Remote Patient Monitoring Market to exceed US$ 188,952.22 million by 2028 | Excusive Research By The Insight Partners
The key factors that are driving the growth of market are the growing prevalence of chronic diseases, rising awareness regarding healthcare, and surging demand for home-based treatments. However, security and privacy issues, and unaddressed regulatory concerns restrain the market growth.
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The COVID-19 outbreak has been adversely affecting most of the businesses globally since December 2019. Due to the pandemic, international trade and supply chain are disrupted, it has affected the sales and manufacturing of remote patient monitoring products for a short period. However, overall prospects for the growth of the remote patient monitoring market are considered positive. Increasing government support and reimbursement policies for various remote patient monitoring devices to reduce and avoid human contact during the pandemic and promote telehealth and monitoring services have bolstered the growth of remote patient monitoring market.
Koninklijke Philips N.V., NIHON KOHDEN CORPORATION, Medtronic, General Electric, Cerner Corporation, Siemens Healthineers AG, Boston Scientific Corporation, Omron Healthcare, Abbott, and VitalConnect are among the leading companies operating in the remote patient monitoring market.
Based on end user, the remote patient monitoring market is segmented into providers, payers, patients, and others. The providers segment held the largest share of the market in 2021, whereas the patient segment is estimated to register the highest CAGR in the market during the forecast period.
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It is anticipated that efficient remote healthcare may reduce the number of routine checkups before or after visiting a healthcare professional. Also, the patients would be permitted to leave the clinic or hospital earlier as the healthcare professionals will be enabled to monitor the patients from their home rather than admitting them in the hospital for further observation.
For instance, in 2018, Britain's National Health Service announced their Test Bed Programme, in which Type 1 or Type 2 diabetic patients were to be experimented with health technology allowing them to self-manage their conditions by staying at home. This helps in decreasing the additional costs required for staying in hospitals, thereby decreasing the overall medical expenditure of the individuals. Also, the improved internet connectivity and decreasing internet costs particularly in developing nations, are the major factors for the growth of the remote patient monitoring devices market.
Below is the list of the growth strategies done by the players operating in the remote patient monitoring market:
In May-2021 - Medtronic - CareGuidePro is a new mobile app and online platform from Medtronic that helps patients navigate their spinal cord stimulation journey.
In Feb-2021 - Siemens Healthineers and the Kantonsspital Baden (KSB) in Switzerland, a networked, regional center of competence, have formed a long-term, strategic and technological partnership for the next eight years.
In Jan-2021 Boston Scientific Corporation - Preventice Solutions, a maker of wearable cardiac sensors, has been acquired by Boston Scientific.
in Feb-2020 - VitalConnect, a leader in wearable biosensor technology, announced the introduction of arrhythmia detection to its remote monitoring portfolio
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