Remote Patient Monitoring Market Research Report Size
Remote Patient Monitoring Market
Remote Patient Monitoring Market was valued at USD 1,987 million in 2020, expanding at a healthy CAGR of 17% over the forecast period (2021-2028).
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Remote patient monitoring refers to the deployment of digital technologies to administer and capture data about health from patients and electronically transfer the information to healthcare service vendors for evaluation if required. The remote patient monitoring systems help to improve chronic diseases management and offers early warning signals.
Ongoing innovations in wireless technology and accelerating penetration of smartphones are the major factors fuelling the remote patient monitoring market. With the evolving need for a better access to healthcare with constant assurance of improved education, support and feedback, the RMS market will expand. The growing adoption of these applications across different medical fields such as, metabolic disorders, inflammatory diseases, mental health issues, and metabolic problems will contribute to the Remote Patient Monitoring Market share. Remote patient monitoring devices are portable, and patients can wear them every time, thus monitoring patients’ health every time.
In addition, the evolution of the coronavirus resulted in a shortage of space in hospitals. Also, people with chronic diseases were advised to avoid visiting hospitals because of the fear of catching infection, resulting in development across remote patient monitoring system market.
However, the price of remote patient monitoring is high which might restrain the market growth. Other factors such as improper reimbursement norms in developed nations and the rigorous managerial framework will restrain the Remote Patient Monitoring Market size.
By application, the hypertension segment is projected to expand at a faster CAGR over the forecast period, owing to the accelerating cases of cardiovascular diseases. Remote patient monitoring helps in controlling hypertension by collecting data on each patient’s updates as it may lead to stroke and heart disease. As per the Centers for Disease Control and Prevention (CDC), over half a million deaths in the US were because of hypertension.
By region, the North American region is forecast to hold a larger share due to the strong presence of leading companies in the region. Rising prevalence of chronic disease, surging demand for wireless systems intending to reduce pocket expenditure. As per the Remote Patient Monitoring Market forecasts, it helps to supervise weight and blood pressure for patients with heart failure by decreasing hospital follow-up and examining patients between scheduled follow-ups.
Remote Patient Monitoring Market Segmentation:
Remote Patient Monitoring Market by Application
· Cancer
· Cardiovascular Disease
· Diabetes
· Sleep Disorder
· Weight Management
· Infections
· Hypertension
· Others
Remote Patient Monitoring Market by Product
· Vital Sign Monitors
· Specialized Monitors
Remote Patient Monitoring Market by End-User
· Hospital
· Ambulatory
· Home Healthcare
Remote Patient Monitoring Market by Region:
· Asia Pacific
o China
o Japan
o India
o Rest of APAC
· North America
o United States of America
o Canada
· Europe
o United Kingdom
o Germany
o France
o Spain
o Rest of Europe
· RoW
o Brazil
o South Africa
o Saudi Arabia
o UAE
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