Remote Patient Monitoring Market Global Analysis | 2022-2028

"The global remote patient monitoring market is estimated to grow from USD 52.9 billion in 2022 to USD 229.4 billion by 2028 at a healthy CAGR of 27.7% during the forecast period of 2022-2028".

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Market Dynamics

Introduction

Remote patient monitoring is a healthcare method that involves the usage of technology to gather patient data outside healthcare facilities. It helps to collect patients' medical data 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.

Market Drivers

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 the 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.

Covid-19

The COVID-19 outbreak impacted the growth of the market positively as the visits to hospitals for medical consultation decreased due to fear of getting infected. The usage of remote patient monitoring made it easier for patients to be able to consult healthcare providers online.

Segment Analysis

By End User Type

"Hospital-based patient segment accounted for a substantial market share in 2022".

The Hospital-Based Patient segment accounted for a substantial market share in 2022. The market has been divided into hospital-based patients, ambulatory patients, and home healthcare. The segment growth can be attributed to the prevalence of a large number of patients in the hospitals.

The home healthcare segment is projected to register the fastest CAGR due to the increasing number of people interacting with the doctors at home coupled with convenience, availability of skilled staff, and cost efficiency.

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By Regional

"North America accounted for the largest market share in 2022".

North America accounted for the largest market share in 2022 and is projected to continue its dominance during the review period due to the increasing prevalence of chronic diseases, expanding geriatric populace, and high demand for low-cost healthcare treatment. The market in the Asia-Pacific region is projected to register a healthy growth rate on account of the rising number of people suffering from chronic diseases and the increasing adoption of digitally advanced solutions.

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key Players

The following are the key players in the Remote Patient Monitoring Market (arranged alphabetically)

• Abbott Laboratories (The U.S)
• Boston Scientific Corporation (The U.S)
• F. Hoffmann-La Roche AG (Switzerland)
• GE Healthcare (The U.S)
• Honeywell Life Care Solutions (The U.S)
• Johnson & Johnson (The U.S)
• Koninklijke Philips N.V. (Netherlands)
• Mindray Medical International Limited (China)
• Nihon Kohden Corporation (Japan)
• Omron Corporation (Japan)
• OSI Systems, Inc. (The U.S)
• Smiths Medical, Inc. (The U.S)

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players and those willing to enter the market.

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Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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