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% during 2020-2028. The key factors that are driving the growth of market are the growing prevalence of chronic diseases, rising awareness regarding healthcare, and surging demand for home-based treatments. However, security and privacy issues, and unaddressed regulatory concerns restrain the market growth.
With the growing incidence of chronic illnesses, such as diabetes and hypertension, there has been a rise in awareness regarding one’s health.Also, in recent days, the number of individuals suffering from heart-related disorders has increased significantly.
These factors have enhanced the importance of maintaining health among the population in the developed as well as developing nations across the world.As a result, the demand for various health monitoring devices for maintaining a track of health status has increased significantly in the recent years.
Also, there has been a rise in the number of specialty clinics and home healthcare businesses in countries such as the US, India, and Canada. Asia Pacific is anticipated to offer significant growth opportunities during the forecast period, owing to the increasing disposable income and the growing urbanization in the leading economies, such as Japan, China, and India. The use of handheld and wearable devices for monitoring vital signs is high among geriatric and millennial population. Owing to the growing awareness regarding health, the market for remote patient monitoring devices is anticipated to witness significant growth during the forecast period.
The global remote patient monitoring market, based on type, is segmented into software, devices, and services.In 2020, the devices segment accounted for the largest share in the market and is expected to retain its dominance during the forecast years.
The market growth for this segment is attributed to the high-volume demand for vital sign remote patient monitoring devices across various countries worldwide.In addition, the surge in demand for respiratory and multifunctional monitoring devices due to the COVID-19 outbreak also contributes to the market growth for this segment.
Furthermore, medical device manufacturers are constantly focusing on the improvement of the quality and innovations in these devices, which would help the segment to hold a dominant share in the remote patient monitoring market during the forecast years.
The COVID-19 outbreak has been adversely affecting most of the businesses globally since December 2019.Due to the pandemic, international trade and supply chain are disrupted, it has affected the sales and manufacturing of remote patient monitoring products for a short period.
However, overall prospects for the growth of the remote patient monitoring market are considered positive. Increasing government support and reimbursement policies for various remote patient monitoring devices to reduce and avoid human contact during the pandemic and promote telehealth and monitoring services have bolstered the growth of remote patient monitoring market.
The National Centre for Biotechnology Information (NCBI), National Digital Health Mission (NDHM), Organization for Economic Co-operation and Development, Natural Sciences and Engineering Research Council of Canada (NSERC), US Agency for International Development (USAID), and World Tourism Organization (UNWTO) are among the secondary sources referred to while preparing the report on the remote patient monitoring market.
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