According to FutureWise analysis the market for remote patient monitoring (rpm) in 2023 is US$ 68.03 billion, and is expected to reach US$ 458.07 billion by 2031 at a CAGR of 26.9%.
A subset of homecare telehealth called remote patient monitoring (RPM) enables patients to use mobile medical equipment and technology to collect and transmit patient-generated health data (PGHD) to healthcare providers. Vital signs, blood pressure, and heart rhythm are typical physiological data that can be gathered with RPM programs. Once data has been gathered, patient data is transmitted to a doctor's office via a specialized telehealth computer system or software program that can be downloaded and installed on a laptop, smartphone, or tablet. RPM typically helps patients that require chronic, post-discharge, or geriatric care. It can alert healthcare organizations to potential health risks by connecting high-risk patients with remote monitoring, or it can keep track of patient information between visits.
The medical industry is now able to give top-notch healthcare to patients who are not physically present at the hospital owing to the development of remote health monitoring techniques that address a variety of medical issues. Additionally, by regularly supplying health-related data, technology has enabled patients to actively participate in the management of their health. Other advantages of remote health monitoring include fewer hospital visits by patients and convenience for medical staff leading to a less workload. By avoiding unnecessary hospital or clinic visits, remote health monitoring technologies have made a significant contribution to the health sector. Due to the imposition of laws to lower the esclation of the infection, the COVID-19 pandemic hastened the use of remote health monitoring devices in the healthcare industry.
The importance of ongoing vital sign monitoring has increased as the incidence of chronic diseases like cardiovascular, diabetic, and respiratory conditions has increased. To timely manage diseases like chronic obstructive pulmonary disease (COPD), cancer, or diabetes, patient monitoring has assisted in acquiring real-time patient data. Next-generation sensor technology adoption or implementation has impacted healthcare systems by reducing the distance between patients and healthcare providers. As a result, it is predicted that over the forecast period, demand for remote patient monitoring will be driven by the acceptability of devices, upcoming product launches, and reimbursement regulations. Moreover, growing government initiatives and investments to build a strong and sophisticated healthcare infrastructure are driving up demand for the newest technologies in the healthcare sector. Rising investments in the digitalization and robotization of healthcare units to increase their operational effectiveness are other factors driving the adoption of RPM systems across various industries. RPM systems can reduce the incidence of expensive chronic diseases and hospitalizations, reducing patient healthcare costs. This component is therefore expected to promote the use of RPM systems and increase revenue. However, despite the increased demand for solutions, the lack of device and software acceptability in underdeveloped nations is anticipated to restrain market expansion. Lack of understanding among medical professionals, limited access to high-quality healthcare, and constrained internet accessibility in low-to middle-income countries (LMICs) are further obstacles to remote patient monitoring.
FutureWise Market Research has published a report that provides an insightful analysis of remote patient monitoring market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. According to the analysis conducted by FutureWise research analysts, the remote patient monitoring market is estimated to register a considerable growth rate over the forecast period. This report lists the market segments and potential prospects available across this industry, in addition providing crucial information on the total valuation currently held by the industry. Moreover, this report will assist key management individuals in an organisation to enhance their decisions pertaining to business expansion as well as strategic changes for increasing customer base.