The Remote Home Monitoring Systems Market is anticipated likely to record a CAGR of 15.1% during the forecast period, up from USD 20,351.5 Million in 2022 to reach a valuation of USD 85,727.3 Million by 2032.
The remote home monitoring systems market is expected to grow as a result of a variety of factors, including the advantages of remote patient monitoring (RPM) in terms of reducing the strain on medical resources, the monitoring advantages of telehealth and other remote patient monitoring services, technological advancements, an aging population, and an increasing demand for universal healthcare.
Some factors that are expected to have a negative impact on the remote home monitoring systems market growth over the forecast period include regulatory apathy and challenges in various regions, informal social media practices, and related healthcare fraud.
| Attributes | Details |
|---|---|
| Estimated Market Value (2022) | USD 20,351.5 Million |
| Forecasted Market Value (2032) | USD 85,727.3 Million |
| CAGR (2022 to 2032) | 15.1% |
Lifestyle disorders, increased use of remote patient monitoring devices as well as an increase in the geriatric population all contribute to the growth of the demand for remote home monitoring systems.
Remote home monitoring systems are gaining in popularity around the world because they are easy to use and can be used by people of any age. In addition, because the geriatric population is more likely to suffer from long-term illnesses, remote patient devices are increasingly popular among this group. This is changing the remote home monitoring systems market outlook.
The remote home monitoring systems market is being driven by a rise in consumer spending on lifestyle products, as well as a growing desire for energy-efficient, luxurious, and convenient homes.
The report sheds light on the factors improving the sales of remote home monitoring systems, and, in turn, the opportunities for the market players. However, the remote home monitoring systems market also faces some challenges, which might limit the remote home monitoring systems market share from reaching its potential.
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Healthcare access for the aging population is becoming increasingly important as the elderly population continues to grow. This is the leading driver for the sales of remote home monitoring systems.
Increased demand for healthcare and long-term care services will put a significant strain on governments and healthcare systems as the elderly population grows. This is good news for the remote home monitoring systems market. Hospital admissions and readmissions can be reduced by the adoption of remote home monitoring systems to reduce the time and expense of traveling to meet healthcare professionals.
It is extremely difficult to treat infectious diseases in hospitals due to the high risk of infection for both patients and healthcare providers. With its inherent advantages, such as early disease detection and virtual visits, telemedicine has the potential to limit the spread of epidemics and healthcare-associated infections.
In terms of the number of in-person visits and travel involved in the treatment process, it's certainly a big help. As a result, infectious diseases are less likely to spread as a result. Thus, the adoption of remote home monitoring systems is rising on a global level.
The ability to monitor clinically important data before and after surgery, identify symptoms, and prevent complications made the special monitors segment the market leader in the remote home monitoring systems market in 2021, with a revenue share of over 83.8%.
Products with wireless communication and iPad compatibility can be diagnosed and used more quickly. The ECG, non-invasive blood pressure, body temperature, respiration rate, and brain activity can all be monitored with vital sign monitors. When multiple vital sign monitors are combined in one system, the popularity of these products is expected to rise significantly.
The diabetes segment of the remote home monitoring systems market accounted for 12.8% of revenue in 2021. Diabetes, a primary cause of death, demands constant blood glucose monitoring.
It affects the heart, eyesight, liver, and kidneys. Continuous and routine monitoring is needed, and remote patient monitoring equipment can help. Around 425 million people worldwide have diabetes, according to the IDF. By 2040, 642 million are projected. As diabetes becomes more common, insulin infusion pumps help people self-administer insulin.
North America held 41.6% of the remote home monitoring systems market in 2021. Increased chronic disease incidence, the need for wireless and portable systems, and complex reimbursement schemes to reduce out-of-pocket costs are driving regional expansion.
Increasing Research and Development for sensor-based patient monitoring systems further drives the regional demand for remote home monitoring systems. Most significant market players are headquartered in the region, which boosts the remote home monitoring systems market growth.
Due to the increased mortality rate and rising desire for low-cost treatment, Europe is likely to be the second most lucrative region over the forecast period. The rising need for in-house monitoring, supportive central data management systems, and increasing accuracy and efficiency of remote patient monitors are significant growth drivers for the region.
