The size of the remote patient monitoring market in Europe was worth USD 1347.95 Million in 2023. This value is estimated to grow at a CAGR of 13.52% and will be worth USD 2541.19 Million by 2028. Europe accounts for the second-largest market share in the global market.
The growing geriatric population in the European region primarily drives the European remote patient monitoring market. An estimated 24% of people in Europe are aged over 65. Chronic diseases such as diabetes and CVDs among the older population require continuous disease monitoring for better treatment. As a result, healthcare providers suggest people use remote patient monitoring devices, which help collect data stored in the related software to the smartphone or other devices. The data can be sent to the healthcare provider for further diagnosis. Some standard remote patient monitoring devices are blood pressure, glucose meters, pulse oximeters, ECGs, etc. These devices help check the body's sugar, blood pressure, and oxygen level by sitting at home.
The growing adoption of technological developments in the treatment procedures and manufacturing of remote patient monitoring devices are anticipated to result in the regional market. Advanced technologies such as sensors, artificial intelligence, and machine learning are used in patient monitoring devices to give accurate results. In addition, the growing R&D activities by the key market participants and favorable reimbursement policies favor the remote patient monitoring market in Europe.
The rising awareness among the European population regarding the benefits of remote patient monitoring is further promoting regional market growth. In addition, manufacturers and healthcare organizations have conducted a program to make patients aware people to adopt patient monitoring devices to keep their life healthy through regular check-ups at their homes. They also explain how easy it is to use the devices independently without eternal help. These factors are expected to support the growth rate of the European market.
On the other end, data accuracy and privacy issues hamper the growth of the European remote patient monitoring market. Furthermore, lack of awareness among the population living in rural areas is another factor that hampers the market growth. Furthermore, other factors impede market growth during the forecast period, lack of availability of the devices in every medical store, the long time for the approval of new products, and the high cost of some of the advanced devices.
This research report on the European remote patient monitoring market has been segmented and sub-segmented into the following categories:
Based on type, the breath monitor segment is predicted to hold major share of the European remote patient monitoring market during the forecast period.
Based on application, the CVDs segment is predicted to occupy the leading share of the European market in the coming years.
Based on end-use, the hospitals segment is estimated to have a significant share of the European market in the coming years.
The European region accounted for the second-largest share of the worldwide market in 2021. The European region is predicted to showcase a promising CAGR during the forecast period. The growing number of medical technological advancements majorly drives the European region's growth. In addition, the growing adoption of telehealth across the European region is another major factor fuelling the demand for remote patient monitoring devices. For instance, many healthcare providers and patients adopted telehealth to provide treatment and suggestions to patients during the COVID-19 pandemic, which builds a communication platform between the patient and the doctor. In this situation, remote patient monitoring devices play a crucial role in updating the change in the patient's body to the healthcare provider for better treatment.
The UK market captured the leading share of the European market during the forecast period owing to the increasing number of product launches in the region. In addition, the increasing partnership between significant regional companies for manufacturing remote monitoring devices for patient safety is propelling the UK market growth. The UK government also conducts clinical trials to test the applications.
Germany is another promising regional market for remote patient monitoring in the European region. The increasing adoption of patient monitoring software in Germany majorly drives the growth of the German market. In addition, the heavy using of health-related applications in Germany supports the growth of the German remote patient monitoring devices market.
KEY MARKET PLAYERS:
Welch Allyn, Bosch, Johnson & Johnson, Intel, Roche, Philips Healthcare, Philips, Healthanywhere Inc, Honeywell American Telecare, Biotronik, and Covidien Plc are some of the noteworthy companies in the European remote patient monitoring market.
The COVID-19 pandemic has led to increased demand for remote patient monitoring solutions in Europe, as healthcare providers seek to reduce in-person contact and protect vulnerable patients.
Philips Healthcare, Medtronic, GE Healthcare, Abbott Laboratories, and Omron Healthcare are some of the notable companies in the European remote patient monitoring market.
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