The global remote patient monitoring devices market was valued at around US$ 29,630.9 Million at the end of 2021. The market is projected to register a 18.10% CAGR and top a valuation of US$ 184,711.4 Million by 2032.
The increasing prevalence of several disorders and diseases has increased the demand of remote patient monitoring device resulting in market’s expansion.
Remote physiologic monitoring (RPM) refers to a collection of codes used to represent non-face-to-face monitoring and analysis of physiologic parameters in order to determine a patient's state of health. The most popular RPM equipment is used to track vital signs, including pulse oximeters, blood glucose metres, and blood pressure monitors. Spirometers and weight scales are two additional RPM devices that collect important patient data.
Devices for remote patient monitoring enable ED diverting and early acute release, leading to shorter hospital stays and cheaper healthcare costs. The high expenses of inpatient treatments can be decreased by moving the proper levels of acute care and chronic care monitoring into the home due to remote patient monitoring.
Moreover, the growing benefits of remote patient monitoring such as cost saving, faster access, improved patient outcomes, and also less risk of diseases transmission is the factor influencing the demand of it in the global market.
Attributes
Details
Remote Patient Monitoring Devices Market Value in 2021
US$ 29,630.9 Million
Remote Patient Monitoring Devices Market Value in 2032
US$ 184,711.4 Million
Remote Patient Monitoring Devices Market CAGR (2022 to 2032)
18.10%
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What are the Major Drivers Boosting the Demand for Remote Patient Monitoring Devices Market?
Growing geriatric population and increasing disease burden among them has increased the demand for remote patient monitoring devices. Some disorder needs continuous monitoring of the vital signs and symptoms, and effective management of the disease increasing the demand for RPM devices. For instance, a research in the Journal of American Medical Informatics Association (JAMIA) indicated that remote patient monitoring increases patients' engagement in managing chronic conditions.
Moreover, hospitals were running out of room due to the Covid-19 pandemic. In addition, patients were cautioned from physically visiting hospitals due to the risk of catching up with infection, especially those with chronic illnesses. Due to this, the market for remote patient monitoring has grown.
For instance, more than 100 million people in the United States have hypertension, according to (CDC) Centres for Disease Control and Prevention. The risk of heart disease is considerably increased by hypertension. The (AHA) American Heart Association also supports initiatives to increase the accessibility of Remote Patient Monitoring (RPM) technologies for use in better health management. Even after the Covid-19 pandemic people are eventually shifted towards remote patient monitoring devices as it makes easy for them to evaluate themselves.
Which Region Shows Strong Growth Potential in the Remote Patient Monitoring Devices Market?
The remote patient monitoring devices market is broadly divided into seven major regions, North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East and Africa.
North America dominated the regional remote patient monitoring devices market due to a higher rate of acceptance of these monitoring devices by hospital settings and patients. Additionally, greater investments in the introduction of advanced technology and new product launch for high-quality patient care are to credit for regional growth.
For instance, in February 2019, AT&T Inc. introduced the One Pulse, a new smart watch that tracked real-time alerts for family and doctors, prescription refills, and medicine reminders. Additionally, it enables access to medical records via cloud-based software, enabling integration to any platform for electronic health records.
