Overview and Scope
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.
Sizing and Forecast
The remote patient monitoring devices and equipment market size has grown rapidly in recent years. It will grow from $1.38 billion in 2023 to $1.57 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth in the historic period can be attributed to aging population, chronic disease management, telehealth adoption, healthcare cost reduction.
The remote patient monitoring devices and equipment market size is expected to see rapid growth in the next few years. It will grow to $2.6 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to increased healthcare digitization, regulatory support, personalized medicine, value-based healthcare. Major trends in the forecast period include remote monitoring integration, artificial intelligence (ai) and machine learning, telemonitoring expansion, wearable technology.
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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
The upcoming shortage of skilled healthcare professionals (doctors and nurses), drives the remote patient monitoring (RPM) devices and equipment market. As the number of patients with chronic diseases is increasing, it is getting difficult to monitor the patients due to operational time and cost-related issues. The rising number of patients with chronic diseases, increasing the need for monitoring, and projected shortfall in the number of nurses shortly increase the growth of remote patient monitoring devices and equipment. 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.
Key Industry Players
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
The remote patient monitoring devices and equipment market report table of contents includes:
1. Executive Summary
2.Remote Patient Monitoring Devices And Equipment Market Characteristics
3.Remote Patient Monitoring Devices And Equipment Market Trends And Strategies
4.Remote Patient Monitoring Devices And Equipment Market analysis
5.Remote Patient Monitoring Devices And Equipment Market Size And Growth
6.Remote Patient Monitoring Devices And Equipment Segmentation
7.Remote Patient Monitoring Devices And Equipment Regional And Country Analysis
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27. Remote Patient Monitoring Devices And Equipment Competitive Landscape And Company Profiles
28.Remote Patient Monitoring Devices And Equipment Key Mergers And Acquisitions
29. Remote Patient Monitoring Devices And Equipment Future Outlook and Potential Analysis
TOP MAJOR PLAYERS:
- Philips Healthcare
- Honeywell International Inc.
- GE Healthcare
- Medtronic plc
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