Health

Remote Patient Monitoring Devices Market projected to expand at a CAGR of 12.5% from 2024 to 2030

March 22, 2021

Remote Patient Monitoring Devices Market: Introduction

Transparency Market Research has published a new report titled, ‘Global Remote Patient Monitoring Devices Market’. According to the report, the global remote patient monitoring devices market was valued at US$ 0.8 Bn in 2019. It is projected to expand at a CAGR of 12.5% from 2024 to 2030. Remote patient monitoring (RPM) is a method of healthcare delivery that uses the latest advances in information technology to acquire patient data, a part of traditional healthcare settings. The COVID-19 pandemic, connected health, and RPM are more important, as they enable physicians to monitor patients without having to come into contact with them, thus preventing the spread of the novel coronavirus.

In terms of product, the global remote patient monitoring devices market has been bifurcated into vital sign monitors and special monitors. The vital sign monitors segment has been divided into heart rate monitors (ECG), blood pressure monitors, respiratory rate monitors, brain monitoring (EEG), temperature monitors, pulse oximeters, and others. The heart rate monitors (ECG) segment accounted for a major share of the global remote patient monitoring devices market in 2019. The segment is anticipated to expand at a high CAGR during the forecast period, owing to rise in the demand for detection of proper parameters and prevention of the disease across the world. The special monitors segment has been further divided into blood glucose monitors, fetal heart monitors, multi-parameter monitors (MPM), anesthesia monitors, prothrombin monitors, and others.

Based on application, the global remote patient monitoring devices market has been classified into cardiovascular diseases, diabetes, cancer, hypertension, infections, bronchitis, dehydration, sleep disorder, weight management and fitness monitoring, and others. The cardiovascular diseases segment held a significant share of the global remote patient monitoring devices market in 2019. In terms of end user, the global remote patient monitoring devices market has been classified into hospital-based patients, homecare, ambulatory patients, and others. The hospital-based patients segment held significant share of the global remote patient monitoring devices market in 2019.

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Remote Patient Monitoring Devices Market: Prominent Regions

North America held a major share of the global remote patient monitoring devices market in 2019. The presence of key players and growth strategies adopted by these players are major factors driving the remote patient monitoring devices market in the region. Rise in awareness about the benefits of prevention of diseases and increase in healthcare expenditure augment the remote patient monitoring devices market in North America. Asia Pacific held the second-largest share of the global remote patient monitoring devices market in 2019. The expansion of the remote patient monitoring devices market in Asia Pacific can be attributed to rise in infectious diseases and well-developed healthcare sector in the region. The remote patient monitoring devices market in Asia Pacific is likely to expand at a rapid pace during the forecast period. The development of remote patient monitoring devices and other pharma products to cope with disease concerns, and rise in awareness leading to routine checkup and diagnosis are major factors that are anticipated to fuel the remote patient monitoring devices market in the region.

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Remote Patient Monitoring Devices Market: Key Players

Key players are expanding their footprint to consolidate their positions in the global remote patient monitoring devices market. The greater emphasis on prevention and wellness by healthcare professionals and owners presents lucrative opportunities to key players to increase their share of the global remote patient monitoring devices market. Hence, manufacturers are engaging in new product developments, collaborations and distribution to gain market share. Leading players operating in the global remote patient monitoring devices market include Koninklijke Philips N.V., GE Healthcare, Boston Scientific Corporation, Omron Healthcare, Medtronic Plc., Welch Allyn, Abbott Laboratories, Masimo Corporation, Hoffmann-La Roche Ltd., and Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

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Global Remote Patient Monitoring Devices Market: Segmentation

Remote Patient Monitoring Devices Market, by Product