Product ID: SQMIG35G2120
Global Remote Patient Monitoring Market Size, Share, Growth Analysis, By Product(Vital Sign Monitors, Special Monitors), By Application(Cancer, Cardiovascular Diseases), By End-Use(Hospital-based Patients, Ambulatory Patients) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2120 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
96 |
Figures:
76
Global Remote Patient Monitoring Market Insights
Remote Patient Monitoring Market size was valued at USD 1.9 billion in 2019 and is poised to grow from USD 2.2 billion in 2023 to USD 8.5 billion by 2031, growing at a CAGR of 16.3% in the forecast period (2024-2031).
The market growth is attributable to the prevalence of lifestyle disorders, increased use of remote patient monitoring devices, and an increase in the number of elderly people. As the elderly population requires ongoing monitoring of their health problems, the demand for these systems is rising quickly.
The enhanced chronic disease management afforded by remote monitoring systems, including early warning indications and progress trackers, has increased demand for these systems on a global scale. 90% of yearly healthcare costs in the United States are attributable to chronic illnesses. This can be avoided if patients receive prompt assistance through a remote monitoring system.
While the telemedicine software helps in digitizing and automating crucial tasks, which decreases hospital administrative tasks and increases product consumption, it can delay ER visits and hospitalizations. At the time of COVID-19 pandemic patients are warned against physically visiting hospitals due to the risk of contracting an infection, especially those with chronic illnesses. The global market was subsequently developed as a result. Companies make a significant number of investments by partnering, buying, and cooperating with newly emerging startups.
US Remote Patient Monitoring Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Remote Patient Monitoring Market Report Snapshots
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