REMOTE PATIENT MONITORING SYSTEMS MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Globally, the rising chronic disease population, the increasing aging population, and the demand for home-based monitoring devices are boosting the market's growth. For instance, according to the American Cancer Society's annual report published in 2022, an estimated number of new cancer cases in the United States was believed to reach around 1.9 million, and over half a million people were expected to die due to cancer in the country. Owing to the high expected incidence of cancer and the high mortality, there will be growing use of monitoring devices to track health among the affected population. Hence, the market studied will be witnessing a strong growth due to the rising chronic diseases such as cancer.​

In addition, these devices are compact and portable, and patients can wear them all day without feeling uneasy. These devices also ensure that the patient’s condition is monitored continuously. Growing demand for home-based monitoring devices also boosts the market's growth. According to the Center for Medicare and Medicaid Services in 2021, remote monitors help several high-risk patients avoid being readmitted to the hospital and make the most of their healthy days at home. Clients who use remote monitoring report a 76% reduction in readmission rates, an average of 89% patient satisfaction, and a total medical cost savings of nearly USD 370 million.

Multi-parameter monitors are devices with a single device that monitors various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography. These devices have become popular as they are small, portable, and user-friendly. These multi-parameter remote monitoring devices are used by medical professionals and the health-conscious population, as sleep and activity monitors fall into these categories. The increased death rate due to chronic diseases across developed countries, such as the United States, and developing countries, has raised awareness among the patient population to opt for early and easy-to-monitor devices.

The market players adopted various strategies, such as product launches, product developments, collaborations, and expansions, to increase their market share. For instance, in April 2022, Singapore brand BUZUD, Fosun Trade Medical Device, launched two new medical devices, namely the BUZUD Multi-Parameter Monitor (MPM), designed to streamline the medical monitoring process and help healthcare professionals provide a higher level of care to their patients, and the BUZUD PulseBit EX, a personal electrocardiogram (ECG) tracker that makes heart care affordable and convenient for heart patients. Such launches are expected to propel the growth of the market segment.

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