DUBLIN--(BUSINESS WIRE )--The "Remote Patient Monitoring Market By Condition, By Component: Global Opportunity Analysis and Industry Forecast, 2021-2031" report has been added to ResearchAndMarkets.com's offering.
The global remote patient monitoring market was valued $1,866.00 million in 2021 and expected to reach $8,451.41 million by 2031, with a CAGR of 16.3% from 2022 to 2031.
Remote patient monitoring is a subset of telemedicine that uses digital technologies to collect medical and other types of data such as patient's recovery rate and their prescriptive guidance records about patients outside of the healthcare context.
Weight, blood pressure, blood sugar, blood oxygen levels, heart rate, and electrocardiograms are all examples of data that can be transferred to healthcare providers using a telehealth computer system and software that can be loaded on a computer, smartphone, or tablet. remote patient monitoring assists health professionals in monitoring the condition of patients from all over the world, enhancing the quality of care.
The coronavirus disease (COVID-19) pandemic is one of the major drivers propelling the remote patient monitoring industry. Healthcare providers all over the world are using remote patient monitoring services to monitor patients with moderate COVID-19 symptoms and deliver timely hospital-based care, owing to the virus's highly infectious nature.
This helps hospitals free up resources to serve existing and more critical patients. Another significant driver driving remote patient monitoring market expansion is the increase in frequency of cardiovascular disorders, which coincides with the growing elderly population, which is more prone to chronic conditions.
Furthermore, as healthcare infrastructure improves and wireless technology advances, as well as smartphone adoption rises, healthcare services are changing from clinic-centric to patient-centric delivery models, such as remote patient monitoring. This is driving the demand for remote patient monitoring systems all across the world.
Furthermore, a number of significant players offer remote patient monitoring, which allows for real-time video connection between the patient and the healthcare professional. They're also launching new products that are expected to drive the growth of the market in the future. For example, Dexcom, Inc., a medical device company based in the U.S., recently released the G6 CGM device, which is a compact sensor that checks glucose levels and transmits the data wirelessly to a display device through a transmitter.
The remote patient monitoring market is segmented on the basis of condition, component and region. By condition, the market is fragmented into congestive heart failure, diabetes, chronic obstructive pulmonary disease, blood pressure, mental health and others. By component the market is segregated into devices and software.
Major key players that operate in the global remote patient monitoring market are Abott Laboratories, Biotronik SE Co. KG, Boston Scientific Inc., Datos Health, General Electric, Honey Well International, Johnson & Johnson, Koninklijike Philips N.V., Medtronic, and Nihon Kohden.
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ResearchAndMarkets.com Laura Wood, Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900