Remote Health Monitoring Market 2024-2033: Analysis, Trends & Growth Forecast

The remote health monitoring market size has grown rapidly in recent years. It will grow from $4.84 billion in 2023 to $5.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to aging population and chronic diseases, telemedicine adoption, government initiatives and regulations, patient preference for home-based care, cost-efficiency in healthcare delivery.

The remote health monitoring market size is expected to see rapid growth in the next few years. It will grow to $9.73 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to rapid expansion of iot in healthcare, integration of artificial intelligence, pandemic preparedness and response, remote patient monitoring in clinical trials, increasing focus on preventive healthcare. Major trends in the forecast period include rise of wearable technology, chronic disease management, iot connectivity, data security and privacy, remote patient monitoring in elderly care.

Market Overview -
Remote health monitoring refers to the use of technology to monitor patients in non-clinical settings, such as the home. This healthcare delivery technique benefits patients, physicians, caregivers, and the healthcare system by leveraging technological improvements to collect patient data outside typical healthcare facilities.

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Rising Global Aging Population Fuels Growth In Remote Health Monitoring Market
The rising global old age population is significantly contributing to the growth of the remote health monitoring market going forward. The old age population refers to people aged 65 and over. Remote health monitoring is used to remotely monitor the health of elderly people to avoid identifying relapses in conditions, therefore, enabling early intervention by tracking a person's physiological data. For instance, in October 2022, according to data published by the world health organization (WHO), a Switzerland-based international intergovernmental organization focused on international public health, the global population aged over 60 is projected to 2.1 billion in 2050. The number of people aged 80 and more is predicted to treble between 2020 and 2050, reaching 426 million. Therefore, the rising global old age population will drive the remote health monitoring market.

Competitive Landscape -
Major companies operating in the remote health monitoring market report are Nihon Kohden Corporation, Koninklijke Philips NV, Omron Corporation, F. Hoffmann-La Roche Ltd., American Telecare Inc., Welch Allyn Inc., Boston Scientific Corporation, GE Healthcare Company, Masimo Corporation, Vitls Inc., Abbott Laboratories, Biotronik SE & Co. KG, LifeWatch AG, Athelas Inc., Capterra Inc., Dexcom Inc., Senseonics Holdings Inc., AT&T Inc., Medtronic plc, Resideo Technologies Inc., Health Recovery Solutions Inc., Babyscripts Inc., TytoCare Ltd., Accuhealth Inc., Vivify Health Inc., Get Well Network Inc., VitalTech Holdings Inc., Rimidi Inc., SeamlessMD Inc., Raziel Health Inc., Conversa Health Inc., Livongo Health Inc. .

Revolutionizing Healthcare Through The Impact Of Advanced Technologies In Remote Health Monitoring
Technological advancement is the key trend gaining popularity in the remote health monitoring market. Major companies operating in the remote health monitoring market are focusing on integrating new technology, such as cloud computing and artificial intelligence (AI), into the remote health monitoring systems to make remote health monitoring systems more accurate. Artificial intelligence (AI) and machine learning use mathematical data models to assist a computer in learning without direct direction. It helps transform how healthcare organizations conduct remote patient monitoring at scale and improve patient outcomes. For instance, in October 2021, Honeywell International Inc., a US-based technology company, launched real-time health monitoring System (RTHMS). This is an intelligent edge-to-cloud communication technology for remote and real-time patient monitoring. The solution combines hardware and software to improve care delivery and increase healthcare worker productivity and process efficiency. RTHMS can cut hospital administrative tasks by 35% by digitizing and automating important tasks. This edge-to-cloud technology also generates real-time notifications if patients' vital signs deviate from acceptable or normal ranges.

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Key Segments -
The remote health monitoring market covered in this report is segmented -
1) By Devices: Respiratory monitoring, Blood glucose monitoring, Cardiac monitoring, Multi-parameter monitoring
2) By Application: Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Management and Fitness Monitoring, Other Applications
3) By End-User: Home Care Settings, Hospitals/Clinics, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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