Remote Patient Monitoring Market Size, Share, Growth Analysis, By Type(Software & Services, Devices (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Neurological Monitoring Devices), By Application(Oncology, Hypertension, Cardiovascular Diseases, Diabetes), By End User(Providers (Hospitals & Clinics, Home Care Settings and Long-term Care Centers, Ambulatory Care Centers, Others)), By Region - Industry Forecast 2024-2031

Remote Patient Monitoring Market Drivers

Growing adoption of Internet of Things (IoT) in remote monitoring devices is expected to drive market growth 

• The implementation of IoT components into medical equipment has made it possible to provide patients and the older population with chronic illnesses with care that is better quality and more efficient. Sensors, actuators, bluetooth connectivity, and other communication tools have made it possible for patients and families to effortlessly communicate data to the doctor via a cloud-based platform. 

Restraints 

Lack of accessibility to remote monitoring solutions in under developing countries

• Despite the rising demand for remote monitoring solutions, it is projected that the lack of device and software adoption in low- and middle-income countries will restrain market growth throughout the forecast period. One aspect of the fall in usage in these countries is the high implementation cost of remote patient monitoring systems. The adoption of these solutions needs appropriate funding, providers, and IT staff to ensure a smooth transition and the provision of high-quality patient care. For instance, the Journal of Telemedicine and Telecare reported that the annual cost per patient for equipment purchases, servicing, and monitoring ranged from USD 275 to USD 7,963.