SAN FRANCISCO, Nov. 1, 2022 /PRNewswire/ -- The global remote patient monitoring system market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research Inc. It is projected to register a CAGR of 18.3% from 2022 to 2030. The COVID-19 pandemic has had a significant impact on the remote patient monitoring system. The main drivers for this market are the increasing geriatric population, cost-effective treatment, and the rising prevalence of chronic conditions. The breakout of COVID-19 has propelled the demand for remote patient monitoring devices and services as healthcare facilities were burdened with COVID-19-infected patients. Key players like Smiths Medical reported that the demand for their home monitoring devices substantially increased during the pandemic.
Key Industry Insights & Findings from the report:
- The cardiac rhythm monitor segment is expected to witness a significant CAGR over the forecast period owing to the increasing incidence of cardiac conditions globally.
- The home healthcare segment is projected to witness a CAGR of 22.0% over the forecast period owing to a rise in the number of patients accessing remote monitoring due to the COVID-19 pandemic.
- In Asia Pacific, the market is expected to showcase high growth potential due to the presence of large unmet needs in emerging economies such as China and India.
- This region is also backed by Japan, which has one of the highest numbers of 65+ year old adults at a global level.
Read 172 page full market research report, "Remote Patient Monitoring System Market Size, Share & Trends Analysis Report By Product (Vital Sign Monitors, Specialized Monitors), By End Use, By Application, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Remote Patient Monitoring System Market Growth & Trends
The amalgamation of telehealth with remote patient monitoring services is expected to further boost the market growth. The Asia Pacific is also projected to be a key revenue generator in the coming years. The region is backed by developing countries such as China, South Korea, and Thailand which are witnessing an increase in the number of chronic diseases owing to lifestyle changes. Cardiovascular disease is among the leading cause of death in these countries. The remote patient monitoring system is expected to play a key role in the early detection and timely management of these diseases.
Remote Patient Monitoring System Market Segmentation
Grand View Research has segmented the global remote patient monitoring system market on the basis of product, application, end-use, and region:
Remote Patient Monitoring System Market - Product Outlook (Revenue, USD Million, 2018 - 2030)
- Vital Sign Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Heart Rate Monitor (ECG)
- Temperature Monitor
- Respiratory Rate Monitor
- Brain Monitoring (EEG)
- Special Monitors
- Anesthesia Monitors
- Blood Glucose Monitors
- Cardiac Rhythm Monitor
- Respiratory Monitor
- Fetal Heart Monitors
- Prothrombin Monitors
- Multi Parameter Monitors (MPM)
- Others
Remote Patient Monitoring System Market - Application Outlook (Revenue, USD Million, 2018 - 2030)
- Cancer
- Cardiovascular Diseases
- Diabetes
- Sleep Disorder
- Weight management and Fitness Monitoring
- Bronchitis
- Infections
- Virus
- Dehydration
- Hypertension
Remote Patient Monitoring System Market - End-Use Outlook (Revenue, USD Million, 2018 - 2030)
- Hospital Based Patients
- Ambulatory Patients
- Home Healthcare
Remote Patient Monitoring System Market - Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia Pacific
- China
- Japan
- India
- Thailand
- South Korea
- Latin America
- Mexico
- Brazil
- Argentina
- Colombia
- MEA
- South Africa
- Saudi Arabia
- UAE
List of Key Players of Remote Patient Monitoring System Market
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- NIHON KOHDEN CORPORATION
- Omron Corporation
- OSI Systems, Inc.
- Koninklijke Philips N.V.
- F. Hoffmann-La Roche Ltd
- Welch Allyn
- Smiths Medical
- Abbott
- Boston Scientific Corporation
- Dräger Medical
- GE Healthcare
- Honeywell
- Johnson & Johnson
- LifeWatch
- Medtronic
- Masimo
- Vitls, Inc
- CareValidate
- Biotronik
- American Telecare
Check out more related studies published by Grand View Research:
- Digital Patient Monitoring Devices Market - The global digital patient monitoring devices market size is expected to reach USD 444.6 billion by 2028, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 23.5% from 2021 to 2028. The growth of the market is driven by the rapid adoption of Remote Patient Monitoring (RPM) solutions, technological advancements such as artificial intelligence and Internet-of-things (IoT), and new product launches. Furthermore, rising per capita income and growing awareness among patients are anticipated to positively impact the market.
- Patient Monitoring Devices Market - The global patient monitoring devices market size is expected to reach USD 92.8 billion by 2030 and is projected to grow at a CAGR of 7.8%, according to a new report by Grand View Research, Inc. The demand in the market is expected to rise owing to the technological advancements in patient monitoring devices along with the growth in the number of hospital admissions globally.
- Patient Monitoring Accessories Market - The global patient monitoring accessories market size is expected to reach USD 10.8 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.2% from 2020 to 2027. Patient monitoring accessories are supplemental products that are used in conjunction with patient monitoring devices to help healthcare professionals accomplish efficient clinical excellence and ensure a high level of quality patient care. The major aim of patient monitoring is to check vital signs, detect early fatal deterioration, and transfer the data wirelessly. Factors like the rising prevalence of chronic illnesses, rising demand for round the clock checking, and the advent of technologically advanced monitoring products are fueling the market growth.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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