Remote patient monitoring (RPM) reduces healthcare costs by shifting the paradigm from reactive to proactive care. Through continuous monitoring of patient's health metrics, RPM enables early detection of potential complications, preventing the need for hospital readmissions and emergency room visits. This proactive approach improves patient outcomes and optimizes resource utilization within the healthcare system. Ultimately, the cost savings achieved through RPM underscore its importance in creating a more efficient and sustainable healthcare model centered on preventive strategies and improved patient well-being.
According to Data Bridge Market Research analyzes the Global Remote Patient Monitoring and Care Market is expected to reach a value of USD 25,769.22 million by 2030, at a CAGR of 12.5% during the forecast period of 2023-2030.
"Rise in prevalence of chronic diseases boosts the market growth"
The increasing prevalence of chronic diseases serves as a key driver for the growth of the global remote patient monitoring and care market. As chronic conditions such as diabetes, cardiovascular diseases, and respiratory disorders become more widespread globally, there is a rising need for efficient and proactive healthcare solutions. Remote patient monitoring enables real-time tracking of vital signs and health metrics, allowing healthcare providers to monitor patients remotely and intervene promptly. This technology enhances patient outcomes and reduces healthcare costs by preventing hospitalizations and emergency interventions.
What restraints the growth of the global remote patient monitoring and care market?
“Strict regulatory framework hampers the market growth”
The strict regulatory framework poses a significant hindrance to the growth of the global remote patient monitoring and care market. Compliance with intricate and evolving regulations increases operational complexities for healthcare providers and technology developers. The stringent requirements for data privacy, security, and interoperability standards can lead to delays in product development and market entry.
Segmentation: Global Remote Patient Monitoring and Care Market
The global remote patient monitoring and care market is segmented on the device type, application, and end user.
- On the basis of device type, the global remote patient monitoring and care market is segmented into cardiac monitoring devices, blood pressure monitoring devices, blood glucose monitoring devices, respiratory monitoring devices, neurological monitoring devices, multi-parameter monitoring devices, and others
- On the basis of application, the global remote patient monitoring and care market is segmented into oncology, diabetes, cardiovascular diseases, and others
- On the basis of end user, the global remote patient monitoring and care market is segmented into hospital-based patients, ambulatory patients, and home healthcare patients
Regional Insights: North America is expected to dominate the Global Remote Patient Monitoring and Care Market
- In the North America, U.S. is expected to dominate the worldwide remote patient monitoring and care market, driven by substantial investments in this sector. The U.S. dominance within North America is further underscored by its proactive approach to embracing technological innovations in RPM and care products, positioning the region as a key player in shaping the global landscape for remote patient monitoring solutions.
- In the Europe, Germany is expected to dominate in the market, driven by escalating demand in emerging markets and strategic expansion initiatives. The country's robust economic landscape and technological prowess position it as a key player in meeting rising demands across various sectors. Germany's commitment to innovation and market expansion uniquely positions it to capitalize on opportunities, making it a central force in shaping and influencing the trajectory of the European region.
- In the Asia-Pacific, China is expected to dominate the Asia-Pacific region, driven by a rising preference among consumers for advanced technological solutions. Its commitment to embracing cutting-edge processes and innovations fuels the country's dominance. As Chinese consumers increasingly favor sophisticated technologies, this trend positions China as a key player in shaping and driving technological advancements across the Asia-Pacific market. The nation's focus on technological progression underscores its pivotal role in influencing regional trends and developments.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-remote-patient-monitoring-and-care-market
Recent Developments in the Global Remote Patient Monitoring and Care Market
- In January 2023, Masimo and Philips expanded partnership, enhancing home telehealth with advanced health tracking via the Masimo W1 watch, boosting the remote patient monitoring product portfolio
- In December 2022, Masimo released Hydration Index (Hi) for W1 watch, the first wearable with accurate pulse oximetry, marking a significant product upgrade for expanded business ventures
The Prominent Key Players Operating in the Global Remote Patient Monitoring and Care Market Include:
- Medtronic (Ireland)
- Boston Scientific Corporation (U.S.)
- VitalConnect (U.S.)
- Biobeat (Israel)
- General Electric (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- OMRON Corporation (Japan)
- Abbott (U.S.)
- Nihon Kohden Corporation (Japan)
- Vivify Health, Inc. (U.S.)
- Aerotel Medical Systems (Israel)
- BIOTRONIK SE & Co. KG (Germany)
- A&D Company, Limited (Japan)
- AliveCor, Inc. (U.S.)
- Masimo (U.S.)
- Dexcom, Inc. (U.S.)
- Senseonics, Inc. (U.S.)
- ResMed (U.S.)
- 100Plus (U.S.)
- ChroniSense Medical, Ltd. (Israel)
- Vitls (U.S.)
- cardiomo (U.S.)
- CoachCare (U.S.)
- neteera (Israel)
- Withings (France)
Above are the key players covered in the report, to know about more and exhaustive list of global remote patient monitoring and care market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Remote Patient Monitoring and Care Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
