Pune, India, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The global “remote patient monitoring devices market” size was valued at USD 25.32 billion in 2020. The market grew from USD 30.05 billion in 2022 to USD 101.02 billion by 2028, exhibiting a CAGR of 18.9% during the forecast period. The rising prevalence of cardiovascular disorders and increasing adoption of Internet-of-Things (IoT) services are expected to bolster the market development. Fortune Business Insights™ mentions this information in its report titled “Remote Patient Monitoring Devices Market, 2022-2028.”
Remote patient monitoring devices are solutions that use advanced technologies that enable medical professionals to diagnose patients accurately and effectively. Rising cases of cardiovascular, hypertension, respiratory, and diabetic disorders are likely to boost the adoption of the service. As per the information provided by the World Health Organization (WHO), nearly 1.13 billion patients suffer from hypertension globally. Furthermore, the adoption of such devices to monitor cancer diseases may propel industry growth. In addition, the incorporation of IoT solutions for patient monitoring eliminates long hospital stays and allows medical professionals to monitor patient health from home. These factors may propel industry growth in the coming years.
Industry Development
- October 2021: NextGen Healthcare Inc. partnered with Validic to integrate remote patient monitoring in its NextGen Virtual Visits.
Request a Sample Copy of the Research Report
https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf/remote-patient-monitoring-devices-market-106328
Drivers and Restraints
Rising Geriatric Population and Adoption of Advanced Medical Devices to Fuel Market Growth
The rising cases of chronic disorders from the geriatric population are expected to surge the demand for the product. Increasing medical spending and adopting effective medical facilities are expected to fuel sales. As per the information provided by the Journal of American Medical Informatics Association (JAMIA), remote patient monitoring devices boost the patient’s engagement to manage chronic disorders. Furthermore, the rising adoption of technologically advanced medical solutions is expected to bolster market development. Incorporating IoT and AI technologies boosts the devices’ diagnosis capabilities and help patients heal faster. These factors may drive the remote patient monitoring devices market growth.
However, the lack of remote monitoring solutions in middle and low-income homes may hinder the market progress.
Quick Buy Remote Patient Monitoring Devices Market
https://www.fortunebusinessinsights.com/checkout-page/106328
Type, Application, End-user, and Region are studied for the Market
By type, the market is segmented into devices and services. Based on application, it is classified into cardiovascular diseases, diabetes, oncology, and others. As per end-user, it is categorized into patients, providers, and payers. Geographically, it is studied across North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Report Coverage
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market's key players.
Rising Demand for Online Consultation among Consumers to Propel Market Development
This market is expected to be positively impacted during the COVID-19 pandemic due to the rising demand for online consultation. The sudden spike in cases led to the adoption of lockdown norms, thereby necessitating the demand for digital consultations. The rising demand for effective treatment procedures and rapid digitization is expected to boost the adoption of online consultations among consumers. In addition, increasing medical procedures and the rising demand for effective medical devices may propel market progress during the pandemic.
Click here to get the short-term and long-term impact of COVID-19 on this market.
Please visit: https://www.fortunebusinessinsights.com/remote-patient-monitoring-devices-market-106328
Rising Adoption of Monitoring Devices by Patients to Foster Market Growth in North America
North America is projected to dominate the remote patient monitoring devices market share because of the rising adoption of medical devices by patients and hospitals. The market in North America stood at USD 12.05 billion in 2020 and is expected to gain a significant portion of the global market share. Furthermore, the launch of advanced devices and rising investments in medical devices for patient’s quality care is expected to boost market development. For example, 100Plus announced an investment worth USD 24 million by George Roberts, Henry Kravis, and other investors in March 2021. These factors are likely to foster market development.
Europe is expected to be the second-largest market share because of the presence of developed healthcare infrastructure, favorable regulatory scenarios, and the rising adoption of the devices. These factors may propel market development in the upcoming years.
In Asia Pacific, rising awareness regarding cardiac monitors and blood glucose monitoring devices is expected to boost adoption. In addition, the penetration of major players in the rural areas is likely to foster remote patient industry progress.
Get your Customized Research Report:
Major Players Announce Novel Products to Boost Brand Image
The prominent companies operating in the market announce novel products to boost their brand image. For example, Philips announced its EarlyVue VS30 in November 2019. The monitor detects crucial data and helps medical professionals diagnose diseases effectively. This launch may help the company gather consumers’ attention and boost its brand image. Furthermore, companies incorporate technologically advanced production techniques to boost productivity, enhance revenues, reduce time consumption, enhance productivity and achieve organizational goals.
List of Key Players Profiled in the Report
- Philips (Amsterdam, Netherlands)
- Medtronic (Dublin, Ireland)
- A&D Company, Limited (California, U.S.)
- Boston Scientific Corporation (Massachusetts, U.S.)
- GE Healthcare (Illinois, U.S.)
- Omron Corporation (Kyoto, Japan)
- VitalConnect (California, U.S.)
- OSPLabs (California, U.S.)
- 100-Plus (San Francisco, U.S.)
- Nihon Kohden Corporation (Tokyo, Japan)
- F. Hoffmann-La Roche AG (Basel, Switzerland)
Have Any Query? Ask Our Experts
About Us:
Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Contact Us:
Fortune Business Insights™ Pvt. Ltd.
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email:sales@fortunebusinessinsights.com
