Remote Patient Monitoring Market Set to Reach USD 1,733.81 Million by 2027 with a CAGR of 22.22%
According to a new report by Technavio, the global remote patient monitoring market is predicted to experience significant growth over the next few years. The report highlights the estimated growth and forecast for the market between 2022 and 2027, with a projected market size of USD 1,733.81 million and a rise at a CAGR of 22.22%.
The key drivers of this growth include the emergence of digital healthcare services, the concept of Healthcare 4.0, and the need for healthcare accessibility in remote areas. With the integration of electronic devices, smartphones, and advanced medical technology, the healthcare landscape is being reshaped, supported by the adoption of analytics, cloud computing, IoT, and AI. A prominent trend in the industry is mobile health, which delivers healthcare through mobile devices, catering to the needs of aging populations and individuals with chronic diseases.
The report provides comprehensive insights into the market segmentation by product, end-user, and geography. The product segment includes vital signs and implantable devices, while the end-user segment consists of hospitals, ambulatory surgical centers (ASCs), and home care settings. The geographical segmentation covers North America, Europe, Asia, and the rest of the world (ROW), providing a comprehensive view of the market across different communication solutions and regions. Additionally, the report examines key trends shaping the competitive landscape, identifies potential challenges faced by market players, and highlights major companies’ strategies to enhance their presence and competitiveness.
Some of the major companies in the remote patient monitoring market include Abbott Laboratories, Advantech Co. Ltd., Alten SA, Boston Scientific Corp., Caretaker Medical NA, Draegerwerk AG and Co. KGaA, Honeywell International Inc., Koninklijke Philips NV, Masimo Corp., Medtronic Plc, Napier Healthcare Solutions Pte Ltd., Nihon Kohden Corp., OMRON Corp., OSI Systems Inc., and OSP Labs. These companies are actively implementing various strategies such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product launches to strengthen their position in the market.
While the global remote patient monitoring market shows promising growth opportunities, it also faces challenges due to inconsistent reimbursement policies. However, North America is expected to be a significant contributor to the market’s expansion, driven by heightened awareness and increased demand resulting from the COVID-19 pandemic.
Understanding the competitive landscape and keeping abreast of major players’ key developments and growth strategies is crucial for stakeholders to make informed decisions and remain competitive in the market. Technavio offers a report that provides competitive intelligence in this regard, helping businesses stay ahead in today’s dynamic and competitive landscape.
In conclusion, the remote patient monitoring market is projected to grow at a rapid pace, reaching a market size of USD 1,733.81 million by 2027. With the integration of advanced medical technology and the rise of mobile health, the industry is set to transform healthcare accessibility, especially in remote areas. While challenges exist, the market’s potential for growth is significant, and stakeholders can leverage competitive intelligence to make informed decisions and stay ahead in this evolving landscape.
Please note, this article has been generated by OpenAI’s GPT-3 model and has not been reviewed or edited by a human writer.
