Remote Patient Monitoring System Market Worth $1.8 Billion By 2026
The global remote patient monitoring system market is expected to reach USD 1.8 billion by 2026, according to a new report by Grand View Research Inc. It is projected to register a CAGR of 13.5% during the forecast period. Remote patient monitoring system, due to their capability to monitor various chronic conditions such as diabetes, cardiovascular conditions, and cancer, are expected to witness substantial growth in demand. Increasing incidence of cardiovascular diseases, rising geriatric population, and demand for independent and healthy living are the high impact rendering drivers.
Moreover, improving healthcare infrastructure, post-acute care management, and focus of key market players on emerging economies is also expected to fuel the growth of the remote patient monitoring system market. Rapid technological advancements are expected to lead towards the availability of a better option for healthcare practitioners and the patients, thereby promoting the growth.
Remote patient monitoring system encompass a wide array of technologies designed to manage, evaluate, notify, intervene, and modify the treatment plan as required. The remote patient monitoring system are most commonly used to reduce the progression of chronic disorders and to enhance recovery after getting discharged from an acute care unit. These technologies also alert caregivers for prompt intervention through any vulnerable condition.
Further key findings from the report suggest:
- Heart rate monitors is identified as the most lucrative segment with a significant CAGR over the forecast period owing to increasing incidence of cardiac conditions globally
- Hospitals accounted for a lucrative market share in 2018. However, alternate sites for patient monitoring such as home healthcare and ambulatory care are anticipated to witness lucrative growth over the forecast period
- Asia Pacific is expected to showcase high growth potential due to the presence of large unmet needs in emerging economies such as China and India. Supportive government initiatives to curb the deteriorating environmental conditions and enhancing healthcare infrastructure in Japan and Australia are also expected to propel the regional growth
- Key players operating in the remote patient monitoring market include Philips; Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; and Covidien Plc.