The report examines the dynamics of the Remote Patient Monitoring market, aiming to assess its overall value. It delves into the factors that drive growth, impede progress, present opportunities, and pose threats. The valuation of different market segments and sub-segments relies significantly on these variables explored in the research. To ensure accuracy, the research adopts methodologies such as Porter’s Five Forces model, enabling the identification of potential risks and helping in the avoidance of unfavorable financial decisions.
Global Remote Patient Monitoring Market is valued at approximately USD 32.06 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 38.2 % over the forecast period 2022-2028. RPM or remote patient monitoring (RPM) is a system in which healthcare practitioners use equipment to monitor, report, and analyse their patients’ acute and chronic diseases when they are not in the hospital or clinic. It allows practitioners to have real-time awareness of a patient’s condition, allowing them to make proactive treatment decisions. Increasing geriatric population, cost benefits offered by Remote Patient Monitoring and rising advancements in Remote Patient Monitoring has driven the adoption of Remote Patient Monitoring Market across the projected period.
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According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
For Instance: Philips launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the four regions including the United States, Europe, Australia, New Zealand, and Singapore in 2020. Also, incorporation of AI in Remote Patient Monitoring and growing use of Remote Patient Monitoring in epidemics and in the treatment of infectious diseases is most likely to boost the overall growth of the Remote Patient Monitoring Market. However, rising fraud in healthcare, misuse of Social Media, and regional variations in regulations can obstruct the Market’s expansion over the projection period of 2022-2028.
The key regions considered for the global Remote Patient Monitoring Market study include Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading region across the world. Rising geriatric population and high prevalence of chronic diseases are driving the Market growth in North America. Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period 2022-2028. The Market is expected to grow during the projected period, due to rising disposable incomes.
Major Market players included in this report are:
Koninklijke Philips
Medtronic
Omron Healthcare Inc.
Biotelemetry Inc.
GE Healthcare
Cerner Corporation
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Siemens Healthineers AG
Boston Scientific Corporation
Abbott Laboratories
Alten Calsoft Labs
The objective of the study is to define Market sizes of different segments & countries in recent years and to forecast the values to the coming eight years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within each of the regions and countries involved in the study. Furthermore, the report also caters the detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the Market. Additionally, the report shall also incorporate available opportunities in micro Markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the Market are explained below:
By Product Type:
Software & Services
Devices
By End-Users:
Providers
Payers
Patients
Others
By Region:
North America
U.S.
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Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Rest of the World
Market Dynamics:
- Surging air traffic: As the global aviation industry continues to expand, there is a corresponding increase in market demand.
- Heightened emphasis on safety and reliability: The aerospace and defense sector places significant importance on ensuring safety and reliability, which drives the need for top-notch market offerings.
- Growing commitment to environmental sustainability: The aerospace and defense industry is increasingly dedicated to reducing its carbon footprint, resulting in the adoption of sustainable aviation fuels.
- Escalating globalization: The growth of international trade and travel propels the demand for market solutions.
- Increasing desire for private air transportation: The rising number of affluent individuals and their preference for exclusive air travel are generating fresh opportunities in the market.
- Expanding utilization of digital fuel management systems: The integration of digital fuel management systems facilitates efficient fuel consumption and reduces associated costs.
- Advancements in fuel cell technology: Ongoing developments in fuel cell technology unlock new possibilities for the production of sustainable market alternatives.
- Mounting demand for air cargo transportation: The flourishing e-commerce sector fuels an increasing need for air cargo transportation, thereby driving the demand for market offerings.
- Rising defense budgets: Governments worldwide are augmenting their defense spending, leading to heightened market demand.
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