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Kenneth Research, in its repository of market research reports, has recently added a report titled Global Remote Patient Monitoring Device Market market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the Global Remote Patient Monitoring Device Market market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Remote Patient Monitoring Device Market products.
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Global Remote Patient Monitoring Market Analysis – 2018-2027
Remote patient monitoring is used to perform monitoring tests and to record live patient data for various monitoring parameters such as vital signs, cardiac events, respiratory, neurology and other indications. The worldwide market of remote patient monitoring is anticipated to achieve a CAGR of 14.94% during the forecast period, i.e. 2020-2027. Factors such as rising incidences of cardiovascular disorders amongst individuals, coupled with factors such as favorable government policies, advancement in healthcare facilities and the changes observed in the adoption of remote patient monitoring services are some of the factors anticipated to promote the growth of the global remote patient monitoring market. The market is also thriving owing to the opportunities that are derived from increasing R&D investments for the development of healthcare infrastructure and the strategic collaborations and partnerships amongst manufacturers in the healthcare industry. Moreover, growing concern for the increasing number of chronic diseases worldwide coupled with increasing number of diabetic patients, increasing funding by the governments of nations for R&D and the advancements in the quality of healthcare services are some of the factors anticipated to drive the growth of the global remote patient monitoring market.
The global remote patient monitoring market consists of various segments that are segmented by product, type, end user and by region. The type segment is further sub-divided into wireless and wired, out of which, the wireless segment is anticipated to hold the largest market share and grow with a CAGR of 15.31% during the forecast period. Additionally, the segment is also anticipated to attain an absolute $ opportunity of USD 5931.85 million during the forecast period. On the other hand, the hospital segment, which is a sub-segment of the end-user segment, is anticipated to hold the largest market share and attain a value of USD 883.62 million by the end of 2027 by growing at a CAGR of 14.63% during the forecast period.
Based on region, the global remote patient monitoring market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. The market in Asia Pacific, which had accounted for 20.97% share in the year 2018, is estimated to grow with a CAGR of 16.06% over the forecast period owing to the rising geriatric population and increasing demand for advanced monitoring solutions.
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Some of the affluent industry leaders in the global remote patient monitoring market are BioTelemetry, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Resideo Technologies, Inc., Abbott, Boston Scientific Corporation, General Electric Company (GE Healthcare), Medtronic, F. Hoffmann-La Roche Ltd and ZOLL Medical Corporation.
About Kenneth Research
Kenneth Research provides scheduled syndicated reports that help industry professionals and organizations decipher market trends to take significant decisions and plan strategies. We cater to a wide range of industries including healthcare & pharmaceuticals, ICT & telecom, automotive & transportation, energy & power, chemicals, FMCG & food, aerospace & defense, among others. Our research team ensures to track and analyze the industry on a regular basis to offer strategic business consultancy services on a global level. We, at Kenneth Research are adept at capturing descriptive insights on crucial topics to help our clients make their informed decisions.
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