PRESS RELEASE
Published August 2, 2023
The latest research report, United States Remote Patient Monitoring Market, covers various aspects of the industry, including market size, status, trends, and future insights for the next 10 years. It provides a detailed analysis of competitors and key market drivers, highlighting growth opportunities. The report includes analysis of top players, revenue streams, CAGR status, as well as SWOT and PESTLE analysis for each geographic region. This comprehensive research combines qualitative and quantitative data from primary and secondary sources. It aims to provide an in-depth understanding of the current market scenario and the impact of COVID-19 on the industry. The report thoroughly examines each segment of the market.
United States Patient Monitoring Market to Proliferate in the Coming Years Projected to Grow at a Significant Rate during 2022-2028
The rise in the number of elderly people, the rising use of smart devices and wearables, and technical improvements are the main drivers of the United States patient monitoring system market. The prevalence of chronic diseases including COPD, genetic disorders, respiratory illnesses, and others is also on the rise, which is boosting the market for patient monitoring systems. Additionally, it is anticipated that partnerships between businesses, hospitals, and academic institutions would result in the introduction of new products, which will aid in boosting market growth and revenue..
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A recent study conducted by the strategic consulting and market research firm,Report Ocean, revealed that the United States patient monitoring market was worth USD 13.48 billion in the year 2021. The market is projected to grow at a CAGR of 6.9% during 2022-2028 (forecast period), earning revenues of around USD 21.36 billion by the end of 2028. The market is growing on account of increased demand for devices that monitor patients coming from hospitals and clinics. The characteristics of a patient are tracked or continuously measured using patient monitoring devices. It is important to constantly monitor a critically ill patient’s oxygen saturation, blood pressure, temperature, pain, pulse, degree of consciousness, urine output, and breathing rate. All of these features are easily tracked with the use of various patient monitoring devices.
Major hospitals, clinics, and different outpatient facilities are using pulse oximeters, capnographs, and heart monitors more often to monitor patients. These tools are frequently used during small and large procedures to track patients’ physiological indicators and act if issues arise. Additionally, these tools can assist medical practitioners in simultaneously monitoring the vital signs of many patients. When parameter values are either above or below the limit specified by doctors, some of these devices are also utilized to warn them.
Utilizing Mobile Technologies and Smart Devices More Frequently for Remote Patient Monitoring
During the projected period, the market for patient monitoring systems in the United States is anticipated to expand significantly. The population of elderly people is growing, and remote patient monitoring systems are becoming more widely used. The market for patient monitoring devices is expanding as chronic illnesses including COPD, diabetes, cancer, and atherosclerosis become more common. Additionally, it is anticipated that partnerships between businesses, hospitals, and academic institutions would result in the release of new products, helping to raise market revenue and, therefore, the expansion of the United States patient monitoring systems market.
Concerns Pertaining to the Use of Invasive Monitoring Systems
The use of invasive monitoring systems comes with a number of hazards, including the inconvenience of inserting monitoring devices such as pulmonary artery catheters (PACs). Other important problems include thrombosis, air embolism, infection, bleeding/hematoma development, cardiac arrhythmias, reduced circulation to the distal limb, hemorrhage, nerve injury (during insertion) and necrosis of the pulmonary capillaries. In this regard, the mortality rate in invasive operations increases. As a result, the above hazards limit the use of intrusive monitoring equipment. However, the expansion of the US patient monitoring market is likely to be held back by privacy and data security concerns. The market for patient monitoring systems in the US is also constrained by government regulations and payment issues.
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Market Overview
Market Size & Forecast, 2018-2028
By Value (USD Million)
Market Share & Forecast
By Component
Devices
Hemodynamic Monitoring
Neuromonitoring
Cardiac Monitoring
Fetal & Neonatal Monitoring
Respiratory Monitoring
Multiparameter Monitoring
Weight Monitoring
Temperature Monitoring
Urine output Monitoring
Others
Services
Consulting
System Integration and Deployment
Support and Maintenance
By Application
Cardiovascular Diseases
Diabetes
Cancer
Hypertension
Infections
Others
By End User
Hospitals & Specialty Clinics
Homecare Settings
Ambulatory Surgical Centers
Long Term & Acute Care Centers
Others
Impact of COVID-19 on the United States Patient Monitoring Market
Although most markets are seeing a decline, the COVID-19 epidemic has had a favorable impact for a number of healthcare-related sectors, including patient monitoring systems. The market for patient monitoring systems is expanding really quickly right now. They are essential in the fight against pandemics and in patient monitoring. Due to its extensive usage in patient treatment and IoT technologies, patient monitoring systems, such as heart monitors, respiration devices, and temperature monitoring devices, are in high demand. Additionally, IoT has a variety of uses in patient monitoring that have proved helpful throughout the crisis, especially when integrated with other transformational technologies like the cloud and artificial intelligence (AI).
Competitive Landscape
Medtronic, Philips Healthcare, ResMed, 100-Plus, A&D Company, Abbott Laboratories, AltumView Systems, BIOTRONIK, Boston Scientific, Bardy Diagnostics, Cardiomo Care, Cardiologsm Dragerwerk, Hoffmann-La Roche, GE Healthcare, and other well-known companies are among the major players operating in the market. Smart Meter, the leader in cellular-enabled remote patient monitoring (RPM) data and devices, announced a partnership with A&D Medical, to develop and deliver top-quality RPM devices that use advanced cellular-enabled technology best to connect patients, caregivers, and healthcare providers.
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What our market report offers
Market Overview:
- Provides a general introduction to the market, including its size, growth rate, and key characteristics.
- This section may also include information on market segmentation, such as by product type, application, or geography.
Industry Trends and Drivers:
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- It may include technological advancements, regulatory changes, consumer preferences, or economic factors that impact the industry.
Market Analysis:
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- This section may include information on market share, market concentration, and competitive strategies of key players.
Market Segmentation:
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- This analysis helps identify specific market opportunities and target audiences.
Market Size and Forecast:
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- -This section may include historical data, market projections, and growth rates for different segments.
Competitive Analysis:
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- It may also include SWOT analysis (strengths, weaknesses, opportunities, threats) of key competitors.
Market Opportunities and Challenges:
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- It may also address barriers to entry, regulatory hurdles, or competitive threats.
Consumer Insights:
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- This section may include survey data, consumer demographics, and customer feedback.
Future Outlook and Recommendations:
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- This section may suggest strategies for market entry, product development, marketing, or investment decisions.
Appendix:
- Includes additional data, charts, tables, or references that support the analysis presented in the report.
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