The Remote Patient Monitoring Devices Market is estimated to be valued at US$ 1,192.5 million in 2022 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Remote patient monitoring devices help in monitoring health conditions of patients outside of conventional clinical settings, thereby reducing hospital readmissions. These devices monitor health metrics like blood pressure, blood glucose levels, heart rate, breathing patterns and activity levels. They help in early detection of deteriorating health conditions and allow for timely clinical intervention.
Market key trends:-
The growing geriatric population with chronic diseases is expected to drive the remote patient monitoring devices market growth. Globally, the population aged 65 years and above is growing at an unprecedented rate, majorly due to increasing life expectancy and declining fertility rates. As per the United Nations, the number of people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion by 2050. Older people are more susceptible to chronic diseases like diabetes, hypertension, cardiovascular diseases etc. Self-care and remote monitoring allow geriatric patients to live independently and avoid expensive hospital visits for non-emergency cases, thereby fueling adoption of remote patient monitoring devices.
Increased adoption of Remote Patient Monitoring Devices Demand owing to their benefits such as cost-effectiveness, ability to monitor patients 24/7, and convenience is expected to drive the market growth over the forecast period. According to the American Heart Association, heart disease and stroke combined cost the U.S. around $555 billion annually. Remote monitoring devices help detect cardiovascular issues early on and reduce costs associated with expensive emergency room visits and hospital stays. Additionally, technological advancements in remote monitoring devices such as integration of IoT, AI, and advanced connectivity options are augmenting their adoption. Manufacturers are focused on developing more accurate, user-friendly, and affordable remote monitoring solutions. For instance, Abbott Laboratories provides Connected Care offerings that incorporate digital tools like continuous glucose monitoring and digital health coaching for diabetes management. Overall, factors such as rising chronic diseases, growing geriatric population, push for home healthcare, and advantages of remote monitoring over traditional hospital-based care are estimated to fuel the demand for remote patient monitoring devices during the forecast period.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it