Remote Health Monitoring Market to Skyrocket to $5.63 Billion in 2024 from $4.84 Billion in 2023, Driven by Increasing Demand in Elderly Care - Global Long-term Forecasts to 2028 and 2033

Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The "Remote Health Monitoring Global Market Report 2024" report has been added to's offering.

This market report showcases a significant leap from $4.84 billion in 2023 to an estimated $5.63 billion in 2024, fueled by a robust compound annual growth rate (CAGR) of 16.3%.

Burgeoning advancements in technologies, particularly in the areas of telemedicine and artificial intelligence (AI), along with a burgeoning elderly population, are main contributors to the market's expansion. North America leads as the region with the most significant market size, indicating thriving activity and innovation in healthcare technology.

Projections highlighted within the report suggest that by 2028, the market could reach an impressive $9.73 billion, growing at a CAGR of 14.7%. The future of remote health monitoring is bright, with an expectation for continued development in wearable technology, enhanced chronic disease management, and a heightened focus on data privacy and security.

Furthermore, the report indicates that hospitals are increasingly adopting remote health monitoring solutions. This adoption is driven by the need to improve health outcomes, reduce readmission rates, and offer personalized and preventive care strategies. Technology's role in enabling these transitions appears to be pivotal, with the introduction of ground-breaking products that integrate seamlessly with existing healthcare infrastructures.

Market Expansion and Technological Integration

The report identifies key trends shaping the market landscape, including the rise in Internet of Things (IoT) applications within healthcare and the integration of AI. These innovations are transforming how patient data is collected, analyzed, and used to make informed medical decisions. This evolution is not only enhancing the quality and efficiency of healthcare but also playing a decisive role in the management of chronic conditions and elderly care.

Market Outlook and Player Strategies

With an analytical focus on market players, the report elucidates how leading companies are steering their strategies towards product innovation. These strategies are aimed at capturing the growing demand for sophisticated monitoring platforms that enable healthcare providers to deliver care beyond the confines of medical facilities.

Acquisitions such as Medicare Inc.'s strategic purchase of VRI Intermediate Holdings LLC, a key participant in remote health monitoring, highlight the industry's consolidation efforts, offering a broader range of services and enhancing market position.

Device Types and Applications

Delving into the types of devices, the report categorizes remote health monitoring devices based on their applications in respiratory, blood glucose, cardiac, and multi-parameter monitoring. The versatility of these applications underscores the market's capability to cater to a wide spectrum of healthcare needs, ranging from diabetes management to fitness monitoring.

Comprehensive Market Insights

This remote health monitoring market report provides an exhaustive analysis, encompassing regional market shares, detailed segmentations, competitive landscapes, and forward-looking insights. Essential for industry stakeholders, this report serves as a crucial tool for comprehending the broad spectrum of opportunities present within the remote health monitoring sector.

Market Key Takeaways

  • Accelerated growth with market size to reach $5.63 billion in 2024, and projected to increase to $9.73 billion by 2028.
  • Technological advancements in AI and IoT shaping the future of remote health monitoring.
  • Increasing sensitivity and focus on elderly care contributes to market demand.
  • Hospitals across the globe are rapidly adopting remote monitoring technologies.
  • Significant acquisitions send strong signals of market consolidation and service expansion.
  • Detailed device application analysis reveals a broad range of health monitoring capabilities.

A selection of companies mentioned in this report includes

  • Nihon Kohden Corporation
  • Koninklijke Philips NV
  • Omron Corporation
  • F. Hoffmann-La Roche Ltd.
  • American Telecare Inc.
  • Welch Allyn Inc.
  • Boston Scientific Corporation
  • GE Healthcare Company
  • Masimo Corporation
  • Vitls Inc.
  • Abbott Laboratories
  • Biotronik SE & Co. KG
  • LifeWatch AG
  • Athelas Inc.
  • Capterra Inc.
  • Dexcom Inc.
  • Senseonics Holdings Inc.
  • AT&T Inc.
  • Medtronic plc
  • Resideo Technologies Inc.
  • Health Recovery Solutions Inc.
  • Babyscripts Inc.
  • TytoCare Ltd.
  • Accuhealth Inc.
  • Vivify Health Inc.
  • Get Well Network Inc.
  • VitalTech Holdings Inc.
  • Rimidi Inc.
  • SeamlessMD Inc.
  • Raziel Health Inc.
  • Conversa Health Inc.
  • Livongo Health Inc.

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