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Remote patient monitoring (RPM) is a category of ambulatory healthcare that permits a patient to use a mobile medical device to accomplish a routine test and guide the test data to a healthcare expert in real-time.
An increase in the chronic disease population, an increase in the aging population, and the demand for home-based monitoring devices are all the major factors driving the growth of the market. Operating home-based devices is becoming simple, and hence, these devices are being used by all age groups. They are also compact and portable and the patients can wear it all the time without unease. These devices also ensure that the patient’s condition is monitored all the time. Moreover, the need to maintain the average healthcare expenditure is one of the major reasons for the growth of the market.
Despite significant factors driving the wider adoption of remote patient monitoring systems, resistance from the healthcare industry professionals toward the adoption of the patient monitoring system, lack of proper reimbursement policies, and stringent regulatory framework are the challenges faced by the market.
Key Market Trends
Multi Parameter Monitors Segment is Expected to Show Better Growth over the Forecast Period
Multi-parameter monitors are devices that monitor various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography, with a single device. These devices have become popular as they are small, portable, and user-friendly. The multi-parameter remote monitoring devices are used not only by medical professionals but also by the health-conscious population, as sleep and activity monitors fall in these categories. The increased death rate due to chronic diseases across the developed countries, such as the United States, and the developing countries, raises awareness among the people to use early and easy monitoring devices.
Furthermore, their high capability to monitor various chronic conditions, such as diabetes, cardiovascular conditions, and cancer, is expected to fuel the demand for remote patient monitoring systems. Hence, the increasing focus on a healthy lifestyle, the growing trend of self-monitoring and preventive medicine, and increasing concern for the constant monitoring of health parameters of patients are expected to drive the growth of the overall market.
North America is Expected to be the Major Contributor to the Market over the Forecast Period
North America is leading the remote patient monitoring devices market globally, and it is anticipated to dominate the market in the future. There is a growing trend of shifting treatment from hospitals to homes, in order to reduce hospital bills. The increasing economic burden on hospitals due to a large number of inpatients, coupled with penalties imposed under the Hospital Readmissions Reduction Program formed by the Patient Protection and Affordable Care Act, is resulting in the increased adoption of remote patient monitoring devices in the United States. Furthermore, patients prefer home healthcare due to its cost-effectiveness, privacy, and convenience, thus, boosting the market growth.
The remote patient monitoring market is moderately fragmented and various medical device manufacturers are operating in the market, along with several specialized remote patient monitoring equipment manufacturers. The industry is highly competitive, and there is a growing trend of partnerships and agreements between the industry participants and other medical device manufacturers, in order to incorporate remote patient monitoring functionalities in their devices.
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