Global Remote Patient Monitoring Devices Market to Acquire Significant Revenue by 2033 and to Grow with a CAGR of ~20% During 2023-2033; Rising Incidence of Non-Communicable Diseases (NCDs) to Elevate Market Growth–Research Nester

New York, Oct. 21, 2022 (GLOBE NEWSWIRE) — Research Nester has published a detailed market report on the “Global Remote Patient Monitoring Devices Market” for the forecast period, i.e., 2023-2033 which includes the following factors:

• Market growth over the forecast period
• Detailed regional synopsis
• Market segmentation
• Growth drivers
• Challenges
• Key market players and their detailed profiling

Global Remote Patient Monitoring Devices Market Size:

The global remote patient monitoring devices market is predicted to accumulate significant revenue by 2033 and grow with a CAGR of ~20% over the forecast period. Additionally, the market garnered impressive revenue in 2022. The market expansion can be largely attributed to the rising incidence of non-communicable diseases (NCDs) around the world. According to the figures published by the World Health Organization (WHO), non-communicable illnesses claim the lives of up to 41 million people annually.

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Factors in the market including a notable increase in government funding and initiatives as well as an increase in COPD cases are anticipated to positively influence market growth throughout the forecast period. For instance, almost 3.23 million fatalities worldwide in 2019 were attributed to chronic obstructive pulmonary disease (COPD). In addition, advancements in lifestyle increased awareness of early diagnosis, and ongoing medical technology development is some of the key drivers anticipated to foster market growth. The cost of medical technology was projected to be close to USD 30 billion in 2019 while the estimated revenue from the technology was USD 450 billion. As a result, it is predicted that all of these variables to boost the growth of the market.

Global Remote Patient Monitoring Devices Market: Key Takeaways

• North American region gains the largest portion of the revenue
• The oncology segment to influence the revenue graph
• The hospitals segment retains a sizable presence in the market

Increased Incidence of Diabetes and Cases of Cardiovascular Diseases to Fuel the Market Growth

It is predicted to be 18 million fatalities worldwide on account of cardiovascular disease (CVD) each year whereas 350,000 more are expected to pass away from coronary heart disease in 2020. Devices for remote patient monitoring are particularly helpful for both patients and healthcare professionals as they are simple to use and reasonably priced. Mostly every home has a patient monitoring device available. Thermometers, ECGs, blood pressure cuffs, pulse oximeters. Scales, glucometers, and other instruments are a few of these devices that are frequently used.

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Furthermore, the prevalence of diabetes among adults worldwide is 1 in 10 (10.5%). The global incidence of diabetes is growing rapidly every year. According to recent data from the International Diabetes Federation (IDF), there are currently 537 million individuals living with diabetes worldwide. This is an increase of 16% (74 million) when compared to IDF’s predictions in 2019. The rising rate of diabetes patients raises the demand for glucometers and other monitoring devices and fuels the market expansion.

Global Remote Patient Monitoring Devices Market: Regional Synopsis

The global remote patient monitoring devices market is segmented into five major regions including North America, Asia Pacific, Latin America, and the Middle East and Africa region.

Increasing Prevalence of Chronic Diseases and Existence of Key Players to Propel the North American Market

By the end of 2033, it is anticipated that the North American market to have the biggest market share during the forecast period. It is projected that factors such as the existence of major key players in the market and the rising prevalence of chronic diseases accelerate market expansion. According to data from the Centers for Disease Control and Prevention (CDC), 6 out of every 10 Americans have a chronic illness such as cancer, diabetes, stroke, and others. For instance, in the United States, there are more than 795,000 stroke victims annually; of these, around 610,000 are novel or primary strokes. In addition, in the U.S., more than 1.9 million additional cancer cases are predicted to be detected in 2022. The rising prevalence of chronic disease raises the need for remote patient monitoring devices in the region.

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Growing Incidence of CVDs to Enhance the Asia Pacific Market

On the other hand, the market in the Asia Pacific region is projected to witness substantial growth over the forecast period. The market growth in the region is supported by developing nations such as China, South Korea, and Thailand which are having a rise in chronic diseases as a result of changing lifestyles and outnumbering population. One of the primary causes of death in these nations is cardiovascular disease (CVD). The early diagnosis and prompt treatment of these disorders are anticipated to be made possible by the remote patient monitoring system. More than 40% of mortalities in China are related to CVDs, and during the past 20 years, the rate of CVD fatalities has nearly doubled.

The study further incorporates the Y-O-Y growth, demand & supply and forecasts future opportunities in:

• North America (U.S., Canada)
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [ Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe)
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
• Asia Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific)
• Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa)

Global Remote Patient Monitoring Devices Market, Segmentation by Indication

• Oncology
• Diabetes
• Hypertension
• COPD
• Congestive Heart Failure

The oncology segment is expected to experience a significant increase during the forecast period. The increasing number of cancer cases worldwide can be attributed to the expansion of the segment. For instance, each year, there are about 445.5 new cancer instances detected in every 100,000 people, and the mortality rate is 149.4 per 100,000 individuals per year.

Global Remote Patient Monitoring Devices Market, Segmentation by End User

The hospital segment is estimated to hold a noteworthy market share over the forecast period. Major elements that have contributed to the growth of the segment are the people’s desire to be treated and diagnosed by highly skilled medical experts and the existence of a significant patient base in the hospital setting that needs treatment for NCDs. In 2020, there were around 6,095 hospitals in the U.S. and 8,240 hospitals in Japan. As there are more hospitals, there is a greater need for patient monitoring devices which promotes the expansion of the segment.

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Global Remote Patient Monitoring Devices Market, Segmentation by Monitoring Type

• Multi-Parameter
• Blood Glucose
• Respiratory
• Cardiac Monitoring
• Others

Global Remote Patient Monitoring Devices Market, Segmentation by Type

Global Remote Patient Monitoring Devices Market, Segmentation by Component

Few of the well-known market leaders in the global remote patient monitoring devices market that are profiled by Research Nester are F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V., Abbot Laboratories, Bio Telemetry, Inc., Boston Scientific Corporation, Omron Corporation, Masimo Corporation, Edward Lifesciences Corporation, Nihon Kohden Corporation, Medtronic plc, and others.

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Recent Developments in Global Remote Patient Monitoring Devices Market

• On July 29^th, 2020, Bio Telemetry Inc. finalized the procurement of the On Demand platform for coaching and remote patient monitoring (RPM) in order to improve life quality and lower healthcare expenses. Envolve People Care, Inc. is principally responsible for running the platform.
• On August 24th, 2022, F. Hoffmann-La Roche Ltd introduced the Digital LightCycler System, a digital PCR system. It is a next-generation PCR technique designed to help clinical researchers identify the type of cancer and determine whether it is linked to an infection or genetic disorder.

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