Home > Pressrelease > Remote Patient Monitoring Devices Market size to accrue $41 Bn by 2032
Remote Patient Monitoring Devices Market size to accrue $41 Bn by 2032
- Published Date: May 3, 2023
Remote Patient Monitoring Devices Market size is poised to reach USD 41 billion by 2032, according to a new research report by Global Market Insights Inc.
The rapid expansion of telehealth and virtual care technology after the COVID-19 outbreak has spurred the adoption of RPM systems. In January 2023, Cadence, a health technology business, and Ardent Health Services collaborated to implement a remote patient monitoring (RPM) program at Ardent's facilities in six states, allowing patients to receive remote treatment for chronic diseases from the comfort of their own homes.
Increasing occurrences of diabetes to boost blood glucose monitoring devices demand
The market from the blood glucose monitoring devices segment is projected to witness more than 11% CAGR over 2023-2032. Blood glucose monitoring devices are gaining significant traction owing to the rising number of individuals suffering from obesity, diabetes, and age-related illnesses. Furthermore, healthcare technology providers are introducing easy-to-use diabetes management systems, which are likely to contribute to segment development.
High prevalence of coronary heart diseases to enhance cardiovascular diseases segment gains
The remote patient monitoring devices market from the cardiovascular diseases segment accounted for over USD 2.5 billion in revenue in 2022. Heart disease has increased dramatically in recent years, not only among the old and middle-aged but also among the younger generations of China, the U.S., India, and other such major regions.
According to experts, India is estimated to report the highest number of cardiac fatalities globally by 2030. Thus, an increasing prevalence of cardiovascular diseases, such as cardiac arrhythmias, coronary heart diseases, heart stroke, and other heart diseases, is projected to fuel segment expansion through 2032.
Browse key industry insights spread across 290 pages with 250 market data tables & 17 figures & charts from the report, “Remote Patient Monitoring Devices Market Size By Product (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Neurological Monitoring Devices, Respiratory Monitoring Devices, Multiparameter Monitoring Devices, Blood Glucose Monitoring Devices, Fetal and Neonatal Monitoring Devices, Sleep Monitoring Devices), By Application (Cardiovascular Diseases, Cancer, Diabetes, Neurological Disorders, Infectious Diseases, Respiratory Diseases), By End-use (Home-care Settings, Long-term Care), Forecast, 2023 – 2032” in detail along with the table of contents:
Advantages of cost-effectiveness to accelerate long-term care segment revenue
The remote patient monitoring devices market from the long-term care segment is foreseen to reach a valuation of over USD 7 billion by 2032. Remote patient monitoring technology has emerged as a significant tool that allows healthcare providers to collect user-generated health data via mobile devices, providing access to patient care while lowering total costs by eliminating the need for hospital stays. They provide real-time data that is utilized to analyze the patient's urgent health status.
Rising investment in the development of healthcare services to boost the Europe industry share
The remote patient monitoring devices market in Europe is set to amass more than USD 10 billion in revenue by 2032, driven by the rising frequency of cardiovascular illnesses and the increasing number of surgical operations. Furthermore, high demand for enhanced treatment and massive investments in the development of healthcare services and technologically better goods are expected to drive regional business growth through 2032.
Product portfolio expansion efforts to define the competitive landscape
Boston Scientific Corporation, Baxter International Inc., Honeywell International, GE Healthcare, Siemens Healthineers AG, VitalConnect, GE Healthcare, OMRON Corporation, Dragerwerk AG & Co KGaA, DexCom, Inc., Koninklijke Philips N.V., Abbott Laboratories, Johnson & Johnson, and Cisco Systems are some of the eminent firms engaged in strategic efforts such as collaborations and service portfolio demand to consolidate their revenue share in the remote patient monitoring devices market.