The Remote Patient Monitoring Devices Market is estimated to be valued at US$ 67.82 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Remote patient monitoring devices help in monitoring patients' vital signs and physiological measurements outside of conventional clinical settings such as hospitals, diagnostic centers, and clinics. These devices help in continuous monitoring of patients suffering from chronic conditions such as diabetes, cardiac disorders, and respiratory diseases. Key products in this market include blood pressure monitors, glucose monitors, weight scales, pulse oximeters, and ECG monitors.
Market Dynamics:
The remote patient monitoring devices market is primarily driven by the rising geriatric population prone to chronic illnesses and surging investments by healthcare technology companies in RPM devices. As per the United Nations report, the population aged 60 years or above is expected to reach 2.1 billion by 2050 from 962 million in 2017. Moreover, favorable government regulations and initiatives to support home healthcare are also propelling the adoption of RPM devices. For instance, Section 190 of the Protecting Access to Medicare Act pays Medicare providers to furnish telehealth services to seniors. However, privacy and security issues related to patient's data as well as lack of reimbursement from payers are some of the factors hindering the market growth.
Segment Analysis
The global Remote Patient Monitoring Devices Market Size is dominated by the cardiac monitoring devices segment. Cardiac monitoring devices account for over 40% of the total market share owing to the increasing prevalence of cardiovascular diseases worldwide. CVD has become one of the major causes of deaths globally and regular monitoring is important to deal with cardiac conditions effectively. These devices help monitor heart rate, blood pressure, arrhythmia etc remotely thus eliminating the need for frequent hospital visits.
PEST Analysis
Political: Governments globally are promoting telehealth and remote monitoring solutions to reduce healthcare costs. They are providing reimbursements to drive the adoption of RPM devices.
Economic: The growing geriatric population suffering from chronic conditions is burdening healthcare budgets. RPM helps lower costs through shorter or fewer hospitalizations and clinic visits.
Social: Increasing awareness about advantages of timely healthcare and monitoring chronic diseases remotely is driving acceptance of such technologies. Also, COVID-19 has highlighted the benefits of remote care.
Technological: Advancements in connectivity, miniaturization of components, artificial intelligence, and user-friendly interfaces are supporting better remote monitoring of vitals and diagnosis. Devices can now be easily operated from homes.
Key Takeaways
The global remote patient monitoring devices market size is expected to reach US$ 67.82 billion by 2023, growing at a CAGR of 7.4% during the forecast period. The increasing prevalence of chronic conditions like CVD, respiratory diseases is a key growth driver. North America accounted for over 40% share of the RPM devices market in 2020 led by the US owing to supportive regulations and reimbursement framework.
Regional analysis
Asia Pacific is expected to witness the fastest growth during the forecast period owing to rising healthcare expenditures, large patient pool suffering from chronic diseases, and growing medical device industry in countries like China, India, and Japan.
Key players
Key players operating in the remote patient monitoring devices market are Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC, Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH and Cerena Corporation. Abbott Laboratories leads the market with its wide range of cardiac, blood glucose and respiratory monitoring solutions.
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