Remote Patient Monitoring Devices And Equipment Market Valuation Expected To Reach $3.33 Billion By 2029, Growing At A Rate Of 15%
Discover trends, market shifts, and competitive outlooks for the remote patient monitoring devices and equipment industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
What is the Projected CAGR for the Remote Patient Monitoring Devices And Equipment Market Size from 2025 to 2034?
The market size for devices and equipment used in remote patient monitoring has seen significant expansion in the last few years. Projected growth from 2024 to 2025 suggests an increase from $1.66 billion to $1.9 billion, indicating a Compound Annual Growth Rate (CAGR) of 14.6%. The factors influencing growth during the historical period include the growing elderly population, management of chronic diseases, adoption of telehealth, and efforts to reduce healthcare costs.
The market for remote patient monitoring devices and equipment is anticipated to witness significant expansion in the forthcoming years, with a projected value of $3.33 billion in 2029, representing a compound annual growth rate (CAGR) of 15.0%. This growth in the prediction timeframe can be traced back to factors such as elevated healthcare digitization, regulatory backing, personalized medicine, and value-driven healthcare. Key trend forecasts for this period include the integration of remote monitoring, the application of artificial intelligence (AI) and machine learning, the enlargement of telemonitoring, and the incorporation of wearable technology.
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Which Factors and External Forces Are Driving Demand in the Remote Patient Monitoring Devices And Equipment Market?
The forthcoming dearth of trained medical practitioners, such as doctors and nurses, is fueling the market for remote patient monitoring (RPM) devices and equipment. With the mounting count of patients afflicted with chronic illnesses, it’s becoming a challenge to track their health due to the constraints of operational hours and expenses. The escalating presence of chronic diseases, amplified necessity for monitoring, and anticipated scarcity of nurses propels the expansion of the remote patient monitoring devices and equipment market. A study by Mercer indicates that by 2025, there will demand for an additional 2.3 million healthcare professionals in the US – a figure encompassing nurses, doctors, lab technicians and various other healthcare staff. Bureau of Labor Statistics data further underlines the severity of the situation, pointing to a yearly requirement of 203,700 new registered nurses by 2026. Nevertheless, the projection for the number of nurses expected to enter the field by 2026 is a mere 438,100 – a total far below the necessary amount. The World Health Organization (WHO) predicts that by 2030, there will be a shortfall of 14.5 million healthcare professionals in low and middle-income nations.
Which Segments in the Remote Patient Monitoring Devices And Equipment Offer the Most Growth?
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
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What Are the Fastest-Growing Geographies in the Remote Patient Monitoring Devices And Equipment Market?
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.
What Are the Most Significant Market Trends in the Remote Patient Monitoring Devices And Equipment Market?
The integration of Internet of Things (IoT) and wireless technology into remote patient monitoring devices is becoming a prevalent trend among manufacturers in this field. They utilize innovative wireless sensor technology including biosensor monitoring devices, which are multi-sensor systems either embedded or implanted into the skin. The primary function of these devices is to relay data, allowing real-time supervision of a patient’s medical condition. IoT technology capacitates healthcare service providers to oversee patients’ health parameters remotely. Such devices are compact multi-sensing tools, giving healthcare professionals the means to monitor blood pressure, blood glucose levels and physiological parameters, thereby assisting in prescribing suitable treatment. Notable companies incorporating IoT and wireless sensor technology into their remote patient monitoring devices include Xsensio, InSilixa, 1Drop Diagnostics, and Kenzen.
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What Are the Key Elements That Define the Remote Patient Monitoring Devices And Equipment Market?
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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