Remote Patient Monitoring Market’s expected worth by 2030 is USD 4.07 billion

The Global Remote Patient Monitoring Market was worth USD 1.3 billion in 2020 and, with a CAGR of 12.1%, is expected to reach a market value of USD 4.07 billion by 2030.


New York, United States, June 28, 2022 (GLOBE NEWSWIRE) -- The key factors driving the Remote Patient Monitoring Market are the rising number of chronic diseases, increased awareness and a rising geriatric population.

Pivotal Insights into the Remote Patient Monitoring Market:

  • North America had the highest market share, which stood at 41.67% of the market
  • By product, the vital signs monitoring devices held the highest market share at 38.89% of the market.
  • By End-users, hospital-based patients held the highest market share at 79.4%.
  • By application, diabetes held the largest market share at 12.8%.


To get a first-hand overview of the report, Request a Sample at 
https://www.strategicmarketresearch.com/request-sample/remote-patient-monitoring-devices-market


Factors Driving the Market

  •  Rising Chronic Diseases

Chronic diseases are those that last one or more years and require medical care for a prolonged period. Diseases such as cancer, arthritis, dementia and diabetes are examples of chronic diseases. According to the CDC, six out of ten citizens suffer from a chronic disease, and four out of ten have two or more chronic diseases. According to Canadian government statistics, 44% of adults over 20 suffer from at least one chronic disease. According to Eurostat, more than one out of three people above the age of 16 suffer from a chronic disease. According to WHO, chronic diseases cause 41 million deaths each year. Monitoring devices are essential in the treatment plan for chronic conditions. Therefore, with an increasing number of chronic conditions, there will be a rise in remote patient monitoring devices.

  • Rising Geriatric Population

The geriatric population is on the rise globally. According to the WHO, China has one of the most rapidly ageing populations in the world; by 2040, over 28% of the population is expected to be above the age of 60. In Canada, over 861,000 people were above the age of 85, 2.3% of the total population. According to the US Census, over 46 million adults are over 65. According to Eurostat, the number of people above 80 is expected to double by the start of the next century. With an ageing population, the number of patients with various diseases also increases; hence, further remote patient monitoring devices would be required to monitor those conditions. 

  • Increased Awareness

People have become far more aware of their health and well-being due to the pandemic and have been focusing on physical and mental health during the pandemic. There has been an increase in the number of sales of fitness devices, an increasing number of telehealth checkups and an increase in the number of visits to psychologists and psychiatrists. According to the US Department of Health & Human Services(HHS), there has been a 63-fold rise in the number of Medicare-funded telehealth visits, being 840,000 in 2019, rising to 52.7 million in 2020. 20% or one in five people use a fitness device frequently in the US. According to the American Psychological Association (APA), the number of psychologists receiving referrals more than doubled in 2021. Thus with patients and healthcare providers being more aware, we would see a further rise in the use of remote patient monitoring devices.


Detailed Segmentation Analysis of the Remote Patient Monitoring Market as conducted by Strategic Market Research:

By Product

  • Vital signs Monitors
  • Special Monitors


By End-User

  • Hospital-based patients
  • Ambulatory Patients
  • Home Healthcare

By Application

  • Cardiovascular diseases
  • Diabetes
  • Cancer
  • Bronchitis
  • Sleep Disorder
  • Weight Management and Fitness Monitoring
  • Other Conditions/Diseases

By Region

North America

  • Canada
  • USA

Europe

  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Rest of Europe

 Asia Pacific

  • China
  • India
  • Japan
  • South Korea
  • Australia
  • Rest of Asia Pacific

Latin America, Middle East and Africa

  • Argentina
  • Brazil
  • South Africa
  • Nigeria
  • UAE
  • Saudi Arabia
  • Turkey
  • Rest of LAMEA


Make a Direct Purchase of the latest Remote Patient Monitoring Market Latest Report. Click the below link to initiate the purchase: 
https://www.strategicmarketresearch.com/buy-now/remote-patient-monitoring-devices-market


Report CoverageDetails
Forecast Period        2020-2030
Forecast Period 2020 to 2030 CAGR12.1% 
2030 Value ProjectionUSD 4.07 billion
Base Year2020 
Market Size in 2020USD 1.3 billion
Historical Data for2015 - 2019
No. of Pages135 
CompaniesShenzhen Mindray Bio-Medical Electronics Co., Ltd,Smiths Medical,Nihon Kohden Corporation,Koninklijke Philips N.V.,Omron Corporation,F. Hoffmann-La Roche Ltd,American Telecare,Welch Ally,OSI Systems, Inc.,Boston Scientific Corporation,GE HealthCare, Johnson& Johnson,Dräger Medical,Masimo,Vitls, Inc,Abbott,CareValidate,Biotronik,LifeWatch,Cerner Corporation Honeywell



