Remote Patient Monitoring Devices And Equipment Global Market Report 2023

NEW YORK, Feb. 10, 2023 /PRNewswire/ -- Major players in the remote patient monitoring devices and equipment market are Philips Healthcare, Honeywell, GE Healthcare, Medtronic, Boston Scientific, Johnson & Johnson, Biotronik, Robert Bosch, COVIDien Plc, and St. Jude Medical.

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The global remote patient monitoring devices and equipment market will grow from $1.18 billion in 2022 to $1.34 billion in 2023 at a compound annual growth rate (CAGR) of 13.3%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The remote patient monitoring devices and equipment market is expected to grow to $2.14 billion in 2027 at a CAGR of 12.5%.

The remote patient monitoring devices and equipment market consists of sales of instruments such as heart monitors, breath monitors, and multi-parameter monitors.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Remote patient monitoring devices and equipment allow a patient to use a mobile medical device for undergoing a routine test and send the test data to a healthcare expert in real-time.

Asia Pacific was the largest region in the remote patient monitoring devices and equipment market in 2022.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, the Middle East, and Africa.

The main type of device of remote patient monitoring devices and equipment are heart monitors, breath monitors, hematology monitors, multi-parameter monitors.A heart monitor is a device that controls to record the electrical activity of the heart.

This device is the size of a pager.The various applications involved are cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorder, weight monitoring and fitness monitoring, and other applications.

The various end-users involved are home care settings, clinics, and hospitals.

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.

The remote patient monitoring devices market is limited, as healthcare professionals are averse to adopting new technologies.Technologically advanced remote patient monitoring devices and equipment are adopted to reduce patients' expenditure on hospitalization in terms of follow-up care.

The rise of such adoption results in a reduction of hospital revenues.Therefore, hospitals and healthcare professionals resisted the adoption of remote patient monitoring systems and are limiting the market.

For instance, a case study in the UK states, organizational barriers at various levels, technical, social, ethical, financial, and legal factors are restraining to investment, implementation action, and use of advanced patient monitoring systems.

Remote patient monitoring device manufacturers are increasingly integrating IoT and wireless technology with remote patient monitoring devices to efficiently diagnose and treat medical conditions.Wireless sensor technology such as biosensor monitoring devices is multi-sensor systems implanted or embedded into the skin, consisting of a sensor that transmits data for real-time monitoring of a patient's medical condition.

IoT technology enables healthcare service providers to remotely monitor patients' health parameters.These devices are miniaturized multi-sensing devices, aiding healthcare professionals to monitor blood pressure, blood glucose levels, and physiological parameters, and recommend the appropriate treatment.

Major companies offering IoT and wireless sensor technology integrated patient monitoring devices include Xsensio, InSilixa, 1Drop Diagnostics, Kenzen.

The remote patient monitoring device and equipment manufacturers must comply with the rules and regulations of the Health Insurance Portability and Accountability Act (HIPAA).These HIPAA regulations secure definitions of the network, take physical security, and process security measures regarding the Protected Health Information (PHI).

Title II of HIPPA directs the Health and Human Services (HHS) of the U.S Department to manifest national standards for the exchange of electronic healthcare data and information. Health and Human Services (HHS).

Office for Civil Rights (OCR) issued guidance by clarifying that cloud service providers and other business associates of healthcare organizations are covered by the HIPAA privacy, security, and breach notification rules for safe and secure electronic data interchange.

In October 2021, Carbon Health, a US-based telemedicine company, acquired Alertive Healthcare for an undisclosed amount.The acquisition would accelerate Carbon Health's omnichannel care delivery strategy and extend its portfolio in home-based care and remote patient care.

Alertive Healthcare is a UK-based remote patient monitoring company.

The countries covered in the remote patient monitoring devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, the UK, the USA, and Australia.

The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).

The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.

The remote patient monitoring devices and equipment market research report is one of a series of new reports that provides remote patient monitoring devices and equipment market statistics, including remote patient monitoring devices and equipment industry global market size, regional shares, competitors with a remote patient monitoring devices and equipment market share, detailed remote patient monitoring devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the remote patient monitoring devices and equipment industry. This remote patient monitoring devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

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