Remote Patient Monitoring Devices Market Connected with Monitoring Adherence Trends

Market Overview:-

Remote patient monitoring devices help manage various chronic diseases and are used for monitoring conditions like blood pressure, heart rate, glucose level, oxygen saturation and respiratory flow of patients from distant locations. These devices empower patients to stay connected with caregivers and physicians, which helps improve health outcomes. They also help reduce healthcare costs by decreasing hospital readmissions and physician visits. Advanced remote monitoring devices use different technologies like Bluetooth, Wi-Fi and cellular networking for data transmission.

Market key trends:-

Monitoring adherence to treatment regimens is a major trend in the remote patient monitoring devices market. Non-adherence to treatment is a widespread problem and leads to increased healthcare costs. Remote monitoring devices help track medication intake, appointment schedules and notification alerts. They provide physicians insights into patient behavior to optimize therapies. Connected trackers, smart pill bottles, and digital diaries are some popular adherence monitoring solutions. With growing focus on value-based care, remote monitoring of adherence is helping lower costs and improve outcomes for chronic diseases.

Porter’s Analysis:-

• Threat of new entrants: The threat of new entrants is low as remote patient monitoring devices market requires significant investments in R&D and manufacturing. Also, established players have significant brand equity and economies of scale.
• Bargaining power of buyers: The bargaining power of buyers is moderate as the demand for RPM devices is growing but buyers have limited purchasing power.
• Bargaining power of suppliers: The bargaining power of suppliers is low due to the presence of a large number of component suppliers.
• Threat of new substitutes: The threat of substitutes is low as there are limited replacement options for RPM devices.
• Competitive rivalry: The competitive rivalry is high among the key established players due to their global presence and technological innovations.

Key Takeaways:-

The Global Remote Patient Monitoring Devices Market Growth is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of chronic diseases and rising healthcare costs.

The North America region accounts for the largest share in the remote patient monitoring devices market in 2022. This is attributed to factors such as increasing geriatric population, high incidence of chronic diseases, efficient healthcare infrastructure, and supportive government initiatives in the region. Asia Pacific is anticipated to exhibit the highest growth owing to growing medical tourism, healthcare infrastructure development and rising disposable incomes.

Key players operating in the remote patient monitoring devices market are Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC, Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH and Cerena Corporation. Major players are focusing on new technological innovations and product launches to consolidate their market position.

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