United States Remote Patient Monitoring Market Outlook & Forecasts 2023-2028 Featuring Prominent Vendors - AMD, GE Healthcare, Koninklijke Philips, Medtronic, ResMed, Teledoc Health, & Vivify Health
DUBLIN, July 21, 2023 /PRNewswire/ -- The "U.S. Remote Patient Monitoring Market - Industry Outlook & Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The U.S. remote patient monitoring market is expected to reach a value of $25.28 billion by 2028 from $13.4 billion in 2022, growing at a CAGR of 11.16% from 2022 to 2028
Among many benefits being brought to the healthcare service by wireless patient monitoring is the facility to escalate home care for both chronic and acute conditions. The emergence of new technologies and capabilities makes taking care of one at home possible.
Manufacturers in the U.S. remote patient monitoring market are investing in this trend by creating apps and software solutions that offer customizable and secure data-driven solutions for RPM. These solutions range from automated patient feedback protocols to machine learning algorithms that better track patient data and behavior.
RPM can also detect changes in a patient's condition before they become obvious to the patient and help healthcare providers provide better, more personalized, and timely care. Through RPM, healthcare providers can keep track of patients' medical conditions in real-time and monitor them from a distance. It enables clinicians to identify potentially serious illnesses early and intervene with appropriate treatment.
With the growing use of mobile technology, remote patient monitoring can be done on the go. This improves access to care for remote populations and increases efficiency in healthcare delivery. Additionally, it enables real-time remote monitoring of those with chronic illnesses, allowing for timely intervention to prevent further health complications. Mobile technology also ensures data accuracy and consistency, which iscritical for effective decision-making and patient care.
INSIGHTS BY COMPONENT
Service in the remote patient monitoring market involves using telemetric technology to monitor and collect patient health data from a remote location. This technology allows medical professionals to monitor their patient's health without requiring them to enter a physical medical facility. These services provide access to real-time patient health data, such as blood pressure, blood glucose levels, body temperature, and heart rate.
In addition, telemetry technology can also be used to send alerts if an unusual change in vital signs is detected, allowing medical professionals to intervene quickly. This technology allows medical professionals to provide the best care for patients while they are away from the hospital and allows for earlier interventions when needed.
INSIGHTS BY APPLICATION
An increase in the prevalence of cardiovascular diseases (CVDs) is one of the factors driving the demand for cardiac monitoring devices. Remote cardiac monitoring has become the norm for patients with heart diseases, especially using implantable cardiac devices. With easy access to real-time telemetry data, cardiologists can determine if a condition represents an emergency illness and create an essentially virtual hospital. In addition, a quarter of health agencies report that RPM reduces visits and readmissions to emergency rooms.
Further, the increased use of remote cardiac monitors to improve the detection of hypertension has been the focus of intense research activity in recent years. Remote cardiac monitors provide a viable solution for detecting hypertension at home without cumbersome and intrusive devices and procedures.
INSIGHTS BY END-USER
The U.S. healthcare system and hospitals plan to improve outcomes and reduce costs through remote patient monitoring (RPM) technology. Hospital settings dominate cardiac monitoring equipment and are the initial point of contact for patients with health challenges. Patients with a history of cardiac arrhythmia are typically treated in hospitals.
For the monitoring of CVDs, hospitals have the most up-to-date machines and technology. Though healthcare practitioners are always looking for ways to reduce patients' time in the hospital, the COVID-19 epidemic has increased pressure on physicians to minimize contact time even more to avoid virus exposure.
The emergence of remote patient monitoring technology and its steady increase in usage in Texas reflects the state's commitment to providing improved patient care. Remote patient monitoring has been instrumental in cutting costs, as it allows for fewer hospital and clinic visits, thus decreasing the likelihood of patient complications due to prolonged exposure and wait times in an unfamiliar setting.
Market Opportunities & Trends
Market Growth Enablers
Key Company Profiles
Other Prominent Vendors
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