Unlocking Opportunities in the Remote Patient Monitoring Devices And Equipment Market: Key Growth Trends and Forecast Insights
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What is the Growth Potential of the Remote Patient Monitoring Devices And Equipment Market, and How Will It Perform by 2034?
The market size for equipment and devices for remotely monitoring patients has seen a significant expansion lately. Its size is expected to surge from $1.66 billion in 2024 to $1.9 billion in 2025, with an impressive compound annual growth rate (CAGR) of 14.6%. Factors contributing to the growth during the historical period include the rising aging population, management of chronic illnesses, the adoption of telehealth, and a decrease in healthcare costs.
The market for remote patient monitoring devices and equipment is forecasted to experience significant growth in the upcoming years, expanding to $3.33 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 15.0%. The anticipated growth during the forecast period can be linked to the rise in healthcare digitization, regulatory backing, personalized medicine, and value-based healthcare. The major market trends expected during this period consist of the integration of remote monitoring, development of artificial intelligence (AI) and machine learning, telemonitoring growth, and the use of wearable technology.
What Strategic Factors Are Influencing the Accelerated Growth of the Remote Patient Monitoring Devices And Equipment Market?
The potential gap in trained medical professionals, particularly doctors and nurses, is a key driver for the market of remote patient monitoring (RPM) devices and equipment. As the population of patients with chronic diseases continues to grow, the operation time and cost required for active monitoring make it a challenge. The steady increase in chronic diseases, the consequent demand for monitoring, and an anticipated shortage of nurses in the future, all contribute to the expansion of the RPM devices and equipment market. A Mercer report suggests that the US will need 2.3 million fresh healthcare workers by 2025, spanning nurses, doctors, lab technicians, and other assorted medical personnel. The Bureau of Labor Statistics asserts that, on top of that, there will be an additional demand for 203,700 new registered nurses annually by 2026. However, the supply is anticipated to fall short with only about 438,100 nurses expected to join the workforce by 2026, which is substantially below what is needed. The World Health Organization (WHO) forecasts that by 2030, there will be a shortfall of 14.5 million healthcare professionals in low- and middle-income countries.
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Who Are the Major Companies Shaping the Competitive Landscape of the Remote Patient Monitoring Devices And Equipment Market?
Major companies operating in the remote patient monitoring devices and equipment market include Philips Healthcare, Honeywell International Inc., GE Healthcare, Medtronic plc, Boston Scientific Corporation, Johnson & Johnson, Biotronik, Robert Bosch GmbH, COVIDien Plc., American Telecare Inc., Intel Corporation, Welch Allyn Inc., Health Anywhere Inc., Global Media Group LLC, AMD Global Telemedicine Inc., Bayer Healthcare AG, IBM Watson, Accenture plc, Telesofia Medical Ltd., Boehringer Ingelheim GmbH, Eliza Corporation, Natus Medical Inc., Nihon Kohden Corporation, Compumedics, DexCom Inc., Abbott Laboratories, Aerotel Medical Systems Ltd., GYANT Health, Vitls Inc., Medopad, Polso
What Are the Latest Innovations and Trends Influencing the Remote Patient Monitoring Devices And Equipment Market?
Companies producing remote patient monitoring devices are increasingly incorporating IoT and wireless capabilities to better diagnose and treat health conditions. Biometric monitoring utilizing technologies like wireless sensors are multi-sensor systems, which can be either implanted or embedded into the skin. They consist of sensors transmitting real-time data to monitor a patient’s health status. The adoption of IoT technology helps healthcare providers track patients’ health metrics remotely. These small multi-sensor devices aid healthcare professionals in tracking vital signs like blood pressure, blood glucose levels, and other physiological parameters, which in turn helps in determining the right treatment. Notable enterprises that offer IoT and wireless sensor technology-integrated patient monitoring devices are Xsensio, InSilixa, 1Drop Diagnostics, and Kenzen.
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Which Segments Play a Crucial Role in the Expansion of the Remote Patient Monitoring Devices And Equipment Market?
The remote patient monitoring devices and equipment market covered in this report is segmented –
1) By Type Of Device: Heart Monitors, Breath Monitors, Haematology Monitors, Multi-Parameter Monitors
2) By Application: Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Monitoring And Fitness Monitoring, Other Applications
3) By End User: Home Care Settings, Clinics, Hospitals
Subsegments:
1) By Heart Monitors: ECG Monitors, Event Monitors, Implantable Loop Recorders, Mobile Cardiac Telemetry Devices
2) By Breath Monitors: Spirometers, Peak Flow Meters, Capnographs, Pulse Oximeters
3) By Haematology Monitors: Blood Glucose Monitors, Coagulation Monitors, Hemoglobin Monitors
4) By Multi-Parameter Monitors: Portable Multi-Parameter Monitors, Fixed Multi-Parameter Monitors
Which Regions Are Making a Mark in the Remote Patient Monitoring Devices And Equipment Market Growth?
Asia-Pacific was the largest region in the global remote patient monitoring devices and equipment market in 2023. North America was the second-largest region in the remote patient monitoring devices and equipment market. The regions covered in the remote patient monitoring devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
How Is the Remote Patient Monitoring Devices And Equipment Market Categorized and Defined in the Industry?
Remote patient monitoring devices and equipment allow a patient to use a mobile medical device for a routine test and send the test data to a healthcare expert in real-time. They are used to monitor vital signs and health metrics in real-time, enabling timely interventions and improving patient outcomes.
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