DUBLIN – (BUSINESS WIRE) – July 19, 2021–
The report “Remote Patient Monitoring Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Type and End User and Geography” has been added to the offering of ResearchAndMarkets.com.
The global remote patient monitoring market is expected to reach US $ 7,338.92 million by 2028, from US $ 2,177.69 million in 2020. The market is estimated to grow at a CAGR of 16, 4% over the period 2020-2028. The key factors driving the growth of the market are the increasing prevalence of chronic diseases, the growing awareness of healthcare and the growing demand for home treatments. However, security and privacy concerns and unresolved regulatory issues are holding back the growth of the market.
With the increasing incidence of chronic diseases, such as diabetes and hypertension, there has been an increase in awareness regarding his health. Also, in recent days, the number of people with heart problems has increased dramatically. These factors have reinforced the importance of maintaining the health of the population in developed countries as well as in developing countries across the world. As a result, the demand for various health monitoring devices to keep track of health status has increased significantly in recent years. In addition, the number of specialty clinics and home care companies has increased in countries like the United States, India and Canada. Asia-Pacific is expected to offer significant growth opportunities during the forecast period, owing to the increase in disposable income and increasing urbanization in major economies, such as Japan, China and the ‘India.
The use of portable and portable devices to monitor vital signs is high among the geriatric and millennial population. Due to the growing health awareness, the market for remote patient monitoring devices market is expected to witness significant growth during the forecast period.
The global remote patient monitoring market, by type, is segmented into software, devices, and services. In 2020, the devices segment accounted for the largest share of the market and is expected to maintain its dominance over the forecast years. The growth of the market for this segment is attributed to the strong demand for remote monitoring devices of vital signs of patients in various countries of the world. In addition, the increased demand for respiratory and multifunctional monitoring devices due to the COVID-19 outbreak is also contributing to the growth of the market for this segment. In addition, the medical device manufacturers are constantly focusing on improving the quality and innovations of these devices, which would help the segment to hold a dominant share in the remote patient monitoring market over the years of forecast.
The COVID-19 outbreak has negatively affected most businesses around the world since December 2019. Due to the pandemic, international trade and supply chain are disrupted, it has affected sales and manufacturing of surveillance products away from patients for a short time. However, the overall growth prospects of the remote patient monitoring market are considered to be positive. Increasing government support and reimbursement policies for various remote patient monitoring devices to reduce and avoid human contact during pandemic and promote telehealth and monitoring services has driven the market growth remote monitoring of patients.
Reasons to buy
- Gain and reduce the time it takes to conduct entry-level research by identifying the growth, size, leading players and segments of the Remote Patient Monitoring market.
- Highlights key business priorities to help companies realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global Remote Patient Monitoring Market, thereby enabling value chain players to develop effective long term strategies.
- Develop / modify business expansion plans using a substantial growth offering in developed and emerging markets.
- Take an in-depth look at the global market trends and outlook associated with the factors driving the market, as well as those hindering it.
- Improve the decision-making process by understanding the strategies that underpin security interests with respect to customer products, segmentation, pricing, and distribution.
- Growing prevalence of chronic disease
- Growing awareness of healthcare
- Growing demand for home treatments
- Security and privacy concerns
- Unresolved regulatory concerns
- Expansion of health facilities in remote areas
- Remote monitoring to replace routine patient visits
- Cerner Corporation
- Koninklijke Philips NV
- Boston Scientific Society
- Siemens Healthineers SA
- GE Healthcare
- Nihon Kohden Corporation
- OMRON Company
For more information on this report, visit https://www.researchandmarkets.com/r/zichq9
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210719005432/en/
Laura Wood, Senior Press Director
For EST office hours, call 1-917-300-0470
For USA / CAN call toll free 1-800-526-8630
For GMT office hours, call + 353-1-416-8900
INDUSTRY KEYWORD: MEDICAL DEVICES HEALTH
SOURCE: Research and markets
Copyright Business Wire 2021.
PUB: 07/19/2021 08:32 / DISC: 07/19/2021 08:32
Copyright Business Wire 2021.