The size of the remote patient monitoring market in the United States was valued at USD 4600.30 million in 2022, hiking at a CAGR of 16% from 2022 to 2027.
Impact of COVID-19 on Remote Patient Monitoring Market in the U.S.:
The remote patient monitoring market has positive growth opportunities during the COVID-19 pandemic. People adopted RPM to restrict the exposure to the virus and take healthcare services to imply by staying at home. These devices are playing a significant role in treating the patients during lockdown restrictions with high-quality treatment procedures. As healthcare professionals are quite busy treating patients during the COVID-19 outbreak, this RPM has reduced the readmissions and monitoring of the patients remotely, giving the doctors time to treat more patients. Many COVID-19 patients have wholly recovered using this tool. They are thrilled while getting treatment with the RPM as it continuously monitors vital signs like a heartbeat, pulse rate, and others.
The factors majorly driving the remote patient monitoring market's demand are increasing aging population and lifestyle changes. The geriatric population is more prone to chronic illnesses like cardiovascular, diabetes, cancer, and others. According to the US Bureau data recent survey, the number of people aged above 65 is to reach more than 98 million, double the number of people in 2016 (46 million). It is significantly affecting the people to use these devices to have complete healthcare at home. It is predicted that there will be a lack of professionals in the coming years, and these new technologies will prompt healthcare services globally. Increasing healthcare costs and developing the latest techniques by researchers are propelling the growth rate of the market. The benefits conquered with the RPM devices like fewer visits to the hospitals and reduced time to stay in hospitals enhance the market's growth rate. Remote patient monitoring devices are very useful in monitoring patients from different locations. These are gaining traction in giving excellent care for older people staying at home with chronic illness. These devices also provide the caregivers with proper assistance through the alert systems equipped in the device.
By 2030, the diabetes patient population may grow to 29.6% in the US. The number of heart-related disorders will get triple in the coming years, according to the latest studies. Diabetes is the number one concern for all people worldwide as the number of patients is surging every year. It is estimated that diabetes patients toll up to 25 million by 2030, particularly in the US. In 2011, the number of deaths due to diabetes was 4.6 million in this country.
Many private organizations have started using RPM techniques and are gaining traction through this. Traveling long distances is a big issue for the geriatric people where they find difficulty visiting hospitals and clinics. RPM has sorted out this problem so far as it connects the healthcare professional and patient remotely. The attribute, as mentioned above, is impacting the demand of the market positively.
However, the lack of complete knowledge in operating the devices, especially in rural areas, is a big challenge that market players face. Failure of the systems in real-time applications is also impeding the demand of the market. Due to risk factors included in RPM's use, such as the insertion of various devices like cardiac arrhythmias, air embolism, and others, it is a factor degrading the market's growth rate.
In the North America region, the US is thriving to hit the largest shares of the market. Growing incidences of chronic diseases like diabetes are leveling up the growth rate of the market. Besides, creating awareness through campaigns in rural areas and raising funds by government organizations accelerates market demand. The people in the urban areas are spending a high amount on healthcare, prompting the remote patient monitoring market in the United States.
Companies playing a promising role in the U.S. 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.
Access the study in MULTIPLE FORMATS
Purchase options starting from $ 1200
Call us on: +1 888 702 9696 (U.S Toll Free)
Write to us: email@example.com