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The remote patient monitoring market is estimated to be worth $10.5 billion in 2021 and is expected to grow at CAGR of 24.5% during the forecast period. In the last few years, there has been an evident rise in the global disease burden. More importantly, the inability to report a health issue to a medical practitioner in its initial stages is expected to cost over USD 90 billion in excess and more than USD 40 billion in productivity loss, each year. Moreover, a number of individuals that are required to frequent hospitals for monitoring of their health conditions, such visits cause additional financial burden. The aforementioned concerns can be mitigated by shifting to a home-based care setting. Amidst the recent initiatives in this context, remote patient monitoring (RPM) has emerged as a potent and sought-after alternative in the healthcare industry. During the COVID-19 pandemic, the healthcare industry evolved significantly, due to the need and urgency to treat patients with the aid of telemedicine and digital platforms. Remote Patient Monitoring (RPM) technologies enable monitoring of patients virtually for a wide range of diseases from anywhere around the globe. It is worth mentioning that large volumes of health data can be accessed by medical researchers on dedicated cloud servers that have been designed to comply with the Health Insurance Portability and Accountability Act (HIPAA) of 1996. In addition to improved quality of care and better access to the patients, remote patient monitoring (RPM) offers ease of implementation, leading to substantial time and cost saving (by eliminating the need for transportation and waiting in queue to meet the physician).
Considering the various advantages offered by remote patient monitoring (RPM), healthcare organizations are gradually becoming more receptive to adopting such software solutions for their regular use. As a matter of fact, the recent surge in demand for remote monitoring amidst the COVID-19 pandemic has served to create a strong case for organizations to shift to the use of remote patient monitoring consultation tools and software. In fact, a recent study stated that over 50% of the healthcare consumers would consider using remote patient monitoring (RPM) solutions as a part of their medical treatment, if recommended by their physician. Over the years, telemedicine start-ups have seen a significant growth. These companies are engaged in providing tailored solutions, along with remote access of medical care facilities to the patients. It is worth mentioning that around 90% of the healthcare organizations have either invested or intend to invest in remote patient monitoring devices. Given the rising trend of remote patient monitoring software solutions in the healthcare industry and the ongoing efforts of software providers to further improve / expand their respective offerings, we believe that the remote patient monitoring consultation tools and software providers market is likely to witness a steady market growth during the forecast period.
Examples of key companies engaged in remote patient monitoring market providing consultation tools and software (which have also been profiled in this market report; the complete list of companies is available in the full report) include BioTelemetry, LeewayHertz, Masimo, Braster, LifeWatch, Medtronic, Siemens Healthineers and Transtek Medical. This market report includes an easily searchable excel database of all the companies providing telemedicine software, worldwide.
Several recent developments have taken place in the field of remote patient monitoring market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
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The “Remote Patient Monitoring Market: Focus on Remote Patient Monitoring, 2021-2035, Distribution by Area of Application (Blood Glucose, Blood Pressure, Body Temperature, Electrocardiogram, Oxygen Saturation, Respiration Rate, and Others), Therapeutic Areas (Cardiovascular Disorders, Infectious Diseases, Metabolic Disorders, Oncological Disorders, Respiratory Disorder, and Others), Product / Software Purpose (Commercial Purpose and Clinical Purpose), Type of Business Model (B2B and B2C), and Geography (North America, Europe, Asia-Pacific, Latin America, and MENA)” market report features an extensive study of the current market landscape, market size, market share, market forecast, market outlook and future opportunities for the remote patient monitoring market. The market research report also features an in-depth analysis, highlighting the capabilities of various industry stakeholders engaged in remote patient monitoring market. Amongst other elements, the market research report features:
The key objective of remote patient monitoring market report is to provide a detailed market analysis in order to estimate the existing remote patient monitoring market size, market value, statistics and future opportunity for remote patient monitoring market during the forecast period. We have developed an informed estimate on the likely evolution of the market in the short to mid-term and long term, for the forecast period 2021-2035. Additionally, the market report features the likely distribution of the current and forecasted opportunity across [A] area of application (blood glucose, blood pressure, ECG, oxygen saturation, respiration rate, temperature, and others) [B] target therapeutic area (cardiovascular disorders, infectious diseases, metabolic disorders, oncological disorders, respiratory disorder, and others), [C] software purpose (commercial purpose and clinical study purpose), [D] type of business model (B2B and B2C), and [E] key geographical regions (North America, Europe, Asia-Pacific, Latin America, and MENA (Middle East and North Africa)). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.
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