WESTFORD, Mass., Aug. 1, 2024
/PRNewswire/ -- According to SkyQuest, the global Remote
Patient Monitoring Market size was valued at USD 1.9 Billion in 2022 and is poised to grow
from USD 2.2 Billion in 2023 to
USD 8.5 Billion by 2031, growing at a
CAGR of 16.3% in the forecast period (2024-2031).
Remote patient monitoring in healthcare holds great potential
due to the abundant opportunities created by the integration of
machine learning and artificial intelligence. Hence remote patient
monitoring technology is making the best use of artificial
intelligence and predictive analytics to study massive datasets,
detect trends, sing customized interventions, and project health
issues. Moreover, the growing use of 5G networks will help the
speedy transfer of data, allowing better patient monitoring in
unexplored regions.
The RPM systems deliver services with enhanced chronic disorders
management comprising early detection of health signals along with
a progress tracker, thereby impelling the RPM market. Also, the
recent pandemic resulted in shortage of beds in hospitals, and
patients suffering from chronic diseases were advised to stay at
home due to the growing risk of getting infection. This ultimately
propelled remote patient monitoring market.
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Remote Patient Monitoring Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
USD 2.2
Billion
|
Estimated Value by
2031
|
USD 8.5
Billion
|
Growth Rate
|
Poised to grow at a
CAGR of 16.3%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Type, Application, End
User, and Region
|
Geographies
Covered
|
North America, Europe,
Asia-Pacific, Latin America, and Middle East and Africa.
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Escalating Use of
Remote Patient Monitoring in Fighting Infectious
Diseases
|
Key Market
Drivers
|
Increasing Need to
Expand Healthcare Access
|
Segments covered in Remote Patient Monitoring Market
are as follows:
- Type
-
- Software & Services, Devices (Cardiac Monitoring Devices,
Blood Pressure Monitoring Devices, Neurological Monitoring Devices,
Respiratory Monitoring Devices, Multiparameter Monitoring Devices,
Blood Glucose Monitoring Devices, Fetal and Neonatal Monitoring
Devices, Weight Monitoring Devices, Others)
- Application
-
- Oncology, Hypertension, Cardiovascular Diseases, Diabetes,
Sleep Disorders, Weight Management and Fitness Monitoring
- End User
-
- Providers (Hospitals & Clinics, Home Care Settings and
Long-term Care Centers, Ambulatory Care Centers, Others), Payers,
Patients, and Others
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Growing Cases of Chronic Diseases, Needing Efficient
Monitoring is Driving Devices Segment
By type, the devices segment held majority market and is
expected to lead the market in future as well owing to rising cases
of chronic illnesses, growing popularity, mounting use of remote
patient monitoring technologies, and escalating demand for tailored
healthcare. Moreover, incorporation of machine learning and
artificial intelligence in RPM is also fueling the demand and
ultimately the segment growth.
On the other hand, software and services segment to grow as a
fastest growing since remote patient monitoring services are
progressing with more remote monitoring programs being reimbursed
and more individuals are getting diagnosed with chronic
diseases.
Diabetes Segment to Lead the Market Owing to Constant
Monitoring of Glucose Levels
By application, the diabetes segment held notable share of the
market in 2023 and is projected to continue dominance in future
also since diabetes is known cause death if not treated properly.
This illness needs constant monitoring, mainly for blood glucose
levels since it directly impacts the heart, liver, vision, and
renal activity. Moreover, constant and regular monitoring is
essential in diabetes which can be done with RPM devices.
On the other hand, hypertension is the fastest-growing region
observed in the market since it significantly increases the risk of
heart-associated disorders. Every year, more than 1 billion
individuals are diagnosed with health diseases. Hence, to reduce
this rate, RPM solutions can considerably monitor hypertension by
tracking key body signals.
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Providers Domain to be Propelled by the Adoption of a Wide
Range of Diagnostic Tests for Patients
By end user, the provider segment is expected to lead since
hospitals need to address mounting number of patients. Hospitals
offer several diagnostic tests and employ a larger workforce who
take care of patients. Rising implementation of RPM in hospitals to
take quality care of patients is fueling the segment growth.
Patients segment is the fastest-growing segment since patients
are constantly using different health applications and devices to
track their diseases from their homes. Hence, growing adoption of
remote patient monitoring technologies among patients is impelling
the segment growth. This motivates patients to actively get
involved in their healthcare by offering better accessibility and
convenience.
Use of ML and AI to Promise More Exciting Technological
Improvements in RPM
The future of remote patient monitoring is highly favorable with
more exciting modernizations and advancements in technologies. They
use machine learning and artificial intelligence to monitor the
health of patients remotely. RPM is growing in popularity backed by
the mounting use of telehealth services and wearable devices. Also,
enhanced privacy and security have created trust in the minds of
people, which will make it accurate, easy, and dedicated to
patients.
Related Report:
Healthcare IT Market
Digital Health Market
Artificial Intelligence (AI) in Healthcare Market
IOT In Healthcare Market
Telemedicine Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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SOURCE SkyQuest Technology