Due to the presence of unexplored potential in India and China's rising remote home monitoring systems markets, Asia-Pacific is anticipated to have the highest CAGR throughout the projection period. Japan is anticipated to be an important revenue producer in the remote home monitoring systems market due to its large elderly population (65+).
The primary trend in the remote home monitoring systems market is the improvement of currently available technologies, the introduction of new products, the expansion of product portfolios, and mergers or strategic alliances with healthcare facilities.
The remote home monitoring systems market is highly fragmented on a global scale, with the majority of the world's manufacturers originating in industrialized nations. A varied product portfolio of digital platforms, as well as constant developments made by the companies that provide remote patient monitoring, which ultimately leads to the introduction of new goods, are important and major aspects that contribute to the robust presence of the companies.
The report consists of key players contributing to the remote home monitoring systems market share. It also consists of organic and inorganic growth strategies adopted by market players to improve their market positions. This exclusive report analyzes the competitive landscape and remote home monitoring systems market share acquired by players to strengthen their market position.
BioTelemetry, Inc. was bought by Philips in February 2021. Philips expects that the addition of cardiac diagnostics and monitoring equipment from BioTelemetry will help expand its patient monitoring portfolio. Players are also looking to expand their manufacturing operations into nations with large populations and significant disease loads.
A new Research and Development facility in China will be expanded by Mindray in June 2020, the company revealed in a statement. Medical equipment systems Research and Development, manufacture, and operation will all be housed in one convenient location at this complex.
In order to digitally alter the systems in middle- and lower-income countries, a strong focus on partnerships and acquisition methods is predicted to attract high customers and increase market revenue in the coming years. Patients and healthcare providers will soon be able to monitor their health remotely thanks to a partnership between Rx. Health and LiveCare.
New innovations are dominating the remote home monitoring systems market, with both new and old players resorting to new technology for more diversified and comprehensive market growth.
100 Plus made the announcement in April 2020 that they would be releasing three new RPM devices. These devices were the 100Plus blood pressure cuff, the digital weight scale, and the Blood glucose monitor.
In October of 2020, Medtronic introduced the AzureTM pacemaker, which was the first device of its kind in the world to be equipped with BlueSyncTM technology, allowing it to interact directly with patients' smartphones and tablets.
| Report Attribute | Details |
|---|---|
| Growth rate | CAGR of 15.1% from 2022 to 2032 |
| The base year for estimation | 2021 |
| Historical data | 2016 to 2021 |
| Forecast period | 2022 to 2032 |
| Quantitative units | Revenue in USD million and CAGR from 2022 to 2032 |
| Report Coverage | Revenue forecast, volume forecast, company ranking, competitive landscape, growth factors, and trends, Pricing Analysis |
| Segments Covered | Sensor, Product, Platform, Operating System Region |
| Regional scope | North America; Western Europe, Eastern Europe, Middle East, Africa, ASEAN, South Asia, Rest of Asia, Australia, and New Zealand |
| Country scope | United States of America, Canada, Mexico, Germany, United Kingdom, France, Italy, Spain, Russia, Belgium, Poland, Czech Republic, China, India, Japan, Australia, Brazil, Argentina, Colombia, Saudi Arabia, UAE, Iran, South Africa |
| Key companies profiled | Honeywell International Inc.; Ooma; Inc.; IBM Corporation; SimpliSafe; Inc.; General Electric Company; Bosch Security Systems; Inc.; Schneider Electric S.E.; Tyco International Ltd; Nortek Security & Control; LLC.; Control4 Corporation; Apple Inc.; Google Inc.; Samsung Electronics Co. Ltd; Visonic Limited; Siemens Corporation; and LOREX Technology Inc. |
| Customization scope | Free report customization (equivalent to up to 8 analysts' working days) with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. |
The remote home monitoring systems market is likely to register a CAGR of 15.1% during the forecast period.
As per the analysis, the remote home monitoring systems market share is likely to be USD 85,727.3 Million by 2032.
The increasing aging population is expected to drive the remote home monitoring systems market forward.
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Remote Home Monitoring Systems Market
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