Leading Segment Based on ProductVital signs monitor segment
 Leading RegionAsia-Pacific
Segments coveredBased on Product, Based on End-Use, Based on Application and Based on Region
Growth Drivers

 
Increasing Number of Chronic Complaints and Increasing Need to Expand Healthcare Access


By product, the vital signs monitoring system had the highest market share. These devices are critical to healthcare providers' information regarding the patient’s physiology and biochemistry. The specialities of cardiology, neurology and Neonatology dominate the segment. According to the CDC, 6.7% of the population above the age of 20 is suffering from coronary artery disease. Over 20 million Americans also suffer from one neuropathy. In the US, there were over five deaths per 1000 live births in 2020. With the rising number of diseases and conditions requiring higher monitoring levels, we would see an increase in the number of remote patient monitoring devices.

By End-User, Hospital-based patients make up the largest market share. The devices used in hospitals can track more factors of the patient's health and hence, form the majority of the segment. According to the American Hospital Association (AHA), there were over 33 million admissions in all US hospitals as of January 2022. With the rising number of hospitalisations, there will be an increase in the demand for remote patient monitoring devices.

By application, the diabetes monitoring system had the largest market share, standing at 12.8%. There has been an increasing number of patients with diabetes, and patients and care providers alike must be able to monitor the disease. According to the American Diabetes Association, over 1.4 million Americans will be diagnosed with diabetes in 2022. According to the Canadian health stastistics, 5 million citizens, or approximately 12.1% of the population, will be diabetic by 2025, showing a 44% increase in number between 2015 and 2025. According to the International Diabetes Federation, the prevalence of diabetes in adults in China increased from 8.3% in 2019 to an estimated 12.4% in 2021. Thus, with rising cases of diabetes, the need for disease and patient monitoring devices would increase.

By Region, North America held the highest market share. This is due to the rapidly advanced medical infrastructure in the region and the high prevalence of diseases requiring periodic monitoring, such as respiratory and sleep disorders. According to the CDC, over 8.4% of the population above 18 suffer from asthma. 6.4% of Canadians have been diagnosed with sleep apnea. Thus, with rising numbers of sleep and respiratory disorders, there would be a surge in demand for related monitoring devices. 


Before initiating a purchase, make a Pre-order enquiry and get a detailed overview of the content of the report.
https://www.strategicmarketresearch.com/pre-order-enquiry/remote-patient-monitoring-devices-market


Key Players in the Market:

The major companies involved in the remote patient monitoring devices market are:

  • Abbott
  • American Telecare
  • Biotronik
  • Boston Scientific Corporation
  • CareValidate
  • Cerner Corporation
  • Dräger Medical
  • F. Hoffmann-La Roche Ltd
  • GE Healthcare
  • Honeywell
  • Johnson & Johnson
  • Koninklijke Philips N.V.
  • LifeWatch
  • Masimo
  • Nihon Kohden Corporation
  • Omron Corporation
  • OSI Systems, Inc.
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
  • Smiths Medical
  • Vitls, Inc
  • Welch Ally

Kindly go through and get access to our comprehensive coverage of myriad number of Healthcare reports published in the last three months: 
https://www.strategicmarketresearch.com/reports/healthcare



Recent Developments in the market:

  • In June 2022, Livindi expanded its remote patient monitoring program to assist patients in complying with their care plan, improve monitoring of biometric readings and provide monthly charts based on real-time data.

  • In June 2022, Memorial Hermann Health System partnered with Contessa to provide new care options for patients. Through this partnership, the System would be able to provide post-discharge expert nursing care, acute hospital care, and palliative care for their patients. 

  • In June 2022, GE Healthcare developed new, wireless, portable sensors that would aid physicians in monitoring patient data without regular walk-in checkups. 

  • In June 2022, Withings Health Solutions, a firm manufacturing remote patient monitoring devices and offering allied services, is joining the Athenahealth marketplace program. The membership aims at improving the monitoring of patients without physical checkups. 

