The Business Research Company's global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
LONDON, July 11, 2023 /PRNewswire/ -- As per The Business Research Company's Remote Patient Monitoring Devices And Equipment Global Market Report 2023, the global remote patient monitoring devices and equipment market size will grow from $1.1 billion in 2022 to $1.3 billion in 2023 at a compound annual growth rate (CAGR) of more than 13%. The remote patient monitoring devices and equipment market size is expected to grow to $2.1 billion in 2027 at a CAGR of more than 12%.
The anticipated lack of competent healthcare personnel (doctors and nurses) will drive the remote patient monitoring devices and equipment market. As the number of patients with chronic conditions grows, it becomes more difficult to monitor them due to operational time and cost constraints. The growing number of chronic disease patients, the increased demand for monitoring, and the expected shortage of nurses will all contribute to the rapid rise of remote patient monitoring systems and equipment. According to a report by Mercer, the US will require 2.3 million new health care workers by 2025; this includes nurses, physicians, lab technicians, and various other healthcare personnel.
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Major remote patient monitoring devices manufacturers are Philips Healthcare, Honeywell, GE Healthcare, Medtronic, Boston Scientific, Johnson & Johnson, Biotronik, Robert Bosch, COVIDien PLC., and St. Jude Medical.
Manufacturers in the remote patient monitoring devices and equipment market are progressively integrating IoT and wireless technology with their products in order to efficiently diagnose and treat medical issues. Wireless sensor technology, such as biosensor monitoring devices, is a multi-sensor system implanted or embedded into the skin that consists of a sensor that transmits data to allow for real-time monitoring of a patient's medical state. IoT technology allows healthcare providers to remotely monitor the health characteristics of their patients. These small multi-sensing devices help healthcare practitioners monitor blood pressure, blood glucose levels, and physiological factors and prescribe suitable treatment. Xsensio, InSilixa, 1Drop Diagnostics, and Kenzen are among the major firms that provide IoT and wireless sensor technology-integrated patient monitoring systems.
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The global remote patient monitoring devices and equipment market is segmented -
1) By Type Of Device: Heart Monitors, Breath Monitors, Haematology Monitors, Multi - Parameter Monitors
2) By End User: Home Care Settings, Clinics, Hospitals
3) By Application: Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Monitoring And Fitness Monitoring, Other Applications
As per the remote patient monitoring devices and equipment market analysis, Asia-Pacific was the leading region in the global remote patient monitoring devices and equipment market in 2022. In the remote patient monitoring devices and equipment market, North America was the second-largest region.
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