Remote Patient Monitoring Devices And Equipment Global Market Report 2024 - By Size, Share, Trends, Demand, Forecast To 2033

The remote patient monitoring devices and equipment market has experienced robust growth, escalating from $1.38 billion in 2023 to a projected $1.57 billion in 2024, boasting a compelling compound annual growth rate (CAGR) of 14.3%. Anticipated figures for 2028 forecast the remote patient monitoring devices and equipment market to reach $2.6 billion, sustaining a remarkable CAGR of 13.4%.

Driving Forces:
Rising Demand Fueled by Healthcare Workforce Shortage:
The impending shortage of skilled healthcare professionals, including doctors and nurses, is a primary driver for the remote patient monitoring (RPM) devices and equipment market. As the prevalence of chronic diseases surges, monitoring patients becomes challenging due to operational constraints and associated costs. The shortfall in healthcare personnel, as projected by organizations like Mercer and the World Health Organization, is intensifying the need for remote patient monitoring devices.

Telehealth's Ascendance:
The burgeoning demand for telehealth is propelling the growth of remote patient monitoring devices. Telehealth, utilizing telecommunications technology for remote healthcare services, facilitates the seamless transmission of patient data collected by RPM devices. The increasing popularity of telehealth, evident in the surge from 5.5% to 5.9% in telehealth use from December 2022 to January 2023, as reported by FAIR Health Inc., underscores its pivotal role in driving remote patient monitoring devices and equipment market expansion.

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Key Players Steering the Market:
Leading companies such as Philips Healthcare, Honeywell International Inc., GE Healthcare, and Medtronic PLC are instrumental in shaping the remote patient monitoring devices and equipment market. These industry giants contribute significantly to meeting the escalating demand for advanced healthcare solutions.

Revolutionizing Technologies:
Integration of IoT and Wireless Technology:
Manufacturers in the remote patient monitoring devices and equipment market are integrating IoT and wireless technology into remote patient monitoring devices, revolutionizing diagnostics and treatment. Wireless sensor technology, exemplified by biosensor monitoring devices, enables real-time monitoring of patients' medical conditions. Companies like Xsensio, InSilixa, 1Drop Diagnostics, and Kenzen are at the forefront of offering IoT-integrated patient monitoring devices.

Real-Time Health Monitoring Systems (RTHMS):
Pioneering real-time health monitoring systems (RTHMS), companies like Honeywell International, Inc., are spearheading innovations in remote patient monitoring. RTHMS serves as an intelligent edge-to-cloud communication platform, employing skin patches with sophisticated sensing technology for continuous patient monitoring. This real-time data transmission enhances communication between patients and caregivers, revolutionizing patient care.

Regional Dynamics:
Asia-Pacific emerges as the largest region in the global remote patient monitoring devices and equipment market in 2023, with North America following as the second-largest region. These regions play pivotal roles in propelling market growth, each with its unique contributing factors.

Segmentation Insights:
The remote patient monitoring devices and equipment market covered in this report is segmented -
1) By Type Of Device: Heart Monitors, Breath Monitors, Haematology Monitors, Multi - Parameter Monitors
2) By Application: Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Monitoring And Fitness Monitoring, Other Applications
3) By End User: Home Care Settings, Clinics, Hospitals

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Remote Patient Monitoring Devices And Equipment Global Market Report 2024 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.
The Remote Patient Monitoring Devices And Equipment Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on remote patient monitoring devices and equipment market size, remote patient monitoring devices and equipment market drivers and trends, remote patient monitoring devices and equipment market major players, remote patient monitoring devices and equipment market competitors' revenues, remote patient monitoring devices and equipment market positioning, and remote patient monitoring devices and equipment market growth across geographies. The remote patient monitoring devices and equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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