Global Remote Patient Monitoring Devices And Equipment Market 2022 – Market Opportunities And Strategies
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The remote patient monitoring devices and equipment market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of more than 12%, as per The Business Research Company’s market report!
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The Remote Patient Monitoring Devices And Equipment Market Size In 2022 And Forecast
The global remote patient monitoring devices and equipment market grew from $1.02 billion in 2021 to $1.17 billion in 2022 at a compound annual growth rate (CAGR) of 14.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The remote patient monitoring devices and equipment market is expected to grow to $1.86 billion in 2026 at a CAGR of 12.2%.
The remote patient monitoring devices and equipment market consist of sales of remote patient monitoring devices and equipment and related services.
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Shortfall In The Number Of Skilled Healthcare Professionals Is Driving The Growth Of The Remote Patient Monitoring Devices And Equipment Market
According to a report by Mercer, the US requires 2.3 million new health care workers by 2025; this includes nurses, physicians, lab technicians, and various other healthcare personnel. According to the Bureau of Labor Statistics, there is an additional need for 203,700 new registered nurses every year by 2026. However, only 438,100 nurses are expected to be added to 2026, which is way less than the demand. World Health Organization (WHO) projected that by 2030, low- and middle-income countries will have a deficit of 14.5 million healthcare professionals.
Competitive Landscape And The Regional Analysis Of The Remote Patient Monitoring Devices And Equipment Market
Major players in the remote patient monitoring devices and equipment market are Philips Healthcare, Honeywell, GE Healthcare, Medtronic, Boston Scientific, Johnson & Johnson, Biotronik, Robert Bosch, Covidien Plc, and St. Jude Medical.
Additionally, as per TBRC’s research – Asia Pacific was the largest region in the remote patient monitoring devices and equipment market in 2021 holding the largest market share.
The Remote Patient Monitoring Devices And Equipment Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the remote patient monitoring devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the remote patient monitoring devices and equipment market.
Integrating IoT And Wireless Technology – A Key Trend In The Remote Patient Monitoring Devices And Equipment Market
Remote patient monitoring device manufacturers are increasingly integrating IoT and wireless technology with remote patient monitoring devices to efficiently diagnose and treat medical conditions. Wireless sensor technology such as biosensor monitoring devices is multi-sensor systems implanted or embedded into the skin, consisting of a sensor that transmits data for real-time monitoring of a patient’s medical condition. IoT technology enables healthcare service providers to remotely monitor patients’ health parameters. These devices are miniaturized multi-sensing devices, aiding healthcare professionals to monitor blood pressure, blood glucose levels, and physiological parameters, and recommend the appropriate treatment.
Remote Patient Monitoring Devices And Equipment Market Segmentation By The Business Research Company
1) By Type Of Device: Heart Monitors, Breath Monitors, Haematology Monitors, Multi – Parameter Monitors
2) By End User: Home Care Settings, Clinics, Hospitals
3) By Application: Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Monitoring And Fitness Monitoring, Other Applications
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