Increasing Awareness Pertaining to Benefits and Entry of Multiple Remote Patient Monitoring Devices to Aid Market Growth
The healthcare sector around the world has witnessed major developments over the past couple of years due to unprecedented progress in technology and efforts made in the research and development space. One of the major developments across the healthcare domain that has garnered immense popularity over the past decade is that of remote patient monitoring due to which, the demand for remote patient monitoring devices has witnessed considerable growth. The remote patient monitoring technology has advanced at a rapid pace over the past few years and the trend is set to gain further momentum during the forecast period due to increasing adoption of various novel technologies, including artificial intelligence and the Internet of Things (IoT).
As the remote patient monitoring trend continues to gain popularity within the healthcare system in major regions of the world, the dependence on this type of patient care has witnessed consistent growth. Remote patient monitoring enables physicians and other healthcare providers to assess the real-time data of patients and provide efficient care– a factor that is expected to propel the remote patient monitoring devices market during the assessment period.
Due to the consistent progress in technology, a number of smart remote patient monitoring devices has entered the market. While traditional medical device manufacturers largely catered to requirements of hospitals and clinics, with the growing popularity of remote patient monitoring, a number of remote patients monitoring devices are available that are utilized by consumers.
At the back of these factors, along with the growing emphasis on leveraging technology to improve the monitoring of patient health outside the conventional clinical settings, the global remote patient monitoring devices market is on course to surpass the market value of US$ 3.4 Bn by the end of 2030. Moreover, a number of players involved in the current medical devices domain is increasingly focusing on launching cutting-edge, cost-efficient, and reliable remote patient monitoring devices. Due to this, the demand for remote patient monitoring devices is likely to witness a further growth during the assessment period.
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Market Players Aim to Minimize Size of Remote Patient Monitoring Devices
Due to the advent of remote patient monitoring devices, hospital readmissions around the world have witnessed a drastic decline– a trend that has played a key role in augmenting the demand for remote patient monitoring devices. However, patient satisfaction levels witnessed steady growth. The demand for remote patient monitoring devices, particularly to monitor the vital health parameters of senior citizens is expected to witness steady growth during the forecast period, as home-based care trend continues to gain considerable traction in both developed as well as developing regions of the world.
At present, players involved in the current remote patient monitoring devices market landscape are increasingly focusing on minimizing the size of remote patient monitoring devices. Moreover, several players are also focusing on expanding their market share by launching new products and forging strategic partnerships with other market players to gain an advantage in the current remote patient monitoring devices market landscape.
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Device Makers Focus on Product Launches to Increase Market Share
Witnessing the growing adoption of remote patient monitoring devices, a number of players in the remote patient monitoring devices market is primarily focusing on expanding their product portfolio and launching remote patient monitoring devices to expand their market share. For instance, in August 2020, Stasis Lab launched an app-connected remote monitoring platform in the U.S. wherein six vital signs of the body can be efficiently monitored in a remote setting. Similarly, in August 2020, Validic announced the launch of a new remote patient monitoring solution that does not require additional EHR integration.
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Demand on Rise amid COVID-19 Pandemic
The outbreak of the novel COVID-19 pandemic is expected to provide a considerable boost to the global remote patient monitoring devices market in 2020. Due to considerable rise in the number of COVID-19 patients across hospitals and medical centers worldwide, the demand for remote patient monitoring devices witnessed steady growth. The demand for remote patient monitoring devices witnessed a major rise, especially among patients suffering from chronic diseases. The lack of clear access coupled with uncertainty involved with hospital visits due to the fear of contracting the COVID-19 infection is another factor that is likely to play a key role in boosting the growth of the remote patient monitoring devices market in 2020.
Analysts’ Viewpoint
The global remote patient monitoring devices market is expected to expand at a staggering CAGR of 12.5% during the forecast period. The market growth can be largely attributed to factors such as advancements in technology, increasing focus on improving public health, rising consumer awareness regarding the benefits of remote patient monitoring devices, and dwindling prices of remote patient monitoring devices. Furthermore, several traditional medical device manufacturers are gradually expanding their product portfolio and focusing on the launch of remote patient monitoring devices integrated with advanced technologies, including the IoT due to which, the demand for remote patient monitoring devices is likely to gain further momentum.
Remote Patient Monitoring Devices Market – Scope of the Report
TMR’s report on the global remote patient monitoring devices market studies the past as well as current growth trends and opportunities to gain valuable insights of these indicators for the market during the forecast period from 2020 to 2030. The report provides the revenue of the global remote patient monitoring devices market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global remote patient monitoring devices market during the forecast period.
The report has been prepared after extensive primary and secondary researches. Primary research involves bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Secondary research involved referring to key players’ vaccines, annual reports, press releases, and relevant documents to understand the global remote patient monitoring devices market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of top-down and bottom-up approaches to study various phenomenon in the global remote patient monitoring devices market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on changing competitive dynamics in the global remote patient monitoring devices market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global remote patient monitoring devices market.
The report delves into the competition landscape of the global remote patient monitoring devices market. Key players operating in the global remote patient monitoring devices market have been identified, and each one of them has been profiled for their distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global remote patient monitoring devices market that have been profiled in this report.
Key Questions Answered in Remote Patient Monitoring Devices Market Report
- What is the scope of growth of devices and its companies in the global remote patient monitoring devices market and its application segment?
- What will be the Y-o-Y growth of the global remote patient monitoring devices market between 2020 and 2030?
- What is the influence of changing trends in technologies on the global remote patient monitoring devices market?
- Will North America continue to be the most profitable regional market for remote patient monitoring device providers?
- Which factors will impede the growth of the global remote patient monitoring devices market during the forecast period?
- Which are the leading companies in the global remote patient monitoring devices market?
Research Methodology
A unique research methodology has been utilized by TMR to conduct a comprehensive research on the growth of the global remote patient monitoring devices market and arrive at conclusions on the future growth prospects of the market. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the global remote patient monitoring devices market report include statistics from company annual reports, SEC filings, company websites, World Bank database, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, device portfolio managers, CEOs, VPs, and market intelligence managers who contributed to TMR’s study on the global remote patient monitoring devices market’s primary sources.
These primary and secondary sources have provided exclusive information during interviews, which serves as a validation from remote patient monitoring devices market leaders. Access to an extensive internal repository and external proprietary databases allows this report to address specific details and questions about the global remote patient monitoring devices market with accuracy. The study also uses the top-down approach to assess the numbers for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global remote patient monitoring devices market more reliably and accurately.