The increasing prevalence of chronic syndromes, likewise diabetes, cardiovascular, and respiratory diseases, led to an augmented requirement for continuous monitoring of vital signs. For instance, based on the World Health Organization, there are nearly 1 billion patients with hypertension around the globe. Remote monitoring of patients has benefitted in gaining real-time patient data on illnesses, likewise chronic obstructive pulmonary disease (COPD), diabetes, or cancer, resulting in timely management of the syndromes. The adoption or Implementation of next-generation sensor technologies has affected the healthcare systems by decreasing the distance between the patient and healthcare provider. Hence, the requirement for technologically advanced products is led to the advancement and launch of new devices.
Moreover, advancements in regulations and reimbursement policies around the globe are projected to foster the sales of the devices throughout the forecast duration. Furthermore, the potential product launches, implementation of devices, and adequate reimbursement policies are probably to propel remote patient monitoring devices market growth throughout the review period.
According to SPER market research, ‘Remote Patient Monitoring (RPM) Market by Product (Software, Services, Connected Devices) End User (Providers, Hospitals, Clinics, Home Care, Patients, Payers) – Global Forecast to 2027’ states that the Remote Patient Monitoring Market is projected to rise at a CAGR of 34% from 2020 to reach 177 billion by 2027. The growth is commonly attributed to the increasing geriatric population with the growing prevalence of chronic diseases, the requirement for enlargement of healthcare admittance, deduction in healthcare costs & burden on medical resources, and growing investments.
Although, hypertension further augments the risk of heart disease. The American Heart Association (AHA) also assists initiatives that augment admittance to the usage of remote patient monitoring (RPM) technologies for better health management. Efforts from device producers to develop improved products are predicted to further foster growth.
States have additionally provided constraints and preventions on undertaking elective surgeries. These obstructions endure to propel the growth of dissimilar industries and the improved response toward these regulations affects the industry. The production, distribution, and store network have been impacted, owing to lockdowns around the world. Similarly, the remote patient monitoring market has had a positive impact throughout the pandemic, due to social distancing norms and the least accessibility of hospital beds prompted for maximum adaptation of a home-based patient care system. Therefore, complete, the pandemic had a positive impact on the remote monitoring market.
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The foremost aspects that propel the growth of global remote patient monitoring market trends are augmented lifestyle changes, the surge in the number of chronic syndromes, and the augmented demand for home-based monitoring systems. Ambulatory healthcare that enables patients to use a mobile medical device to function a routine test and send the results to a healthcare professional in real time is well-known as remote patient monitoring.
North America is predicted to register the remote patient monitoring market by region. The large share is commonly attributed to the rapidly growing implementation of connected devices and remote patient monitoring services, the prevalence of chronic diseases, the increasing geriatric population, and initiatives to limit healthcare expenditure.
Sara Lopes, Business Consultant – U.S.A.
SPER Market Research