Remote Patient Monitoring Devices Market Analysis

Remote Patient Monitoring Devices Market Analysis

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Remote patient monitoring devices market from the cardiac monitoring devices segment accounted for over USD 3 billion in revenue in 2022 and is set to depict lucrative growth of over 11.5% through 2032 owing to the increasing aging population that is prone to cardiovascular disorders. Furthermore, growing patient awareness of remote cardiac monitoring devices is poised to provide market participants with new development prospects, supplementing segment development.
 

In terms of application, the remote patient monitoring devices market from the diabetes segment is anticipated to generate around USD 9.5 billion by 2032, attributed to the rising prevalence of diabetes in highly populated countries such as the U.S., India, Pakistan, and China. According to the CDC, about 96 million Americans have prediabetes, and 8 out of 10 are unaware of their condition. Furthermore, the inclusion of expenses of diabetes care devices in healthcare insurance policies is likely to foster segment progress.
 

Home-care settings segment held a sizable share of the remote patient monitoring devices market in 2022 and is estimated to witness significant growth at over 11% CAGR from 2023 to 2032 attributed to the aging population, a growing number of disabled infants and children, and an upsurge in the prevalence of chronic conditions such as obesity and diabetes. As these devices provide convenience to patients by allowing them to skip hospital visits, the demand for sophisticated remote patient monitoring is expected to increase in home care settings through 2032.
 

North America remote patient monitoring devices market is poised to reach over USD 16 billion by 2032 owing to the expanding geriatric population base in the region. According to the U.S. Centers for Disease Control and Prevention, the number of individuals older than 65 years is projected to exceed 80.8 million by 2040, accounting for 25% of the American population, and this aging population is characterized by the occurrence of more than one chronic illness, which is likely to boost the regional market size.