DUBLIN--(BUSINESS WIRE)--The "Remote Patient Monitoring System Market Size, Share & Trends Analysis Report by Product (Vital Sign Monitors, Specialized Monitors), by End Use (Hospital Based Patients), by Application, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global remote patient monitoring system market size is expected to reach USD 6.7 billion by 2030. It is projected to register a CAGR of 20.2% from 2022 to 2030.
COVID-19 pandemic has 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 of their home monitoring devices substantially increased during the pandemic.
The amalgamation of telehealth with remote patient monitoring services is expected to further boost market growth. 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 Report Highlights
- 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.
Market Variables, Trends & Scope
Market driver analysis
- Increasing geriatric population
- Rising prevalence of chronic conditions
- Neurological disorders
- Cancer
- Cost-effective treatment
- Rising demand for wireless and portable systems
- Technological advancement
Market restraint analysis
- Data security concerns
- Lack of supportive reimbursement coverage
Industry Challenges
- Interoperability of data
- Digital literacy
Competitive Analysis
- 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
- Alten Calsoft Labs
- Smiths Medical
- Abbott
- American Telecare
- Boston Scientific Corporation
- Drager Medical
- Ge Healthcare
- Honeywell Life Care Solutions
- Johnson & Johnson Services, Inc.
- Lifewatch
- Masimo
- Medtronic plc
For more information about this report visit https://www.researchandmarkets.com/r/49da8n
