SEATTLE, Aug. 17, 2022 /PRNewswire/ -- According to Coherent Market Insights, the global remote patient monitoring devices market is estimated to be valued at US$ 1,192.5 million in 2022 and is expected to exhibit a CAGR of 7.4 % during the forecast period (2022-2030).
Key Trends and Analysis of the Global Remote Patient Monitoring Devices Market:
Major players operating in market are focusing on adopting growth strategies such as product launch, which is expected to drive the market growth over the forecast period. For instance, in October 2021, OnSky Health International, a medical technology company launched SkyPad, the virtual care solution that provides continuous contact-free vital sign sensing with an optional emergency alert and calling service. SkyPad uses machine learning (ML), powered by OnSky Health's proprietary and custom sensor technology to accurately sense and monitor users' vital signs, sleep quality and body motions. With OnSky Health's companion Emergency Detection & Alert Service (EDAS), in-home and nursing home patients, the elderly and people with chronic diseases, as well as health-care providers and caregivers, will receive prompt SMS messages and calls if a possible medical emergency condition is detected.
Moreover, in February 2021, VitalConnect Inc., a wearable biosensor technology, announced the introduction of arrhythmia detection to its remote monitoring portfolio. In partnership with CorVitals, Inc., VitalConnect now offers physicians the ability to monitor, diagnose and treat patients suffering from various heart conditions and diseases. With arrhythmia detection, clinicians have the ability to remotely monitor patients who may have, or develop, an arrhythmia.
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Key Market Takeaways:
Market players are focused on growth strategies such as expansion by the key market players of remote patient monitoring devices. This in turn is expected to drive growth of the global remote patient monitoring device market. For instance, in November 2019, Royal Philips, a global health technology, announced the debut of EarlyVue VS30, a new vital signs monitor, in the U.S. Expanding on Philips' General Care solutions portfolio, Philips EarlyVue VS30 uses automated Early Warning Scoring (EWS) to collect critical vital signs and calculate risk-based alerts that allow clinicians to identify subtle signs of patient deterioration.
Among product type, Cardiac monitors segment is expected to dominate the market, owing to its portable feature and continuously monitor electrical activity of the cardiovascular system of patient while performing daily activities. For instance, in July 2020, Medtronic plc., the global medical technology company, announced it has received the U.S. Food and Drug Administration (FDA) clearance and CE (Conformité Européenne) Mark approval for its LINQ II insertable cardiac monitor (ICM) with remote programming, which enables clinicians to optimize device settings without the need for patients to return to the office or hospital. The LINQ II system also delivers improved device longevity and enhanced accuracy to correctly detect abnormal heart rhythms, simplifying the diagnosis and monitoring of patients.
Among region, North America is expected to hold a dominant position in the global remote patient monitoring devices market over the forecast period, owing to increasing number of inorganic growth strategies by key market players in the region. For instance, in August, 2021, Dedalus Group, a Healthcare Software companies, announced its strategic partnership in North America with Rx.Health, an Artificial intelligence-based digital health unification and clinical intelligence platform. The partnership will enable collaboration between Dedalus' solution, Digital Connect for Health (DC4H) with Rx.Health's platform that unifies and automates digital health through an electronic health record connected formulary.
Key players operating in the global remote patient monitoring devices market include Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC., Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd. And Koninklijke Philips N.V., Siemens Healthcare GmbH, and Cerena Corporation.
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Global Remote Patient Monitoring Device Market, By Product Type:
Global Remote Patient Monitoring Device Market, By Application:
Global Remote Patient Monitoring Device Market, By End User:
Global Remote Patient Monitoring Market, By Region:
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