Remote Patient Monitoring Products Market is Segmented by Product Outlook (Revenue, USD Million, 2022 - 2031) of COPD, Diabetes, Cardiopathy and Others. Application Outlook (Revenue, USD Million, 2022 - 2031) Home Care, Long-term Care Centers and Hospice Care.
Remote patient monitoring products which are also commonly known as RPM products are the products that aid as a process of healthcare delivery that uses the latest advancement in information and technology to collect patient’s data other than the one gathered in conventional healthcare settings. The remote patient monitoring products market, its main role is in chronic disease management to collect data, about the health hazards and give warning to the patient, to track the progress in confidence building, health betterment, and to basically take better care. With the growing old age population worldwide and for living lifestyle, the demand for better healthcare infrastructure that provides good care, and cost-effective treatment, the market is expected to see a good rise. Contribution from the government in its programs and new projects are expected to work fine for the market growth in the industry, which is conspicuous in the Centre for Technology and raging which is based in California and is dedicated towards fast technological growth in a remote patient monitoring system which also causes the maintenance of independent, better and healthier living conditions. The usage of these products and machinery after acute care grows the role of patients in self healthcare and management. This capability to be able to augment self-health care skills with the help of advanced tools is anticipated to be a high impact causing the growth.
Remote Patient Monitoring Products Market size was estimated at $897.3 Million in 2019 and is expected to reach $2,259.1 Million by 2031, growing at a CAGR of 14.1% during the forecast period of 2022 to 2031.
Remote Patient Monitoring Products Market Growth and Trends
The high functionality of remote monitoring systems in the management of chronic disease, which includes an early warning system, progress tracker, care integrator, confidence builder, and capacity builder is anticipated to foster growth in demand. The rise in geriatric population, with heightened vulnerability to chronic conditions such as diabetes, cardiovascular disorder, and sleep disorder, and their increasing demand for an improved lifestyle along with quality care and cost-effective treatment are expected to fuel market growth. Supportive government programmes and innovation are adding to the market growth, as a remote patient monitoring system leads to maintenance of independent and healthier living. The use of remote monitoring systems in post-acute care enhances the role of the patients in terms of self-health management, and the ability to supplement self-management skills with the assistance of advanced tools is forecasted to be a high impact rendering driver of market growth. Vital sign monitors are frequently used and the market segment is predicted to experience the fastest growth. With an increase in the number of people affected by cardiac conditions, remote heart rate monitoring systems are showing remarkable demand, owing to its functionality in monitoring clinically significant data pre- and post-surgery, to identify symptoms and thereby prevent complications. Advanced features like wireless communication and iPad connectivity facilitate early diagnosis and higher applicability of the products. Ambulatory patients, hospital-based patients, and home healthcare are the key sources boosting the demand these systems, and fuelling the remote patient monitoring devices market, of which the hospital-based segment is leading. However, alternate site monitoring, especially home healthcare due to cost-efficiency and qualitative resources, is most likely to exhibit high CAGR in the forthcoming period.
High cost of production of these systems is a limiting factor in its market growth, but can always be reduced with improved and cost-efficient means of production.
Remote Patient Monitoring Products Market Competition
Key companies operating in this industry are Medtronic, Abbott, Philips Healthcare, Boston Scientific Corporation, GE Healthcare, Nihon Kohden, Biotronik, Honeywell, Spacelabs Healthcare, A&D Medical and SHL Telemedicine.
• Remote Patient Monitoring Products Market Revenue Estimation and Forecast (2022 – 2031)
• Production Estimation and Forecast (2022 – 2031)
• Sales/Consumption Volume Estimation and Forecast (2022 – 2031)
• Breakdown of Revenue by Segments (2022 – 2031)
• Breakdown of Production by Segments (2022 – 2031)
• Breakdown of Sales Volume by Segments (2022 – 2031)
• Gross Margin and Profitability Analysis of Companies
• Business Trend and Expansion Analysis
• Import and Export Analysis
Remote Patient Monitoring Products Market Segmentation
Product Outlook (Revenue, USD Million, 2022 - 2031)
Application Outlook (Revenue, USD Million, 2022 - 2031)
• Home Care
• Long-term Care Centers
• Hospice Care
Country (Revenue, USD Million, 2022 - 2031)
• United States
• South Korea
• Rest of Asia Pacific
• Rest of Europe
• Rest of South America
The Middle East and Africa
• Saudi Arabia
Remote Patient Monitoring Products Market Companies
• Philips Healthcare
• Boston Scientific Corporation
• GE Healthcare
• Nihon Kohden
• Spacelabs Healthcare
• A&D Medical
• SHL Telemedicine
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