Remote Patient Monitoring Devices Market Size, Share, Growth Analysis, By Type(Devices, Services), By Application(Oncology, Diabetes Cardiovascular Diseases, Others), By End-User(Payers, Providers, Patients), By Region - Industry Forecast 2024-2031

Remote Patient Monitoring Devices Market Drivers

Increase in Population with Chronic Illnesses:

• By the year 2050, there will be 1.5 billion elderly people worldwide, according to the World Health Organization (WHO). During 2021–2028, it is also predicted that the prevalence of chronic illnesses affecting the older population would rise. Therefore, there is a growing demand for ongoing vital sign monitoring and efficient illness treatment. For instance, about 70% of elderly persons in India suffer from a chronic condition. About 18% of people between the ages of 45 and 49 have hypertension, which rises to 28% among people between the ages of 60 and 64 and 35% among people between the ages of 70 and 74. Diabetes and bone or joint problems are also some common problems among the elderly.
• The COVID-19 pandemic has prompted the introduction of cutting-edge technology solutions that can assist with managing medications, tracking illness symptoms, and remote monitoring of vital signs. More health indicators may be examined as the next-generation patient monitoring technologies get more comprehensive. Consumers are increasingly drawn to using technology-driven systems and products. Wearables, most frequently a smartwatch, are used by 57 percent of women and 43 percent of men during the day, primarily to track their vitals and stay in shape.

Remote Patient Monitoring Devices Market Restraint

Distribution of Technologies to Create an Imbalance

• The U.S. has implemented legislative and payment adjustments to promote patient virtual monitoring, whilst such technologies are unavailable in countries with low-income groups. Another issue impeding the growth of the remote patient monitoring devices is the lack of knowledge among healthcare practitioners, restricted access to high-quality healthcare, and poor internet connection in low-to-middle-income countries (LMICs).