BANGALORE, India, July 6, 2020
BANGALORE, India, July 6, 2020 /PRNewswire/ -- Remote patient monitoring (RPM) uses digital technologies to collect medical and other forms of health data from individuals in one location and securely transmit that information to health care providers in a different location for assessment and recommendations.
The global Remote Patient Monitoring Devices market size is projected to reach USD 1688 Million by 2026, from USD 920 Million in 2020, at a CAGR of 10.64% during 2020-2026.
This type of service allows a provider to continue to track healthcare data for a patient once released to home or a care facility, reducing readmission rates.
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TRENDS INFLUENCING THE REMOTE PATIENT MONITORING DEVICES MARKET SIZE:
The increase in the occurrence of chronic diseases, the rise in the aging population, and the need for home-based surveillance devices are all main factors driving the growth of remote patient monitoring devices market size.
Improving healthcare infrastructure, post-acute care management, and focusing on emerging economies by key market players are also expected to fuel the growth of remote patient monitoring devices market size.
Due to its ability to monitor various chronic conditions such as diabetes, cardiovascular disease, and cancer, the remote patient monitoring devices market size is expected to grow substantially during the forecast period.
Growth in remote patient monitoring devices market size is attributed to the supporting government programs and innovation. Using remote patient monitoring devices in post-acute treatment improves the patients' position in self-health management. This ability to augment self-health management skills is expected to drive the remote patient monitoring devices market size.
Despite significant factors driving the wider adoption of remote patient monitoring systems, the market's challenges are resistance from healthcare professionals towards the adoption of the patient monitoring system, lack of proper reimbursement policies, and a strict regulatory framework.
REMOTE PATIENT MONITORING DEVICES MARKET SHARE ANALYSIS
Based on the product, the market is segmented into vital sign monitors and special monitors. The vital sign monitors are widely used and are expected to witness the fastest growth during the forecast period. The increase in the number of heart disorders in individuals has led to increased use of these monitors.
Based on the region, North America is expected to hold the largest remote patient monitoring market share during the forecast period. Patients in this region prefer home healthcare due to its cost-effectiveness, privacy, and convenience, thus, boosting the Remote patient monitoring devices market size.
Thanks to the emergence of untapped opportunities in India and China's markets, Asia Pacific is expected to experience the fastest CAGR over the forecast period. Growing medical tourism and continuously expanding healthcare services in these markets are expected to further fuel regional expansion in the years ahead.
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THE FOLLOWING MANUFACTURERS ARE COVERED IN THIS REPORT, WITH SALES, REVENUE, MARKET SHARE FOR EACH COMPANY:
MARKET SIZE BY PRODUCT
MARKET SIZE BY END USER
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SIMILAR REPORTS :
Remote patient monitoring (RPM) is a technology that enables the monitoring of patients outside of conventional clinical settings, which could increase access to care and decrease healthcare delivery costs.
Remote Patient Monitoring Services Market size is expected to grow at a substantial rate due to factors such as trend analysis of physiological parameters, enabling early detection of deterioration; thereby, reducing the number of emergency department visits, hospitalizations, and duration of hospital stays.
Remote Patient Monitoring Solutions market is segmented based on Type and Application. Based on type, it is further broken down into Vital Sign Monitors, Blood Pressure Monitor, Pulse Oximeters Heart Rate Monitor (ECG), Temperature Monitor, Respiratory Rate Monitor, and Brain Monitor (EEG).
The Remote Patient Monitoring Software Market size was expected to grow rapidly during the forecast period due to factors such as rapid technological advancements in different industries like artificial intelligence and convenience associated with the use of Remote Patient Monitoring Software.
The global Vital Signs Monitors market size is valued at 3740 Million USD in 2018 and will reach 4890 Million USD by the end of 2025, growing at a CAGR of 3.9% during 2019-2025
Vital Signs Monitors Market's major growth drivers are, increasing demand for home healthcare services, rising number of healthcare settings primarily hospitals, and rising prevalence of chronic disorders are key drivers responsible for the lucrative growth of the market.
North America is the largest consumer in the Vital Signs Monitors Market, with a revenue market share of nearly 40.3% in 2017. Following North America, Europe is the second-largest consumption place, with a revenue market share of 21.8% in 2017. Asia-Pacific is also an important sales area, especially in China.
The global continuous glucose monitoring systems (GCMS) market size was valued at USD 1,774.2 Million in 2019 and is projected to reach USD 8,844.9 Million by 2027, registering a CAGR of 22.0% during the forecast period.
The major factors that drive the Continuous Glucose Monitoring Systems Market size are the surge in the geriatric population and the high prevalence of the population suffering from diabetes.
The global Heart Rate Monitors market is valued at 11300 Million USD in 2018 and will reach 16200 Million USD by the end of 2025, growing at a CAGR of 4.7% during 2019-2025
North America has the largest global export quantity and manufacturers in the Heart Rate Monitors market. North America is closely followed by the Asia-Pacific region in terms of sales volume.
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