NEW YORK – The global remote patient monitoring market will reach $1.9 billion by 2025, predicts a new report by consulting and advisory firm Grand View Research Inc.
“Remote patient monitoring devices, due to their capability to monitor various chronic conditions such as diabetes, cardiovascular conditions and cancer are expected to witness substantial growth over the forecast period,” wrote the report’s authors.
Drivers for that growth include the rise in demand for home health care and independent living by seniors, as well as
improving health care infrastructure and increasing post-acute care management, according to the report.
The rapid growth of the remote patient monitoring market is indicative of the world embracing new technologies in health care, said Jack Tawil, CEO of Medpod Inc., a maker of mobile medical carts and other telehealth devices.
“As technology becomes more ubiquitous, the standard of patient monitoring is being raised to new levels, and providers and patients are being empowered by information that can help detect issues early and promote understanding and greater engagement in preventive care,” he said.
Also helping to spur that growth: The remote patient monitoring market has seen many important technological developments, with the integration of professional-grade medical equipment into mobile carts and other structures being at the top of the list, Tawil said.
“The miniaturization and mobilization of the office or clinic frees physicians to extend beyond the walls of their traditional practice and deliver, from a remote location, in-home care that is on par with an in-office visit,” he said.
The report identified heart rate monitors as the most lucrative sub-segment of the remote patient monitoring market, and while hospitals accounted for a bankable share, alternate sites for patient monitoring like home health care and ambulatory care are expected to see profitable growth over the next 10 years.
The report pegged North America for more than 40% of the remote patient monitoring market because of the high demand for technologically advanced products.