The remote patient monitoring devices market will advance at a rate of 15.7% by the end of this decade to reach USD 168.5 billion by 2030.
The pandemic had a substantial influence on the industry as these devices offer cutting-edge chronic illness management abilities, for example early warning alerts and progress trackers. Since individuals were restricted to their homes and could not go to the medics for routine checkups, the requirement for these internet-connected devices grew throughout the lockdowns.
One of the major drivers for the industry is the growing elderly population. With individuals aged above 65 years will be over 1.5 billion by 2050, the requirement for distance healthcare monitoring solutions will increase. This is for the reason that these individuals are extremely vulnerable to ailments and find it problematic to go to hospitals every time.
Moreover, the pandemic has amplified the count of patients consulting their doctors from home, with the use of the telemedicine approach.
North America led the remote patient monitoring devices market in the past.
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This is because of the growing incidence of chronic ailments, the mounting need for wireless and portable medical systems, tech progressions in wearable medical devices, and the presence of promising reimbursement policies.
Furthermore, the snowballing funding for manufacturing cutting-edge devices in the region, for providing quality care to the increasing number of patients, is supporting in the industry advance.
Additionally, the region has one of the developed IT infra, along with provides easy access to 5G networks, both enable the high-speed transmission of instantaneous clinical data from these devices to the computer systems of the doctors.
Furthermore, India and China offer enormous prospects to the stalwarts of the market owing to their enormous patient pools and lack of access to quality care. Moreover, Japan will be a key contributor of the revenue because of its large ageing population.
The increasing number of chronic illnesses all over the world has a positive impact on the remote patient monitoring devices, and it will grow even further in the years to come.
