Remote Patient Monitoring Market Expected to Reach $8.5 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Remote Patient Monitoring Market," The remote patient monitoring market was valued at $1.9 billion in 2021, and is estimated to reach $8.5 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.

Remote patient monitoring devices check patients' body temperature, respiration rate, heart rate, and blood pressure without invasive treatments. Day-to-day monitoring equipment, such as glucometers for diabetic patients and heart or blood pressure monitors for cardiac patients, are examples of remote patient monitoring technologies. Information can be delivered to a physician's office through  a software application installed on the patient's internet-capable computer, smartphone, or tablet using telehealth communication lines. These multi-parameter remote monitoring systems, such as sleep and activity monitors, are utilized not only by medical experts but also by the general public who are concerned about their health. Companies are expected to invest in remote patient monitoring  devices to alter their ready-to-work practices during the pandemic as most COVID-19 patients are asymptomatic. COVID-19 has laid a solid platform for doctors and patients to successfully employ remote patient monitoring.

The World Health Organization (WHO) on January 30, 2021 declared COVID-19 as a pandemic and general wellbeing crisis of international concern. COVID-19 has impacted around 210 countries across the globe ,owing to the COVID-19 pandemic. State-run administrations across the globe declared inescapable lockdowns as well as social distancing measures to forestall breakdown of the healthcare structure. States have additionally given constraints and preventions on undertakings and elective surgeries. These obstructions continue to influence the growth of different industries and the enhanced response toward these regulations affects the industry. The distribution, production, and store network have been impacted, due to lockdowns across the globe.

Similarly, the remote patient monitoring market had a positive impact during the pandemic, owing to social distancing norms and least availability of hospital beds prompted for maximum adaptation of home-based patient care system. Hence, overall, the pandemic had a positive impact on remote monitoring market

The major factors that drive the growth of global remote patient monitoring market trends are increase in lifestyle changes, surge in number of chronic disease, and rise in demand for home-based monitoring systems. Ambulatory healthcare that allows patients to utilize a mobile medical device to perform a routine test and send the results to a healthcare expert in real time is known as remote patient monitoring. Globally, the growing chronic disease population, combined with an geriatric  population and increase in demand for home-based monitoring devices, is propelling the market growth. In addition, there is increase in tendency of adaption towards patient welfare is to opt for treatment from homes to save money on hospital fees. Increase in usage of remote patient monitoring devices across the globe is a result of hospitals' rise in financial burden from a large number of inpatients. Furthermore, people prefer home healthcare, owing to the privacy, cost-effectiveness, and convenience, all of which contribute to market growth.) In recent years, rise in healthcare costs, particularly in hospital settings, have moved attention to alternate treatment options, such as home healthcare. As a result, in upcoming years demand for effective home-use equipment, including thermometers, pulse oximeters, weight scales, ECG monitors, event monitors, EEG recorders, and fetal monitors is increasing. As a result, rise inn emphasis on a healthy lifestyle, growth in concerns about continuous monitoring of patients' health parameters, and surge in trend of self-monitoring and preventive medicine propel the growth of the  market.

The remote patient monitoring market share is segmented on the basis of condition, component and region. By condition, the market is fragmented into congestive heart failure, diabetes, chronic obstructive pulmonary disease, blood pressure, mental health and others. The congestive heart failure segment dominated the market in 2021 with a revenue of $916.75 million. Growth of the segment is attributed to rising burden of chronic diseases such as heart diseases due to lifestyle changes and the rising geriatric population. By component the market is segregated into devices and software. The device segment dominated the market in 2021 with a revenue of $1,453.63 million. The growth of the segment can be attributed to surge in incidences of chronic diseases, such as diabetes and COPD and the growing demand for home-based monitoring devices are responsible for the high growth rate. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Region wise, in remote patient monitoring industry, North America dominated the global market in 2021 with a revenue of $746.40 million, which is attributed to increase in the geriatric population and cancer.

KEY FINDINGS OF STUDY

• The study provides an in-depth analysis of the remote patient monitoring market size along with the current trends and future estimations to elucidate the imminent investment pockets.
• It offers remote patient monitoring market analysis from 2021 to 2031, which is expected to enable the stakeholders to capitalize on the prevailing opportunities in the market.
• A comprehensive analysis of four regions is provided to determine the prevailing opportunities.
• The profiles and growth strategies of the key players are thoroughly analyzed to understand the competitive outlook and global remote patient monitoring market growth.