Remote Patient Monitoring System : Market segments, Key Players, Devlopments Regions and Applications Research Report Forecast to 2031

The global Remote Patient Monitoring System market is anticipated to exceed USD 21.29 billion by 2031, with a compound annual growth rate (CAGR) of 17.94%
during the forecast period.

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The global remote patient monitoring system market is experiencing growth as a result of the aging population, the proliferation of chronic diseases, and the growing demand for home monitoring equipment. For example, the American Cancer Society's 2022 annual report anticipated that the United States would experience over 500,000 cancer-related fatalities and an estimated 1.9 million new cancer cases. The high projected incidence of cancer and high mortality rates will result in a rise in the use of monitoring equipment to monitor the health of the affected population. Consequently, the market under investigation will experience substantial growth as a consequence of the increasing prevalence of chronic diseases, such as cancer.
These devices are compact and portable, allowing patients to wear them throughout the day without experiencing discomfort. Additionally, this apparatus facilitates consistent monitoring of the patient's condition. The increasing demand for home monitoring systems also supports the market's expansion. In 2021, the Center for Medicare and Medicaid Services reported that the utilization of remote monitors enables a significant number of high-risk patients to avoid hospital readmission and to optimize their healthy days at home. Remote monitoring customers have reported a 76% reduction in readmission rates, an average patient satisfaction rating of 89%, and an approximate USD 370 million reduction in overall medical costs.

List of Prominent Players in the Remote Patient Monitoring System Market:

• Health Anywhere Inc.
• Alten Calsoft Labs (A Subsidiary Of Alten Group)
• American Telecare Roche
• Bio-Beat Technologies
• Biotronik
• Boston Scientific Corporation
• Cerner Corporation
• Covidien Plc.,
• Dexcom, Inc.
• Bosch
• Vivify Health, Inc.
• GE Healthcare
• Honeywell
• Intel
• Abbott Laboratories
• Johnson & Johnson
• Medtronic
• Irhythm Technologies
• Omron Healthcare Inc.
• Philips Healthcare
• Preventice Solutions
• Vivalnk Inc
• Resideo Life Care Solutions
• Siemens Healthineers Ag
• Teledoc Health Inc.
• Vitalconnect
• Welch Allyn (A Subsidiary Of Hill Rom Services, Inc.)

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Market Dynamics:
Drivers

Remote patient surveillance contributes to a reduction in hospital admissions through the deployment of daily health analysis technology and increased patient awareness. Wearable technology is currently being employed in the RPM industry to measure body temperature, respiration rate, heart rate, and blood pressure in point-of-care contexts. Remote patient monitoring is becoming increasingly necessary in the administration of a variety of pathologies, such as COVID-19, cardiovascular diseases, cancer, diabetes, neurological disorders, maternity care, and post-surgery monitoring.

Challenges:

Data accuracy concerns, barriers to patients using remote monitoring technologies, such as limited accessibility or awareness of cutting-edge technologies, and reluctance to use contemporary technologies due to data security and privacy concerns are anticipated to constrain the growth of this market. Increased administrative costs are also a significant impediment to market expansion, as a result of the necessity to retain additional personnel to operate RPM systems.

Regional Trends:

The Asia-Pacific region is anticipated to experience the most rapid growth during the projection period, as China and India collectively comprise approximately 35.5% of the human population. It is expected that the rapidly expanding patient populations of these countries will create opportunities to implement remote patient monitoring instruments and systems. The digital health market in India is rapidly expanding as a result of technological advancements and enhanced infrastructure. According to the European Parliament, 28.7% of Japan's population is 65 years of age or elderly, and this figure is expected to rise to 30% by 2036. It is anticipated that this increase will exert pressure on the nation's healthcare system and economy. These factors are anticipated to result in APAC being the geographical market with the quickest growth rate during the forecast period.

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Recent Developments:

In September 2022, Watertown Regional Medical Center (WRMC) implemented a novel remote care management service for patients with chronic conditions, including hypertension and heart failure.

Segmentation of Remote Patient Monitoring System Market-

By Product-
• Heart Rate Monitor (ECG)
• Blood Pressure Monitors
• Pulse Oximeters
• Temperature Monitor
• Vital Sign Monitors
• Blood Glucose Monitors
• Respiratory Rate Monitor
• Brain Monitoring (EEG)
• Prothrombin Monitors
• Special Monitors
• Anesthesia Monitors
• Cardiac Rhythm Monitor
• Respiratory Monitor
• Fetal Heart Monitors
• Multi Parameter Monitors (MPM)

• Others

By Application-
• Infections
• Cancer
• Sleep Disorder
• Virus
• Cardiovascular Diseases
• Diabetes
• Hypertension
• Weight management and Fitness Monitoring
• Bronchitis
• Dehydration

By End-Use-
• Hospital-based Patients
• Ambulatory Patients
• Home Healthcare

By Region-

North America-
• Canada
• The US
• Mexico

Europe-
• Spain
• The UK
• Germany France
• Italy
• Rest of Europe

Asia-Pacific-
• India
• China
• Japan
• South Korea
• Southeast Asia
• Rest of Asia Pacific

Latin America-
• Argentina
• Brazil
• Rest of Latin America

Middle East & Africa-
• South Africa
• GCC Countries
• Rest of Middle East and Africa

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This release was published on openPR.