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Remote Patient Monitoring Devices And Equipment Market Report 2024: Strategies And Recent Developments
Remote Patient Monitoring Devices And Equipment Market
The Business Research Company offers in-depth market insights through Remote Patient Monitoring Devices And Equipment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The remote patient monitoring devices and equipment market size has grown rapidly in recent years. It will grow from $1.38 billion in 2023 to $1.57 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to aging population, chronic disease management, telehealth adoption, healthcare cost reduction.
The remote patient monitoring devices and equipment market size is expected to see rapid growth in the next few years. It will grow to $2.6 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to increased healthcare digitization, regulatory support, personalized medicine, value-based healthcare. Major trends in the forecast period include remote monitoring integration, artificial intelligence (ai) and machine learning, telemonitoring expansion, wearable technology.
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Market Segmentation:
The main type of device of remote patient monitoring devices and equipment are heart monitors, breath monitors, haematology monitors, and multi-parameter monitors. A heart monitor is a device that records the electrical activity of the heart. This device is the size of a pager. The various applications involved are cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorders, weight monitoring, fitness monitoring, and other applications. The various end-users involved are home care settings, clinics, and hospitals.
Major Driver - Rising Demand For Remote Patient Monitoring (RPM) Driven By Healthcare Workforce Shortage
The upcoming shortage of skilled healthcare professionals (doctors and nurses), drives the remote patient monitoring (RPM) devices and equipment market. As the number of patients with chronic diseases is increasing, it is getting difficult to monitor the patients due to operational time and cost-related issues. The rising number of patients with chronic diseases, increasing the need for monitoring, and projected shortfall in the number of nurses shortly increase the growth of remote patient monitoring devices and equipment. According to a report by Mercer, the US requires 2.3 million new health care workers by 2025; this includes nurses, physicians, lab technicians, and various other healthcare personnel. According to the Bureau of Labor Statistics, there is an additional need for 203,700 new registered nurses every year by 2026. However, only 438,100 nurses are expected to be added to 2026, which is way less than the demand. World Health Organization (WHO) projected that by 2030, low- and middle-income countries will have a deficit of 14.5 million healthcare professionals.
Competitive Landscape:
Major companies operating in the remote patient monitoring devices and equipment market include Philips Healthcare, Honeywell International Inc., GE Healthcare, Medtronic plc, Boston Scientific Corporation, Johnson & Johnson, Biotronik, Robert Bosch GmbH, COVIDien Plc., American Telecare Inc., Intel Corporation, Welch Allyn Inc., Health Anywhere Inc., Global Media Group LLC, AMD Global Telemedicine Inc., Bayer Healthcare AG, IBM Watson, Telesofia Medical Ltd., Boehringer Ingelheim GmbH, Eliza Corporation, Natus Medical Inc., Nihon Kohden Corporation, Compumedics, DexCom Inc., Abbott Laboratories, Aerotel Medical Systems Ltd., GYANT Health, Vitls Inc., Medopad, Polso
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Top Trend - Integration Of IOT And Wireless Technology Revolutionizes Remote Patient Monitoring Devices
Remote patient monitoring device manufacturers are increasingly integrating IoT and wireless technology with remote patient monitoring devices to efficiently diagnose and treat medical conditions. Wireless sensor technology such as biosensor monitoring devices is multi-sensor systems implanted or embedded into the skin, consisting of a sensor that transmits data for real-time monitoring of a patient's medical condition. IoT technology enables healthcare service providers to remotely monitor patients' health parameters. These devices are miniaturized multi-sensing devices, aiding healthcare professionals to monitor blood pressure, blood glucose levels, and physiological parameters, and recommend the appropriate treatment. Major companies offering IoT and wireless sensor technology integrated patient monitoring devices include Xsensio, InSilixa, 1Drop Diagnostics, Kenzen.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Remote Patient Monitoring Devices And Equipment Market Characteristics
3. Remote Patient Monitoring Devices And Equipment Market Trends And Strategies
4. Remote Patient Monitoring Devices And Equipment Market - Macro Economic Scenario
5. Remote Patient Monitoring Devices And Equipment Market Size And Growth
…..
27. Remote Patient Monitoring Devices And Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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