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Remote Patient Monitoring Devices Market Size is estimated to grow at a significant rate during 2022 to 2028. This rise is due to growing product adoption on account of the increasing need for doctor-patient communication for speeding up the process of recovery and healing. The devices help in providing a deeper understanding of treatments and conditions, enabling users to gain more control over their care plans. Additional benefits of remote patient monitoring wearables comprise lower readmission rates in care facilities, hospitals, and ERs.
On the basis of application, the diabetes segment is expected to contribute a substantial share to the overall remote patient monitoring devices market through 2028. RPM devices are useful for diabetic patients given that they require regular monitoring of blood glucose levels and vital signs for tracking the effectiveness of healthcare programs.
The segmental growth can be attributed to the soaring need for connected remote patient monitoring devices such as activity trackers, insulin pumps, blood pressure monitors, scales, glucose monitors, and others. The devices are useful in the provision of regular data to physicians for facilitating the evaluation of patient conditions and providing quick responses to any abnormalities.
Based on end-use, the remote patient monitoring devices market is anticipated to register considerable expansion from the hospitals and clinics segment between 2022 and 2028. This is mainly because healthcare establishments can make use of remote monitoring for limiting the associated costs of healthcare and cutting down on the usage of expensive services such as the ED. The solutions can also help in expanding the scope of hospital services, owing to which their demand is expected to rise in the coming years.
By region, the North America patient monitoring devices market is estimated to record appreciable gains by 2028. This upsurge is mainly credited to the mounting deployment of medical alert systems in the U.S. on account of the increasing rate of falls among the elderly. According to data from the CDC, nearly 1 out of 4 older adults in the U.S. experience a painful fall every year with around 20% cases leading to head traumas, broken bones, or other disruptive injuries.
These factors have been instrumental in elevating the importance of RPM devices for independent seniors, propelling the remote patient monitoring devices market expansion in the region.
Leading remote patient monitoring companies include Ochsner Health System, Biotronik, Philips Healthcare, Medtronic, Boston Scientific, Nihon Kohden, A&D medical, Spacelabs Healthcare, St. Jude Medical (Abbott), and others. These players are focusing on mergers, acquisitions, product developments, collaborations, partnerships, and alliances for maintaining their position in the remote patient monitoring devices market.
For instance, in September 2021, Medtronic India inked a strategic partnership with Statis Health for the promotion of the latter’s bedside patient monitoring system in the country. The solution is useful in the digitization and automation of documentation, monitoring, and communication of critical patient information.
The COVID-19 pandemic has impelled the rapid adoption of telemedicine strategies, opening up avenues for the penetration of remote patient monitoring services across various regions. According to studies, RPM devices can be a valuable tool for the purpose of providing care to patients with suspected or confirmed coronavirus diagnoses. The solutions are set to have a strong potential in facilitating the effective management of suspected COVID cases, due to which the product demand is anticipated to rise during the pandemic period.
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