Press release
Remote Patient Monitoring Market Forecast & Future Industry Trends 2029
The Global Remote Patient Monitoring Market is expected to grow at a CAGR of 14% during the forecasting period (2022-2029).
The rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing geriatric population are driving the growth of the Remote Patient Monitoring Market in the North American region. North America accounted for the largest market share of the global market during the forecast period.
The U.S. is projected to have diabetes prevalence rise to 29.6% by 2030, and the cost of heart disease treatment triple. These chronic health problems will provide significant demand for RPM devices in the future, and the availability of reimbursement is expected to continue to drive future growth. The increasing technological advancements in remote monitoring due to the recent outbreak of COVID-19 have led to the growth of the Remote Patient Monitoring Market in this region.
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Market Drivers
Supportive government programs and innovation boosts the market growth
Increasing support for government programs and innovation are projected to drive the RPM market growth. For instance, the Centre for Technology and Aging, based in California, is devoted to rapid technological advancements in remote patient monitoring systems, leading to the maintenance of independent and healthier living.
The demand for this equipment in post-acute care has increased the role of patients in self-health management. This ability to augment self-management skills with advanced tools is expected to impact market growth. Efforts from equipment manufacturers to develop superior products are expected to drive the Remote Patient Monitoring Market growth.
For instance, in July 2020, Philips and BioIntelliSense formed a vital collaboration to enhance remote patient monitoring products. Philips combined the latter's BioSticker device into its remote patient monitoring (RPM) portfolio. It is a wearable device that monitors chronic conditions and keeps track of COVID-19 symptoms.
The American Heart Association (AHA) also supports initiatives that expand access to Remote Patient Monitoring (RPM) technologies for improved health management. Efforts by device manufacturers to develop advanced products are expected to drive growth even further. The increased use of these monitors has resulted from an increase in the number of people suffering from heart disease.
At CES 2019, Withings debuted the most advanced and diverse home cardiovascular monitors. It is expected to be the first device that measures blood pressure while also recording ECG and heart readings using a digital stethoscope.
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Market Segmentation
By Product Type
• Services & Software
• Devices
By Application
• Cardiovascular Diseases
• Neurological Disorders
• Respiratory Disorders
• Cancer
By End User
• Payers
• Providers
• Patients
Competitive Landscape
The remote patient monitoring market is moderately competitive with the presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Koninklijke Philips N.V. , Medtronic, GE Healthcare, Abbott Laboratories, BioTelemetry Inc., Siemens Healthineers AG, Boston Scientific Corporation, OMRON Healthcare, Teladoc Health Inc., Welch Allyn, Wellue Health, Transtekmong others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the remote patient monitoring market globally.
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