The remote patient monitoring market in the North American region is forecasted to be USD 2735.44 million by 2027 and USD 1459.33 million in 2022, growing at a CAGR of 13.39% during the forecast period.
Nearly 20% of the population in the U.S. are aged above 60. The rising aging population is one of the major factors increasing the need for remote patient monitoring, thus, driving the market in North America. This remote patient monitoring for older people enables healthcare providers to monitor and manage patient health outside hospitals. Additionally, this technology helps older people to live in a comfortable place with peace of mind, not worrying about their health so much. This is also used for older people and patients with a disability who cannot move from one place to another without others' support. These people feel secure using these remote monitoring devices to check their health regularly.
The usage of smartphones and wearable medical devices is growing significantly in North America, driving the remote patient monitoring market forward in this region. Nowadays, most people are wearing gadgets to know the body's blood pressure, steps, and glucose levels. These results are sent to the phone through this wearable device, which sends to the healthcare provider to make any suggestion about their activities to stay healthy. Nearly thirty percent of Americans use these wearable devices to keep track of their health.
The scarcity of healthcare professionals favors the remote patient monitoring market. The attention of the healthcare professions has been given to assisting COVID-19 patients during the pandemic, which has grown the adoption of telehealth. The shortage of healthcare providers in the rural region makes use of remote patient monitoring by people suffering from any diseases or who want to predict their health condition due to some illness. In the United States, the usage of telehealth has grown significantly in recent times. As a result, most people are making appointments online and taking prescriptions for the minor health issues they face daily.
However, increasing healthcare fraud in telehealth and telemedicine is the primary factor restraining the market growth. In addition, some factors, such as having internet access and data security issues, are further challenging the market growth in North America.
This research report on the North America Remote Patient Monitoring market has been segmented and sub-segmented into the following categories:
Geographically, the North American region accounted for the most significant share of the global market in 2021 owing to the increasing healthcare expenditure, YOY growth in the population suffering from various diseases, and the presence of key market players. The increasing prevalence of chronic diseases is further fuelling the market growth in this region. 5 in 10 people in America suffer from one chronic disease. The mortality rate is increasing due to the increase of these chronic diseases. Due to increasing awareness of these chronic diseases, most people choose remote patient monitoring due to their daily workload, which hampers them from going to hospitals for health check-ups. Remote patient monitoring benefits from collecting the data from the patient and made available to the healthcare professional, which helps with the treatment. This technology helps detect hypertension, diabetes, and chronic obstructive pulmonary disease early.
The U.S. dominated the North American region in 2021. Growing advancements in product development related to patient monitoring, increasing investments by the U.S. government, and increasing healthcare programs to adopt remote patient monitoring are a few of the factors propelling the remote patient monitoring market in the U.S. In addition, remote patient monitoring has integrated with advanced technological developments such as sensors and artificial intelligence, to improve the devices for patient use.
The Canadian market is anticipated to grow at a healthy CAGR during the forecast period. Health Canada empowers all people to have a healthy life without affecting any diseases by using remote patient monitoring devices. As a result, most people show interest in taking personalized interaction with the healthcare provider to track their daily health for better treatment.
KEY MARKET PLAYERS:
A few of the major participants operating in the North American remote patient monitoring market profiled in this report are Welch Allyn, Bosch, Johnson & Johnson, Intel, Roche, Philips Healthcare, Philips, Healthanywhere Inc., Honeywell, American Telecare, Biotronik, and Covidien PLC.
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