Remote Patient Monitoring Market size is anticipated to surpass USD 36 Billion by the end of 2033, growing at a CAGR of 20% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of remote patient monitoring was over USD 6 Billion.The growth of the market can primarily be ascribed to the escalating cases of non-communicable diseases (NCDs) across the globe, the lack of space in hospitals for storage, and the increasing number of patients suffering from chronic diseases. World Health Organization (WHO) released a set of data demonstrating that nearly 41 million people lose their lives every year due to non-communicable diseases.
Global remote patient monitoring market trends such as a remarkable rise in government initiatives and spending and increasing cases of COPD are projected to influence the growth of the market positively over the forecast period. For instance, chronic obstructive pulmonary disease (COPD) accounted for approximately 3 million deaths across the globe in 2019. Moreover, improvement in lifestyle, growing awareness toward early diagnosis, and ongoing development of medical technology are some of the major factors that are expected to flourish the growth of the market over the forecast period. As of 2019, the spending on medical technology was estimated to be nearly USD 30 billion while the revenue generated by the technology was anticipated to be around USD 450 billion. Hence, all these factors are forecasted to hike the market growth over the forecast period.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2033 |
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CAGR |
~20% |
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Base Year Market Size (2022) |
~ USD 6 Billion |
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Forecast Year Market Size (2033) |
~ USD 36 Billion |
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Regional Scope |
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Indication (Oncology, Diabetes, Hypertension, COPD, Congestive Heart Failure)
The global remote patient monitoring market is segmented and analyzed for demand and supply by indication into oncology, diabetes, hypertension, COPD, and congestive heart failure, out of which, the oncology segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted for the rising cases of cancer globally, increasing awareness regarding healthcare owing to advancements in medical treatment, and increasing access to insurance. For instance, nearly 400 new cases of cancer per 100,000 individuals are diagnosed every year.
Our in-depth analysis of the global market includes the following segments:
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By Monitoring Type |
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By Type |
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By Component |
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By Indication |
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By End-User |
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The North America region remote patient monitoring market is projected to hold the largest market share by the end of 2033. Factors such as the presence of the major key players in the market and the rising prevalence of chronic diseases, the growing demand for low-cost treatment, and increasing wireless and portable systems adoption are anticipated to propel the growth of the market during the forecast period. Based on the data provided by the Centers for Disease Control and Prevention (CDC), it was stated that in every 10 Americans, 6 of them suffer from some sort of chronic diseases such as cancer, diabetes, stroke, and others.
F. Hoffmann-La Roche Ltd to unveil a digital PCR system, Digital LightCycler System. It is a next-generation PCR system that has been developed for assisting the clinical researcher to understand the type of cancer and if it is associated with an infection or genetic disease.
Bio Telemetry, Inc. to complete its acquisition of On.Demand remote patient monitoring (RPM) and coaching platforms. The platform is mainly functioned by Envolve People Care, Inc. The acquisition took place to enhance the quality of life and decrease the cost of care.
Author Credits: Radhika Gupta, Shivam Bhutani
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