by The remote patient monitoring devices market is estimated to be valued at US$ 67.82 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Remote patient monitoring devices help in monitoring health parameters of patients outside of healthcare facilities such as at home. This allows patients to stay connected with their physicians while receiving real-time treatment and care. Some key products in this market include cardiac monitors, respiratory monitors, blood pressure monitors, and glucose monitors. These devices play a vital role in managing chronic illnesses like diabetes, cardiovascular diseases, and respiratory diseases by lowering costs and reducing hospital readmissions.
Market Dynamics:
The Remote Patient Monitoring Devices Market Size is primarily driven by the rising prevalence of chronic diseases globally. As per WHO estimates, chronic diseases accounted for over 70% of all deaths worldwide in 2020. Chronic conditions require continuous medical supervision and treatment, which remote monitoring devices effectively provide outside of hospitals. Furthermore, the growing geriatric population susceptible to chronic illnesses also contributes to market growth. According to UN data, the global population aged 60 years and older is expected to double from 12% to 22% between 2015 and 2050. In addition, remote patient monitoring helps lower healthcare costs by reducing hospital admissions and length of stay for chronically ill patients, thereby boosting the market.
SWOT Analysis
Strength: Remote patient monitoring devices allow healthcare providers to monitor patients remotely in real-time. This reduces hospital visits and saves on healthcare costs. These devices are also convenient for patients as they do not require frequent hospital visits. Remote patient monitoring devices offer seamless data integration with electronic health records for efficient healthcare delivery.
Weakness: Setting up remote monitoring devices requires technical expertise which may not be readily available. Many patients especially in rural areas lack adequate digital infrastructure and skills to use remote monitoring devices. High costs of these devices limit their widespread adoption. Data privacy and security concerns remain a challenge.
Opportunity: Growing geriatric population prone to chronic diseases is driving demand for remote monitoring devices. Favourable regulations and reimbursement policies are encouraging adoption of these devices. Advancements in connectivity and wearable technologies are enhancing capabilities of remote monitoring solutions. Remote patient monitoring is expected to play a major role in managing healthcare needs during pandemics and health emergencies.
Threats: Lack of consensus on data formats and integration standards pose interoperability challenges. Competition from lower cost consumer devices threatens niche medical device makers. Reimbursement uncertainty impacts return on investments for device makers and providers. Behavioural factors like device acceptance and non-adherence impact effectiveness of remote monitoring programs.
Key Takeaways
The global Remote Patient Monitoring Devices market is expected to witness high growth, exhibiting a CAGR of 7.4% over the forecast period, due to increasing prevalence of chronic diseases. Remote monitoring enables effective chronic disease management while reducing healthcare costs.
Regional analysis: North America holds the largest share in the remote patient monitoring devices market currently due to favourable regulations and advanced healthcare infrastructure. Asia Pacific is expected to grow at the fastest pace during the forecast period owing to rising medical expenditures, increasing focus on remote care delivery, and rapid digitization in countries like China and India.
Key players: Key players operating in the remote patient monitoring devices market include Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC, Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH and Cerena Corporation. These established players are focusing on new product launches and partnerships to expand their offerings and customer base.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
