Remote Patient Monitoring Devices Market Exhibits 18.9% CAGR to Reach USD 101.02 Billion by 2028
As per the report by Fortune Business Insights, the global Remote Patient Monitoring Devices Market size is projected to reach USD 101.02 billion in 2028, at a CAGR of 18.9% during the forecast period.
Pune, India, Feb. 14, 2023 (GLOBE NEWSWIRE) -- The global remote patient monitoring devices market size was valued at USD 25.32 billion in 2020. The market is projected to grow from USD 30.05 billion in 2021 to USD 101.02 billion by 2028, exhibiting a CAGR of 18.9% during the forecast period.
The market development is expected to be bolstered by the increasing adoption of Internet-of-Things (IoT) services and the rising prevalence of cardiovascular disorders.
*Industry Development*
· NextGen Healthcare Inc. partnered with Validic to integrate remote patient monitoring in its NextGen Virtual Visits.
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*Report Scope:*
*Report Coverage* *Details*
Forecast Period 2021 to 2028
Forecast Period 2021 to 2028 CAGR 18.9%
2028 Value Projection 101.02 Billion
Base Year 2020
Market Size in 2021 USD 30.05 Billion
Historical Data 2017 to 2019
No. of Pages 140
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*Key Takeaways:*
· The growth of the remote patient monitoring devices market is likely to be driven by potential product launches, adoption of devices, and adequate reimbursement policies.
· The market growth is anticipated to be driven by the adoption of remote systems among the elderly population to avoid frequent hospital visits.
· The remote patient monitoring devices market size in North America stood at USD 12.05 billion in 2020.
· Another factor contributing to the growth of the segment is the growing adoption of these devices and solutions by healthcare facilities in developing countries.
The adoption of remote patient monitoring devices, which use advanced technologies to enable accurate and effective diagnosis by medical professionals, is expected to increase due to the rising prevalence of cardiovascular, hypertension, respiratory, and diabetic disorders. The World Health Organization (WHO) has reported that nearly 1.13 billion patients globally suffer from hypertension, indicating a significant potential market. Furthermore, the adoption of these devices to monitor cancer diseases may also drive industry growth. The incorporation of IoT solutions for patient monitoring eliminates the need for long hospital stays and enables medical professionals to monitor patient health from home, which could further boost industry growth in the coming years.
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*Drivers and Restraints*
Rising Geriatric Population and Adoption of Advanced Medical Devices to Fuel Market Growth
The demand for remote patient monitoring devices is expected to surge due to the rising cases of chronic disorders in the geriatric population, along with increasing medical spending and adoption of effective medical facilities. The Journal of American Medical Informatics Association (JAMIA) has reported that remote patient monitoring devices improve patient engagement in managing chronic disorders, which may also fuel sales. Additionally, the rising adoption of technologically advanced medical solutions, such as those incorporating IoT and AI technologies to enhance the devices' diagnosis capabilities and promote faster patient healing, is expected to drive market development. However, the lack of remote monitoring solutions in middle and low-income homes may hinder the progress of the market.
*Market Segmentations:*
In 2020, the services segment had the largest market share in terms of value due to the rising demand for remote patient monitoring services during the COVID-19 pandemic. The market is further segmented by application, including oncology, diabetes, cardiovascular diseases, and others.
The cardiovascular disease segment had the highest market share in 2020 due to the increasing prevalence of chronic diseases, such as coronary artery disease, which affects millions of adults in the United States. The use of advanced devices like blood pressure monitors and vital signs monitoring is also contributing to the market growth.
The market is further segmented by end-user, which includes payers, providers, and patients. In 2020, the provider's segment held the largest market share due to the growing number of patient visits in hospitals, which has encouraged healthcare providers to adopt healthcare devices and services. As the need for advanced healthcare devices and services continues to rise, the healthcare devices and services market is expected to grow significantly in the coming years.
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*Regional Insights*
*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.
*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)
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