Market Trends of Remote Patient Monitoring Systems Industry
This section covers the major market trends shaping the Remote Patient Monitoring Systems Market according to our research experts:
The Multi-parameter Monitors Segment is Expected to Register Significant Growth over the Forecast Period
Multi-parameter monitors are devices with a single device that monitors various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography. These devices have become popular as they are small, portable, and user-friendly. These multi-parameter remote monitoring devices are used by medical professionals and the health-conscious population, as sleep and activity monitors fall into these categories. The increased death rate due to chronic diseases across developed countries, such as the United States, and developing countries, has raised awareness among the patient population to opt for early and easy-to-monitor devices.
The market players adopted various strategies, such as product launches, product developments, collaborations, and expansions, to increase their market share. For instance, in April 2022, Singapore brand BUZUD, Fosun Trade Medical Device, launched two new medical devices, namely the BUZUD Multi-Parameter Monitor (MPM), designed to streamline the medical monitoring process and help healthcare professionals provide a higher level of care to their patients, and the BUZUD PulseBit EX, a personal electrocardiogram (ECG) tracker that makes heart care affordable and convenient for heart patients. Such launches are expected to propel the growth of the market segment.
Therefore, the rising focus on a healthy lifestyle, increasing concerns about the constant monitoring of patients' health parameters, and the growing trend of self-monitoring and preventive medicine are expected to drive the growth of the overall market segment.
North America is Expected to be the Major Contributor to the Market over the Forecast Period
The major factors driving the market's growth include the growing burden of chronic diseases, an increasing geriatric population, demand for wireless and portable systems, and a sophisticated reimbursement structure.
New product launches are a major factor contributing significantly to the market growth in the North American region. For instance, in May 2022, Novant Health launched a remote patient monitoring system in partnership with Health Recovery Solutions. The partnership was launched with a pilot program focused on bariatric patients, with plans to expand to other patient populations in the coming years.
Furthermore, the market players in the country adopted various strategies such as product launches, product developments, collaborations, and expansions to increase their market share. For instance, in October 2022, DocGo, a leading provider of last-mile mobile health services, announced that it would build upon its existing partnership with Gary and Mary West PACE and introduce a revolutionary remote patient monitoring (RPM) solution in the United States. In addition, in July 2022, Switzerland-based medical technology company Sleepiz registered its Sleepiz One+ contactless respiration and heart rate measuring device with the United States Food and Drug Administration (FDA). The FDA listing paved the way for Sleepiz to offer its solution for remote patient monitoring and clinical trials in the United States.
Therefore, the North American region is expected to register growth over the forecast period due to the abovementioned factors.
