South America Remote Patient Monitoring System Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 215.77 Million |
| Market Size (2029) | USD 489.06 Million |
| CAGR (2024 - 2029) | 17.78 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
South America Remote Patient Monitoring System Market Analysis
The South America Remote Patient Monitoring Systems Market size is estimated at USD 215.77 million in 2024, and is expected to reach USD 489.06 million by 2029, growing at a CAGR of 17.78% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on the studied market initially, as home-based medical devices such as remote patient monitoring devices were mainly preferred to prevent the spread of the virus. For instance, according to an article published by International Bar Association in October 2022, telemedicine services were widely used by health plans, hospitals, and doctors during the pandemic. It was also evaluated extremely favorably by patients in all corners of Brazil. As telemedicine includes remote patient monitoring as well, it is estimated that the COVID-19 pandemic significantly boosted the adoption of remote patient monitoring systems, and so does the market growth initially, however as the pandemic has currently subsided, the studied market is expected to have stable growth during the forecast period of the study.
The key factors propelling the growth of the market are the rising burden of chronic diseases due to lifestyle changes, growth in the geriatric population, growing preference for home and remote monitoring, and ease of use and portability of the devices.
The rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases (CVDs) is the major factor that is increasing the adoption of remote patient monitoring systems. For instance, according to an article published by PubMed Central in August 2022, cervical cancer represents a major public health concern in Brazil, and it is estimated to be the third most common cancer in women. The article also stated that an estimated 16,710 new cases of cervical cancer are expected in Brazil in 2022, with a rate of 16.35 cases/per 100,000 women. Thus, the high prevalence of cancer in the country is expected to boost the usage of remote patient monitoring systems.
Furthermore, a growing preference for home and remote monitoring, ease of use, and portability of the devices are also increasing the demand for remote patient monitoring systems in the region. For instance, according to an article published by the Heart Rhythm Society in December 2022, remote monitoring (RM) of patients has become a common method of in-home monitoring due to its effectiveness, safety, and convenience. The article also stated that a study was conducted which showed that RM proved to be effective in the follow-up of patients with cardiac implantable electronic devices (CIEDs), thus allowing early or elective interventions, which facilitated the therapeutic management of patients. Hence, due to the growing preference for remote monitoring and the advantages offered by it, the studied market is expected to experience growth.
Therefore, the aforementioned factors, such as the increasing prevalence of chronic disease, the growing preference for remote monitoring, and the advantages offered by it, are expected to boost market growth. However, the stringent regulatory framework coupled with a lack of proper reimbursement is expected to impede the market growth during the forecast period of the study.
South America Remote Patient Monitoring System Market Trends
This section covers the major market trends shaping the South America Remote Patient Monitoring System Market according to our research experts:
Heart Monitors Segment is Expected to Hold a Significant Market Share Over the Forecast Period
A cardiac monitor, also known as a heart monitor, is a device that allows for the continuous monitoring of the heart's activity through electrocardiography. Heart monitors are used more frequently these days as only electrocardiogram is not able to detect the irregularities in the heart rhythm because they are hooked up to the machine for only a short time. Moreover, a heart monitor may be able to detect irregularities in the heart rhythm that an electrocardiogram can't detect. The rising advantages of heart monitors and the rising prevalence of cardiac monitors coupled with the rising geriatric population are expected to boost segment growth during the forecast period of the study.
The rising prevalence of cardiovascular diseases is the major factor driving the segment's growth. For instance, according to an article published by PubMed Central in October 2022, Argentina has a very high burden of cardiovascular diseases (CVDs), and the prevalence of CVD is increasing. The prevalence of hypertension and dyslipidemia associated with cardiovascular diseases is reported to be one of the highest in Argentina across Latin America. The article further stated that healthcare provision in Argentina had been impacted by the increased healthcare expenditure burden in the country due to the exponential growth and aging of the population.
Furthermore, according to an article published by the European Heart Journal in March 2022, a study was conducted in Brazil, Argentina, Colombia, and Peru, which showed that the incidence of cardiovascular diseases (CVDs) per 1000 people was 3.86 in Brazil and 3.07 in Argentina, and men had a higher incidence of CVDs when compared to women. The article also stated that for CVD the largest population-attributable fractions were due to hypertension (18.7%), abdominal obesity (15.4%), tobacco use (13.5%), low strength (5.6%), and diabetes (5.3%). Thus, the high prevalence of cardiovascular diseases in the region, coupled with the rising geriatric population, is expected to boost segment growth.
Therefore, the aforementioned factors, such as the increasing prevalence of cardiovascular diseases and the growing geriatric population, are expected to boost segment growth.
Brazil is Expected to Hold a Significant Market Share Over the Forecast Period
Brazil is expected to hold a significant market share in the remote patient monitoring systems market due to the rising burden of diseases such as cancer, diabetes, and cardiovascular diseases coupled with the rising geriatric population.
The rising prevalence of cancer in the country is a major factor in the rising adoption of remote patient monitoring systems. For instance, according to an article published by PubMed Central in November 2022, breast cancer has been a major public health problem, and it was estimated that in the 2021-2022 period, there would be about 66 thousand new cases in the country.
