Remote Patient Monitoring (RPM) Market to Witness Widespread Expansion During 2029
A rising need for expansion of healthcare access together with growth of the geriatric population unable to travel down to healthcare facilities is likely to play an important role in the development of the global remote patient monitoring (RPM) market over the timeframe of analysis, from 2019 to 2029. In addition to that, cost benefits of medical resources together with rising incidences of various chronic diseases and unprecedented progress made in telecommunication systems is likely to open up new growth avenues for the global remote patient monitoring (RPM) market in the years to come. However, informal use of various practices of social media, fraud in the healthcare system, and variations in regional regulations are likely to restrain development of the market in the years to come.
The three important parameters of high importance that have been taken into account for the segmentation of the global remote patient monitoring (RPM) market include product, end user, and region.
Global Remote Patient Monitoring (RPM) Market: Notable Developments
One of the relevant and important developments in the global remote patient monitoring (RPM) market is mentioned as below:
In June 2020, Dutch multinational conglomerate, Koninklijke Philips N.V. introduced Maternal Pod and Patch and Avalon CL Fetal for the purpose of remote monitoring in Singapore, New Zealand, Australia, Europe, and the US are likely to back maternal and fetal monitoring.
Some of the key players in the global remote patient monitoring (RPM) market comprise the below-mentioned:
Koninklijke Philips N.V.
Siemens Healthineers AG
iRhythm Technologies, Inc.
Global Remote Patient Monitoring (RPM) Market: Key Trends
There are many dynamics in the global remote patient monitoring (RPM) market that are estimated to influence the market over the assessment period, from 2019 to 2029. The presence of several drivers, new growth avenues, and challenges characterize the global remote patient monitoring (RPM) market.
Demand to Rise on the Back of Growing Need to Meet the Requirements of Geriatric Population
Remote patient monitoring (RPM) devices allow remote monitoring of patients outside the usual settings thereby bettering the access to and efficiency of healthcare. Remote patient monitoring devices are utilized for the monitoring and management of an extensive range of health conditions. These systems make an offering of alerts when the condition of health deteriorate, which enables clinicians, caregivers, and patients make interventions and modify the plan of treatment. All these factors are estimated to pave way for rapid growth of the global remote patient monitoring (RPM) market over the period of assessment, from 2019 to 2029.
The devices of remote patient monitoring are utilized for the purpose of treatment of sleep disorder, diabetes, cancer, and cardiovascular diseases. It is also utilized in the management of weight and monitoring of fitness. The rising demand for independent and healthy living has opened up new avenues of growth of the global remote patient monitoring (RPM) market over the timeframe of analysis, from 2019 to 2029.
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Global Remote Patient Monitoring (RPM) Market: Geographical Analysis
North America is estimated to account for a sizeable chunk of the global remote patient monitoring (RPM) market throughout the tenure of analysis, from 2019 to 2027. High growth of the North America market is attributed to the growing need to lessen healthcare-related expenditure, expansion of geriatric population, and increased prevalence of chronic conditions. Europe is estimated to trail North America in terms of revenue and growth.
The global remote patient monitoring (RPM) market is segmented as:
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