector.
Remote patient monitoring services are predicted to become more prominent as the occurrence of chronic diseases such as diabetes, cancer, heart disease, and hypertension rises, among other conditions. By providing early warning signs and progress indicators, remote monitoring systems support medics in initiating treatment as soon as feasible for chronic diseases.
Patients and doctors frequently struggle with inexperience with new procedures and are reluctant to abandon their current (traditional) procedures. The inexperience with technology that elderly persons may have hinders them from using telehealth and telemedicine services.
The COVID-19 pandemic put a massive strain on overburdened and understaffed hospitals and healthcare systems around the world. The use of remote patient monitoring technologies during the pandemic allowed patients to stay safe in their own homes while easing the burden on hospitals, emergency rooms, and front-line medical staff. It had a positive effect on the market.
Global Remote Patient Monitoring Market by Component Type
The Global Remote Patient Monitoring Market is segmented by Component type into Devices and Software & Services.
The device segment dominated the market in 2022, the high growth rate is attributed to the rise in chronic diseases like diabetes, Chronic Obstructive Pulmonary Disease (COPD), blood pressure, and mental health along with the rising need for home monitoring devices.
The versatility of the devices, specifically the monitor’s section, to track clinical data prior to and following surgery, diagnose symptoms, and prevent complications, contributes to their dominance of the market. Furthermore, advanced features additionally enable early diagnosis and broader applicability of the devices, such as wireless communication and iPad compatibility.
Global Remote Patient Monitoring Market by Product
The Global Remote Patient Monitoring Market is segmented by Product into Vital Sign Monitors and Special Monitors
The vital sign monitors witnessed the highest market share in 2022, due to the extensive adoption of these monitors in recent years.
With the help of a vital sign monitor, a patient’s Electrocardiogram (ECG), non-invasive blood pressure, body temperature, respiration rate, and brain activity can be properly monitored. This product’s popularity is anticipated to expand throughout the forecast period as a result of the integration of many vital sign monitors into a single system, which will result in higher adoption.
Since devices are frequently used, vital sign monitors are predicted to expand at the fastest rate during the projected period.
Global Remote Patient Monitoring Market By End – User
The Global Remote Patient Monitoring Market is segmented by End-User into Hospitals and Clinics, Home Care Settings & Long-Term Care Centers, Ambulatory Care Centers, Passive Exoskeletons, Payers, Patients and Others.
Hospitals and Clinics segment accounted for the highest market share in 2022, owing to advancements in RPM monitoring technology, and an increase in the number of RPM services offered by hospitals and clinics.
This is primarily due to medical facilities that can utilize remote monitoring to cut back on the use of expensive services like the Emergency Department (ED) and to lower expenditures associated with healthcare.
Global Remote Patient Monitoring Market By Applications
The Global Remote Patient Monitoring market is segmented by Applications into Cancer, Cardiovascular Diseases (CVD), Diabetes, Sleep Disorder, Weight Management & Fitness Monitoring, Bronchitis, Infections, Virus, Dehydration, Hypertension and Others
Cardiovascular disease has emerged as the main application category as a result of the disease’s increased occurrence. During the projected period, it is anticipated that the aging population and the prevalence of chronic diseases will have a substantial impact on growth globally.
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