Moreover, the rising prevalence of cardiovascular diseases in the country is also expected to boost the market growth in the country. For instance, according to an article published by PLOS One in December 2022, Brazil has a high burden of cardiovascular diseases. The article also stated that Brazilians were going through gradual changes in eating patterns, which included excessive consumption of nutrients linked to the causes of non-communicable diseases (NCD), such as sodium, sugars, and fats. An increase in the consumption of ultra-processed foods (UPF) by the Brazilian population has been observed, which is often associated with cardiovascular diseases. Thus, the burden of cardiovascular diseases in the country, alongside the increased consumption of ultra-processed foods, is expected to boost market growth.
Therefore, the aforementioned factors, such as the increasing prevalence of chronic diseases such as cancer, cardiovascular diseases, and diabetes and the growing geriatric population, are expected to boost the market growth in Brazil.
South America Remote Patient Monitoring System Industry Overview
The South American remote patient monitoring systems market is moderately competitive, with the presence of global as well as local players. Global enterprises are competing with each other on various fronts, such as the introduction of new products, increasing geographical penetration, and enhancing distribution channels. The high competition is expected to drive merger and acquisition activities, thereby leading to market consolidation in a few business segments. Some of the key players in the market are Abbott Laboratories, Medtronic PLC, GE Healthcare, Boston Scientific Corporation, and Omron Corporation, among others.
South America Remote Patient Monitoring System Market Leaders
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Abbott Laboratories
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Medtronic PLC
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GE Healthcare
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Boston Scientific Corporation
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Omron Corporation
*Disclaimer: Major Players sorted in no particular order
South America Remote Patient Monitoring System Market News
- January 2023: The Pan American Health Organization (PAHO) developed a digital platform for providing health monitoring to remote populations in Latin American and Caribbean countries.
- October 2021: OMRON Healthcare Co., Ltd. made a foreign capital investment in Micromed, one of the technology leaders in electrocardiography and telemedicine in Brazil. This investment will help the companies accelerate the development of solutions for cardiovascular disease management and remote patient monitoring utilizing ECG technology.
South America Remote Patient Monitoring System Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rising Prevalence of Chronic Diseases and Growing Geriatric population
- 4.2.2 Growing Demand for Home-based Monitoring Devices
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4.3 Market Restraints
- 4.3.1 Stringent Regulatory Framework Coupled with Lack of Proper Reimbursement
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4.4 Porter Five Forces
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD Million)
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5.1 By Type of Device
- 5.1.1 Heart Monitors
- 5.1.2 Breath Monitors
- 5.1.3 Hematology Monitors
- 5.1.4 Others
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5.2 By Application
- 5.2.1 Cancer Treatment
- 5.2.2 Cardiovascular Diseases
- 5.2.3 Diabetes Treatment
- 5.2.4 Other Application
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5.3 By End User
- 5.3.1 Home Care Settings
- 5.3.2 Hospital/Clinics
- 5.3.3 Other End Users
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5.4 Geography
- 5.4.1 Brazil
- 5.4.2 Argentina
- 5.4.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Abbott Laboratories
- 6.1.2 Medtronic PLC
- 6.1.3 GE Healthcare
- 6.1.4 Boston Scientific Corporation
- 6.1.5 Omron Corporation
- 6.1.6 Baxter International Inc.
- 6.1.7 NIHON KOHDEN CORPORATION
- 6.1.8 Masimo Corporation
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablitySouth America Remote Patient Monitoring System Industry Segmentation
As per the scope of the report, remote patient monitoring technology comprises day-to-day monitoring devices, such as glucometers for patients with diabetes and heart or blood pressure monitors for patients getting cardiac care. Information can be sent to a physician's workplace by using telehealth communication links using a software application installed on the patient's internet-capable computer, smartphone, or tablet. The South America Remote Patient Monitoring Systems Market is Segmented by Type of Device (Heart Monitors, Breath Monitors, Hematology Monitors, and Others), Application (Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, and Other Applications), End-User (Home Care Settings, Hospital/Clinics, and Other End Users), and Geography (Brazil, Argentina, and Rest of South America). The report offers the value (in USD million) for the above segments.
| By Type of Device | Heart Monitors |
| Breath Monitors | |
| Hematology Monitors | |
| Others | |
| By Application | Cancer Treatment |
| Cardiovascular Diseases | |
| Diabetes Treatment | |
| Other Application | |
| By End User | Home Care Settings |
| Hospital/Clinics | |
| Other End Users | |
| Geography | Brazil |
| Argentina | |
| Rest of South America |
South America Remote Patient Monitoring System Market Research FAQs
How big is the South America Remote Patient Monitoring Systems Market?
The South America Remote Patient Monitoring Systems Market size is expected to reach USD 215.77 million in 2024 and grow at a CAGR of 17.78% to reach USD 489.06 million by 2029.
What is the current South America Remote Patient Monitoring Systems Market size?
In 2024, the South America Remote Patient Monitoring Systems Market size is expected to reach USD 215.77 million.
Who are the key players in South America Remote Patient Monitoring Systems Market?
Abbott Laboratories, Medtronic PLC, GE Healthcare, Boston Scientific Corporation and Omron Corporation are the major companies operating in the South America Remote Patient Monitoring Systems Market.
What years does this South America Remote Patient Monitoring Systems Market cover, and what was the market size in 2023?
In 2023, the South America Remote Patient Monitoring Systems Market size was estimated at USD 183.20 million. The report covers the South America Remote Patient Monitoring Systems Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South America Remote Patient Monitoring Systems Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South America Remote Patient Monitoring Systems Industry Report
Statistics for the 2024 South America Remote Patient Monitoring Systems market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South America Remote Patient Monitoring Systems analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
