In a recent published report, Kenneth Research has updated the market report for Global Remote Patient Monitoring Device Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Remote Patient Monitoring Device Market products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Global Remote Patient Monitoring Device Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on Global Remote Patient Monitoring Device Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 and 2027. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Kenneth Research recently added a report on Global Remote Patient Monitoring Device Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on Global Remote Patient Monitoring Device Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 and 2027. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
Global Remote Patient Monitoring Market Analysis – 2018-2027
Remote patient monitoring is used to perform monitoring tests and to record live patient data for various monitoring parameters such as vital signs, cardiac events, respiratory, neurology and other indications. The worldwide market of remote patient monitoring is anticipated to achieve a CAGR of 14.94% during the forecast period, i.e. 2020-2027.
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Factors such as rising incidences of cardiovascular disorders amongst individuals, coupled with factors such as favorable government policies, advancement in healthcare facilities and the changes observed in the adoption of remote patient monitoring services are some of the factors anticipated to promote the growth of the global remote patient monitoring market. The market is also thriving owing to the opportunities that are derived from increasing R&D investments for the development of healthcare infrastructure and the strategic collaborations and partnerships amongst manufacturers in the healthcare industry. Moreover, growing concern for the increasing number of chronic diseases worldwide coupled with increasing number of diabetic patients, increasing funding by the governments of nations for R&D and the advancements in the quality of healthcare services are some of the factors anticipated to drive the growth of the global remote patient monitoring market.
The global remote patient monitoring market consists of various segments that are segmented by product, type, end user and by region. The type segment is further sub-divided into wireless and wired, out of which, the wireless segment is anticipated to hold the largest market share and grow with a CAGR of 15.31% during the forecast period. Additionally, the segment is also anticipated to attain an absolute $ opportunity of USD 5931.85 million during the forecast period. On the other hand, the hospital segment, which is a sub-segment of the end-user segment, is anticipated to hold the largest market share and attain a value of USD 883.62 million by the end of 2027 by growing at a CAGR of 14.63% during the forecast period.
Based on region, the global remote patient monitoring market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific, which had accounted for 20.97% share in the year 2018, is estimated to grow with a CAGR of 16.06% over the forecast period owing to the rising geriatric population and increasing demand for advanced monitoring solutions.
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Some of the affluent industry leaders in the global remote patient monitoring market are BioTelemetry, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Resideo Technologies, Inc., Abbott, Boston Scientific Corporation, General Electric Company (GE Healthcare), Medtronic, F. Hoffmann-La Roche Ltd and ZOLL Medical Corporation.
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