June 18, 2024
Remote Patient Monitoring Devices Market Size

The Remote Patient Monitoring Devices Market is Estimated To Witness High Growth Owing To Trends in Home Healthcare

The Remote Patient Monitoring Devices Market is estimated to be valued at US$ 67.82 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Remote patient monitoring devices help track patient’s vital signs such as heart rate, blood pressure and glucose levels remotely without visit to clinic or hospital. These devices help patients to self-monitor their health at home and alert care providers in case of any medical emergencies. The advantages of remote patient monitoring devices include cost-effective care delivery, early detection of deteriorating health and improved patient comfort.

Market key trends:
One of the key trend fueling growth of remote patient monitoring devices market is increasing demand for home healthcare services. Globally, there is rising preference for remote care over visiting hospitals and clinics due to various benefits such as comfort of home monitoring, cost savings for patients and healthcare systems and reduced risk of hospital acquired infections. Home healthcare also helps in early detection and timely intervention for worsening conditions thereby preventing costly hospital stays. Various governments are promoting home healthcare through reimbursement programs which is favoring adoption of remote patient monitoring solutions for effective chronic disease management. This rising demand for home healthcare is expected to drive significant growth of remote patient monitoring devices market during forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the Remote Patient Monitoring Devices Market Size requires high investment in R&D and manufacturing infrastructure. However, low barriers to entry can encourage new players.

Bargaining power of buyers: The bargaining power of buyers is moderate due to presence of several established players offering a variety of remote patient monitoring devices at competitive prices.

Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitute components. However, suppliers play a vital role in manufacturing and development of remote patient monitoring devices.

Threat of new substitutes: Threat of substitutes is low as remote patient monitoring is one of the most convenient and effective methods for continuous monitoring of patients.

Competitive rivalry: The remote patient monitoring devices market experiences high competitive rivalry owing to presence of major global and regional players.

SWOT Analysis

Strengths: Growing geriatric population and increasing incidence of chronic diseases drive the demand. Portability and ease of use of remote devices improve patient engagement and adherence.

Weaknesses: High costs associated and lack of reimbursement policies in certain regions restrict market growth. Limited awareness in developing nations.

Opportunities: Untapped markets in developing economies offer lucrative opportunities. Continuous technological advancements will further augment the market.

Threats: Data privacy and security concerns can hamper adoption rates. Lack of skilled professionals challenges effective implementation of remote patient monitoring programs.

Key Takeaways

The global remote patient monitoring devices market is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of chronic diseases and growing need for cost-effective treatmentsolutions.

Regional analysis: North America dominates the market owing to supportive regulatory framework and high healthcare expenditure. Asia Pacific is anticipated to register fastest growth due rising medical tourism, improving healthcare infrastructure and economic growth.

Key players: Key players operating in the remote patient monitoring devices market are Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC, Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH and Cerena Corporation. Major players are focused on new product launches, collaborations and geographic expansion strategies to gain competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it