A report on “Remote Patient Monitoring Devices Market” has been appended into the market research report database of Reports and Insights, in recent times, that promises to offer a complete analysis to its readers on the growth forecasts and development prospects of the market, together with the potential business opportunities in the industry. The study, which emphasizes the most recent business dynamics, trends, growth drivers and opportunities that are impacting the market growth, also comprises the market size and the compounded average growth rate (CAGR) for the projected period 2022 and 2030. The report on “Remote Patient Monitoring Devices Market” also incorporates an in-depth assessment on both the macro- and micro-environmental factors that are likely to impact the market growth over the forecast period. In addition to that, analytical tools such as Porter’s five forces analysis and PESTEL analysis are utilized to reckon and gather the factors that are playing the role of the driving force for the growth of the market.
Global Remote Patient Monitoring Devices Market, By Product (Vital Sign Monitors (Pressure Monitors (Hemodynamic Monitors, Blood Pressure Monitors, Disposables), Cardiac Monitoring Devices (ECG Devices, Implantable Loop Recorders, Event Monitors, Mobile Cardiac Telemetry Monitors), Temperature Monitor, Fetal and Neonatal Monitoring Devices, Respiratory Rate Monitor (Pulse Oximeters, Spirometers, Capnographs, Peak Flow Meters), Brain Monitoring (EEG), Specialized Monitors (Anesthesia Monitors, Blood Glucose Monitors), Self-monitoring Blood Glucose Systems, Continuous Glucose Monitoring Systems (Prothrombin Monitors, Multi Parameter Monitors (MPM)), Low-acuity Monitoring Devices, Mid-acuity Monitoring Devices, High-acuity Monitoring Devices), Others), By Modality (Handheld, Benchtop, Wearable, Invasive), By Application (Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorder, Weight management and Fitness Monitoring, Bronchitis, Infections, Virus, Dehydration, Hypertension), By End-use (Hospital Based Patients, Ambulatory Patients, Home Healthcare) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East, & Africa) is expected to grow at a significant CAGR for the period between 2022 and 2030.
The remote patient monitoring devices market is estimated to reach at a value of US$ 25.1 Bn by the end of 2022 and expected to reach at a value of US$ 93.8 Bn by 2030 with a significant CAGR of 17.9%
Remote patient monitoring (RPM) devices can be perceived as medical devices that enable providers to keep a track, register, and evaluate their patient’s chronic or acute conditions apart from the traditional clinic or hospital settings. They allow the medical practitioners to understand and get the insights about a patient’s health and overall well-being in real-time, and thus allow the provider to make proactive clinical decisions.
Remote patient monitoring devices aid patients engross with and better comprehend their health on a daily basis. When a patient is dealing with their health on a daily basis by means of RPM devices they are more likely to observe enduring positive health outputs.
One of the major factors that is primarily driving the demand of remote patient monitoring devices across the markets is the growing number of chronic ailments among the population. It is significant to note that such acute and chronic conditions account for 90% of the healthcare costs in the U.S. every year. Thus, the remote patient monitoring devices are estimated to play a huge role in providing timely assistance to the patients, which is projected to boost the RPM devices market growth over the forthcoming years.
In addition to that, the rapidly evolving healthcare industry along with the swift integration of latest technologies such as IoT features with medical devices has further unlocked the doors for enhancing the effectiveness and quality of medical care for patients all around the world. By the same token, the increased health consciousness as well as associated growth in demand for better medical services is further anticipated to offer major breakthroughs to the growth of the global remote patient monitoring devices market over the forecast period.
Regardless of that, the lower and middle-class countries are distant and unaware about the advent of new and innovative RPM devices across the markets, which is likely to slow down the market growth in the coming years.
Reports and Insights Study identifies some of the key participating players in the remote patient monitoring devices market globally are BioTelemetry Inc., Koninklijke Philips N.V., Medtronic, GE Healthcare, Cerner Corporation, Siemens Healthineers AG, OMRON Healthcare, Boston Scientific Corporation, Abbott Laboratories, Resideo Life Care Solutions, Vivify Health, Inc., ALTEN Calsoft Labs, Preventice Solutions, Bio-Beat Technologies, VitalConnect, Welch Allyn, Teladoc Health Inc., Dexcom Inc., iRhythm Technologies, Inc., VivaLNK Inc., among others.
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