Remote Patient Monitoring Market size to record USD 1.73 bn growth from 2023-2027, IoT in healthcare is one of the key market trends, Technavio

NEW YORK, April 2, 2024 /PRNewswire/ -- The global remote patient monitoring market size is estimated to grow by USD 1.73 bn from 2023 to 2027, according to Technavio. The market is estimated to grow at a CAGR of almost 22.22% during the forecast period. The Remote Patient Monitoring (RPM) market is experiencing significant growth due to the increasing use of IoT and connected medical devices. IoT technology bridges the gap between physical and digital data sources, enabling real-time patient monitoring. RPM solutions, including wearables and sensors, are particularly beneficial for managing chronic diseases. Telemonitoring and telecare services reduce operational burden on healthcare facilities and support digital healthcare ecosystems. The global RPM market is expected to grow at a CAGR of X% due to the increasing population requiring remote care and the need to mitigate healthcare risks.

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Innovation Sparks Market Growth:

The Remote Patient Monitoring (RPM) market is experiencing significant growth due to the increasing adoption of digital health solutions in the healthcare industry. IoT technology plays a crucial role in this trend, enabling real-time monitoring of patients through wearable sensors and telemonitoring. Chronic disease management is a key application area for RPM, reducing the operational burden on healthcare facilities and improving access to care for people at risk. The market for remote monitors and telecare devices is projected to grow at a CAGR of X% during the forecast period, driven by the increasing population with chronic diseases and the need for timely, accurate patient information for healthcare providers. Telecommunication infrastructure supports the development of digital ecosystems in healthcare organizations, enabling efficient and effective patient monitoring and care.

Addressing Challenges:

The Remote Patient Monitoring (RPM) market is experiencing significant growth, driven by the increasing need for home-based care and extended reach to remote areas. Patients and healthcare providers benefit from RPM, reducing unnecessary hospital visits and improving disease management for conditions like diabetes and hypertension. However, reimbursement for RPM services remains limited, with CMS only providing coverage in Health Professional Shortage Areas (HPSA) or outside Metropolitan Statistical Areas (MSA). The market is projected to grow at a CAGR of X% due to the increasing prevalence of chronic diseases and the adoption of advanced monitoring devices and software. Key players in the RPM market include Medtronic, Welch Allyn, and telemedicine solutions. The North American region is expected to dominate the market due to the high demand for RPM technology and the increasing number of healthcare facilities utilizing RPM for risk management and population health. Factors like the need for better healthcare access, physician support, and technology advancements continue to impact the RPM market trends.

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Market Overview

The Remote Patient Monitoring (RPM) market is experiencing significant growth due to the increasing prevalence of chronic diseases and the need for efficient healthcare delivery. Markets such as North America and Europe are leading the way, with technologies like IoT sensors, mobile applications, and artificial intelligence driving innovation. Patients benefit from real-time health monitoring, improved medication adherence, and reduced hospital readmissions. Care providers gain valuable insights for personalized treatment plans and proactive interventions. Companies like Philips, Medtronic, and Abbott are key players in this market, providing comprehensive solutions for chronic condition management. The market is projected to reach unprecedented heights, revolutionizing healthcare delivery and improving patient outcomes.

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Key Companies:

Remote Patient Monitoring Market is fragmented ; the companies are competing with competitors and are trying to get greater market share. The market is growing, and the chances of new entrants cannot be overlooked. The major companies have well-established economies of scale and market presence and generally rely on positioning technological advances, and the price of the products. Remote Patient Monitoring Market report includes information on the product launches, sustainability, and prospects of leading vendors including Abbott Laboratories, Advantech Co. Ltd., Alten SA, Boston Scientific Corp., Caretaker Medical NA, Draegerwerk AG and Co. KGaA, Honeywell International Inc., Koninklijke Philips NV, Masimo Corp., Medtronic Plc, MphRx Inc., Napier Healthcare Solutions Pte Ltd., Nihon Kohden Corp., OMRON Corp., OSI Systems Inc., OSP Labs, Shenzhen Mindray BioMedical Electronics, Siemens AG, Smiths Group Plc, General Electric Co.

Key Topics Covered:

 1 Executive Summary
 2 Market Landscape
 3 Market Sizing
 4 Historic Market Size
 5 Five Forces Analysis
 6 Market Segmentation
 7 Customer Landscape

• Product
• Vital Signs
• Implantable
• End-user
• Hospitals
• ASCs
• Home Care
• Geography
• North America
• Europe
• Asia
• Rest Of World (ROW)

 8 Geographic Landscape
 9 Drivers, Challenges, and Trends
 10 Venodr Landscape
 11 Vendor Analysis
 12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio