Remote Patient Monitoring to Reach $1.8 Billion by 2026
The global market for remote patient monitoring expected to reach $1.8 billion by the second half of the next decade. That’s the conclusion of a report from Grand View Research.
The report covers devices that monitor chronic diseases such as cardiovascular conditions, cancer, and diabetes. Researchers see a significant increase in demand for these products.
Grand View suggests that systems for remote patient monitoring will achieve a compound annual growth rate of 13.5% through 2026. The key drivers of this trend are the expanding number of cardiovascular diseases, the increase in the elderly population, and people who seek a healthier lifestyle.
Key companies have a growing focus on emerging economies, which will also contribute to the growth of the remote patient monitoring market. Improved healthcare infrastructure, as well as rapid technological advances, are additional factors that will drive growth.
Remote patient monitoring encompasses a wide range of technologies that allow medical professionals to manage, evaluate, notify, intervene, or modify patients' treatment plans in a timely manner. The remote patient monitoring system is most commonly used to reduce the progression of chronic diseases and speed up recovery after initial treatments.
Key players in the remote patient monitoring market include Philips, Honeywell, American Telecare, Roche, Bosch, Biotronik, Intel, Welch Allyn, Health Anywhere, Johnson & Johnson, and others.
Heart rate monitors are cited as the most lucrative market segment due to the increasing occurrence of heart diseases globally. Seen from a regional perspective, the Asia-Pacific market has the highest growth potential due to the huge demand in emerging economies such as China and India. Also fueling growth are excellent healthcare infrastructure and governmental support for environmental initiatives in countries like Australia and Japan.
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