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Remote Patient Monitoring Market Global Analysis | 2022-2028
Remote Patient Monitoring Market Size, Share, Trend, Forecast, Global Analysis, and Growth Opportunity: 2022-2028 ... See more
The Global Remote Patient Monitoring Market report is segmented By Product (Software & Services, Devices), By Application (Cancer, Cardiovascular Diseases, Bronchitis, Diabetes, Infections, Others), By End-User (Hospital Based Patients, Ambulatory Patients, Home Healthcare), and By Region – (North America [The USA, Canada, and Mexico], Europe [Germany, France, The U.K., Russia, and Rest of Europe], Asia-Pacific [China, Japan, India, South Korea, and Rest of Asia-Pacific], and Rest of the World [Brazil, Saudi Arabia, Israel, and Others]).
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Remote Patient Monitoring is a healthcare method that involves the usage of technology to gather patient data outside healthcare facilities. It helps to collect the medical data of patients from one place and transmit the healthcare provider at different locations electronically for assessment and recommendation. It allows the healthcare provider to track data of a patient discharged from a hospital to a home or a care facility and thus, helps to reduce readmission rates.
Remote patient monitoring market is estimated to grow from USD 52.9 Bn in 2022 to USD 229.4 Bn by 2028.
The market is expected to grow at a CAGR of 22.7% during the forecast period.
Key players operating in the market are- Abbott Laboratories (The U.S), Mindray Medical International Limited (China), Johnson & Johnson (The U.S), GE Healthcare (The U.S), Omron Corporation (Japan), Nihon Kohden Corporation (Japan), Honeywell Life Care Solutions (The U.S), Koninklijke Philips N.V. (Netherlands), OSI Systems, Inc. (The U.S), F. Hoffmann-La Roche AG (Switzerland), Smiths Medical, Inc. (The U.S), and Boston Scientific Corporation (The U.S).
North America accounted for the largest market share and is likely to grow at a robust CAGR during the forecast period.
The global market growth is primarily driven by the rapid urge in several hospitals to use telehealth to provide healthcare services remotely. Remote patient monitoring helps to reduce healthcare costs and reduce the burden on medical resources. Additionally, the rising prevalence of chronic diseases among consumers such as cancer, cardiovascular diseases, bronchitis, and diabetes coupled with expanding geriatric populace is expected to drive the market growth at a significant rate during the review period. Furthermore, increasing demand for technologically advanced solutions in the healthcare industry to treat infectious diseases is projected to create substantial growth opportunities for the market players.
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