The global remote patient monitoring devices market size was worth around USD 1.2 billion in 2021 and is predicted to grow to around USD 2.1B by 2028 with a compound annual growth rate (CAGR) of roughly 7.45% between 2022 and 2028, according to a new report by Zion Market Research.
The global market cap showed a positive response to Covid-19 which was mainly due to an increase in the purchase of RPM devices especially in 2021 during the second wave in many countries. The global market recorded a high sales rate for pulse oximeters as more people were proactively tracking their oxygen levels to detect any early signs of the virus infections.
The global remote patient monitoring devices market is expected to grow owing to the rising efforts undertaken by healthcare facilities to incorporate RPM devices into their treatment plan. This is driven by the fact that the number of hospital admissions has been increasing and consistently burdening medical facilities since there may be a shortage of resources to monitor and treat all the admitted patients.
There is a significant rise in the number of hospital visits for regular check-ups resulting in longer queues and reduced medical care. To tackle these problems, many healthcare providers are now dispersing RPM systems for patients with non-critical illnesses or medical conditions that are under control but require regular monitoring. This trend could especially be witnessed during and post Covid-19 when most of the clinics provided Covid-19-infected patients with systems so that their vitals could be monitored even in remote conditions. The global market growth can also be attributed to the increasing awareness amongst patients about the benefits of self-monitoring medical vitals since it offers them high independence as they do not have to rely solely on medical practitioners to help them understand their bodily functions.
The higher cyber security threats may restrict the global market growth whereas the rise in affordable remote patient monitoring devices may provide growth opportunities. The limitations pertaining to the shift of liability and patient’s motivation to manage health are projected to challenge the global market expansion.
This review is based on a report by Zion Market Research, titled “Remote Patient Monitoring Devices Market By Application (Diabetes, Oncology, Cardiovascular Diseases, And Others), By Type (Services, And Devices (Respiratory Monitoring, Multi-Parameter Monitoring, Cardigan Monitoring, Blood Glucose Monitoring, And Others), By End-User (Patients, Providers, And Payers), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/remote-patient-monitoring-devices-market
In April 2022, UBMD Pediatrics announced its collaboration with Cecelia Health aiming to upgrade the medical care available for children diagnosed with type 1 diabetes by remotely monitoring the patients. The medical care will involve physiological monitoring as well as remote care management.
In September 2021, Analog Devices and Braveheart Wireless Inc., a Nashua-based startup entered a strategic collaboration for developing a complete and end-to-end remote patient monitoring system. The companies will work with a collaborative approach to make BraveHeart’s 510(k) cleared Bravo1 RPM platform a critical part of Analog Devices’ vital sign monitoring architecture.
In August 2021, Rx. Health announced that the company has entered a partnership with Livecare, intending to bring remote patient monitoring systems to payers, pharma, and the healthcare system. Rx. Health will not be able to include device-based RPM in its otherwise device-less patient care.
In April 2020, 100Plus, one of the leading and fastest growing RPM platforms designed for doctors and patients, announced the launch of its platform with three brand new remote patient monitoring devices called blood glucose monitor, 100Plus blood pressure cuff, and digital weight scale. The devices will cater to the medical needs of senior citizens in the comfort of their homes.