Remote Patient Monitoring Devices Market to Cross Valuation of US$ 3.4 Bn by 2030, Says TMR

Transition toward hybrid care for telemonitoring of chronic diseases boosting sales in remote patient monitoring devices market; growing awareness of benefits of virtual care bolstering demand

ALBANY, N.Y., Feb. 28, 2022 (GLOBE NEWSWIRE) — The mounting burden of chronic diseases during the COVID-19 pandemic has spurred the pace of transition toward a hybrid care delivery environment wherein remote patient monitoring technology occupies a central role. Expanding provision of telehealth services in diverse care settings is expected to spur sales in the remote patient monitoring devices market. The global valuation of the market is projected to advance at CAGR of 12.5% during 2020–2030.

Advancements in telemonitoring technology have led to the launch of smaller, more portable, and smarter remote patient monitoring devices. The increasing trend of internet of things (IoT) in virtual care has extended the horizon for commercialization of products for stakeholders in the remote patient monitoring devices market.

In recent years, especially owing to acute bed shortage arising out of COVID-19 caseloads, health system in several countries have been increasingly strengthening the remote care infrastructure for healthcare teams. Increasing focus of governments in implementing remote monitoring programs at scale is a key trend that will expand the revenue possibilities in the market during the forecast period.

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Key Findings of Remote Patient Monitoring Devices Market Study

• Benefits of Home-based Virtual Care in Chronic Disease Management Fueling Uptake: Home monitoring programs have increased in relevance. The pressing need for virtual home-based care for patients testing positive for SARS-CoV-2 has accelerated the prospects of remote patient monitoring devices market. Besides, the increasing trend of remote monitoring of patients with chronic diseases is spurring the sales of products, find the TMR study.
• Massive Adoption for Telemonitoring for Outpatients Enriching Care Delivery: Telemonitoring and telemedicine are evolving alongside in-person patient interactions. The transition toward hybrid care has been catalyzing the revenue prospects in the remote patient monitoring devices market, observe the authors of the TMR study. Growing patient education on the use of remote patient monitoring devices has enriched the use of digitally oriented care delivery models, thereby expanding the outlook of the remote patient monitoring devices market.
• Players Aiming at Smarter Products in Remote Patient Monitoring Devices Market: Continuous development of wearables is paving the way to the launch of smart patient monitoring devices. New product launches of note are witnessing manufacturers leaning toward reducing the size of these devices, increasing the wearer comfort, and supporting better mobility. Players in developed regions are expected to reap massive lucrative gains from the commercialization of novel wearable in the remote patient monitoring devices market.

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Remote Patient Monitoring Devices Market: Key Drivers

• Increasing focus on digital health transformation is a key driver of the remote patient monitoring devices market. Digitally transmitted health-related data are enriching patient care, thereby boosting the scope of remote patient monitoring devices market.
• The prevalence of chronic diseases is a key driver of the remote patient monitoring devices market. Rise in awareness about benefits of remote patient monitoring in cardiovascular diseases and diabetes has engendered R&D investments in remote care programs, assert the authors of the remote patient monitoring devices market. The expanding array of telemedicine services in primary and specialty care clinics is crucial for reducing the burden of chronic diseases notably ischemic heart disease (IHD).

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Remote Patient Monitoring Devices Market: Key Players

Some of the key players in the remote patient monitoring devices market are:

• Koninklijke Philips N.V.
• GE Healthcare
• Boston Scientific Corporation
• Omron Healthcare
• Medtronic Plc.
• Welch Allyn
• Abbott Laboratories
• Masimo Corporation
• Hoffmann-La Roche Ltd.

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The global remote patient monitoring devices market is divided into:

• Global Remote Patient Monitoring Devices Market, by Product
  • Vital Sign Monitors
    • Heart Rate Monitors (ECG)
    • Blood Pressure Monitors
    • Respiratory Rate Monitors
    • Brain Monitoring (EEG)
    • Temperature Monitors
    • Pulse Oximeters
    • Others
  • Special Monitors
    • Blood Glucose Monitors
    • Fetal Heart Monitors
    • Multi-Parameter Monitors (MPM)
    • Anesthesia Monitors
    • Prothrombin Monitors
  • Others
• Global Remote Patient Monitoring Devices Market, by Application
  • Cardiovascular Diseases
  • Diabetes
  • Cancer
  • Hypertension
  • Infections
  • Bronchitis
  • Dehydration
  • Sleep Disorder
  • Weight Management & Fitness Monitoring
  • Others
• Global Remote Patient Monitoring Devices Market, by End User
  • Hospital-based Patients
  • Homecare
  • Ambulatory Patients
  • Others
• Global Remote Patient Monitoring Devices Market, by Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

Modernization of healthcare in terms of both infrastructure and services have pushed the healthcare industry to new heights, Stay Updated with Latest Healthcare Industry Research Reports by Transparency Market Research:

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Ambulatory Cardiac Monitoring Devices Market: Rise in demand for prolonged ECG monitoring & self-care management and increase in burden of cardiovascular diseases drive the need of ambulatory cardiac monitoring devices. Key industry developments, including partnerships, mergers & acquisitions, and collaborations, are anticipated to fuel the growth of the global ambulatory cardiac monitoring devices market.

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