Related Reports:

Global Diagnostic Electrocardiograph (ECG) Market

The ‘Diagnostic Electrocardiograph (ECG) Market’ report as designed by SMR is a comprehensive report covering the market drivers, market opportunities and market restraints. In 2020, the market was worth USD 5.11 billion and, with a CAGR of 5.58%, is expected to grow to 8.79 billion by 2030. The market drivers are the increasing number of cardiovascular diseases and the increased accuracy of the devices over other forms of diagnosis. The major firms involved in the market are ACS Diagnostics, 
Allengers Medical Systems, Ltd., Ambu A/S, Bionet Co., Ltd., BPL Medical Technologies, BTL, Cardioline SpA, Eccosur, Edan Instruments, Inc., FUKUDA DENSHI, GE HealthcareHill-Rom Holdings (a subsidiary of Baxter International), Innomed Medical, Koninklijke Philips NVMedtronic, Midmark Corporation, Nexus Lifecare, 
Nihon Kohden Corporation, Norav Medical, OSI Systems, Inc., SCHILLER, SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS Co., Ltd., Suzuken Co. Ltd, and VectraCor, Inc.

Global Spinal Fusion Devices Market

The ‘Spinal Fusion Devices Market’ report, as developed by SMR, is an all-encompassing report that includes the market drivers, opportunities in the market and the market restraints. In 2020, the market was worth USD 6.61 billion and, with a CAGR of 3.83%, is expected to grow to USD 9.63 billion by 2030. The market drivers are increasing cases of spinal disorders and the emergence of robotic spinal surgeries. The key players in the market are Medtronic, NuVasive, Inc., Stryker, Xtant Medical Holdings, Inc., Zimmer Biomet, Globus Medical, ATEC Spine, Inc., DePuy Synthes (a subsidiary of Johnson & Johnson, Inc.), B. Braun Melsungen AG, Orthofix Medical, Inc., SeaSpine, Spinal Elements, Inc., Spine Wave, Inc., Captiva Spine, Inc., Spineology, Inc.

Global Drug Delivery Devices Market

The ‘Drug Delivery Devices Market report is a comprehensive report formulated by SMR that includes the market drivers, the future scope of the market and the market restraints. In 2020, the market was worth USD 230 billion and, with a CAGR of 4%, is expected to attain a value of USD 340.45 billion by 2030. The market drivers have increased spending by the firms on R&D, a rise in chronic and acute diseases and improved healthcare access. The major firms involved in the market are 3M, Antares Pharma, Inc, AstraZeneca PLC,Bayer AGBecton Dickinson, Boehringer Ingelheim group, Consort Medical plc (Recipharm Group), F. Hoffmann-La Roche, GeneTech Company. Ltd. (Hubei Tongji Benda Ebei Pharma), GlaxoSmithKline plc, Insulet Corporation, Johnson & Johnson Services Inc, Medtronic Plc, Novartis AG, Pfizer, Inc.Shenzhen (SiBiono), Sulzer Ltd. and uniQure N.V . 

Global Soft Tissue Allografts Market

The ‘Soft Tissue Allografts Market’ report designed by SMR is an all-encompassing report that includes the market drivers, opportunities and restraints. In 2020, the market was worth USD12.35 billion, and with a CAGR of 4.72%, it is expected to grow to a value of USD 19.58 billion. The factors driving the market are the rising old age population, increasing sports-related injuries and higher success rates of the procedures. The key players in the market are Alliqua BioMedical, Inc., AlloSource, Alon Source, Arthrex, and Bard, Inc. (Davol, Inc.)Braun Melsungen AG, Conmed Corporation, Globus Medical, Inc., Integra Life Sciences Corporation, Lattice Biologics Ltd., MiMedix Group, Organogenesis, Inc., Osiris Therapeutics, RTI Surgical, Inc., Straumann Holding AG, Xtant Medical and Zimmer Biomet. 


About Us:
Strategic Market Research facilitates the organizations globally in taking pivotal business decisions by furnishing the Syndicated and Customized Research Reports, which are highly precise in terms of market numbers. We believe that every firm, whether it is a startup which is in the Introduction stage of the Product Life cycle or an established one which is at the growth stage, requires market research services in order to streamline its key business blueprint. It may be related to Product Launch, Go to Market strategies, Competitive Analysis or new geographical penetration and expansion.

Contact Us:
Strategic Market Research LLP.
Sunil Kumar 
US: +1-8317045538
UK: +441256636046
India: +91-8260836500
Email: info@strategicmarketresearch.com
Web: https://www.strategicmarketresearch.com
Blog: https://www.strategicmarketresearch.com/blog
Press Release: https://www.strategicmarketresearch.com/press-releases

Connect Us:
LinkedIn: https://www.linkedin.com/company/strategic-market-research/
Twitter: https://twitter.com/smrstrategic
Facebook: https://www.facebook.com/StrategicMarketResearch
Instagram: https://www.instagram.com/strategicmarketresearchsmr/