North America Remote Patient Monitoring Market
North America is largest market for remote patient monitoring with the US holding the largest market share followed by Canada. U.S. is the largest market for the remote patient monitoring. The growth of market is due to the factors such as increase in the demand of remote patient monitoring devices from hospitals & clinics, rise prevalence in the cardiovascular disease, and home healthcare in the US and the rise in the geriatric population in U.S. In addition, the country is far ahead from the other developed and developing countries in terms of technology. The advancement in the technology has forced to develop various remote patient monitoring devices and technologies that are used for its applications However, the veterans in healthcare industry are reluctant to the adoption of remote patient monitoring systems which is restraining the remote patient monitoring devices market. The companies in the region are growing due to the adoption of the strategic steps such as agreements, collaboration, product launches and many more. For instance, in Jan 2019, NewYork-Presbyterian Hospital and Philips team up for remote patient monitoring. NewYork-Presbyterian Hospital has planned to expand its virtual care capabilities with remote monitoring services from Philips. The doctors at Weill Cornell Medicine will utilize the Philips eCareCoordinator and eCareCompanion solutions under hospital affiliation. The use of remote patient monitoring devices can help to cut the chronic disease treatment cost and duration. For instance, coronary artery disease is among the leading cause of the morbidity and mortality in the well matured countries. As per the Center of Disease Control report, one out of four deaths are attributed to coronary artery disease. The coronary artery diseases cost human, productivity, more than US$ 100 billion per year in US. In addition, the recently published report by the American Heart Association in 2018 states that one of every three deaths are caused due to cardiovascular diseases. Approximately 2,300 Americans die of cardiovascular disease per year and an average of one death is recorded in every 38 seconds.
North America has experienced a rising number of cases of COVID-19 since its outbreak. The clinical and product development engine has experienced profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also severely affected by disruptions in both new enrollment and in keeping existing patients on therapies. The impact of COVID-19 has placed many biomedical sensors companies under pressure. However, it also has had a positive impact on the medical device industry, wherein the demand for R&D activity is increasing, leading to a rise in medical device assistance for the detection of COVID-19. For instance, the researchers of the University Of Illinois Grainger College Of Engineering developed an ultrasensitive test using a paper-based electrochemical sensor that can detect the presence of the coronavirus in five minutes. Furthermore, the Government of Canada is invested $25.8M in COVID-19 research to contribute to the global efforts for research on medical countermeasures against COVID-19. For instance, a research project on “Rapid, Ultrasensitive Clinical Detection of 2019 Novel Coronavirus (nCOVID-19) by Novel Microfluidic Electrochemical Nano-Biosensors” was funded US$ 0.79 million. The Government of Canada provided the funding ($26.8M) for the first wave of COVID-19 research projects through the CIHR, the Natural Sciences and Engineering Research Council of Canada (NSERC), the Social Sciences and Humanities Research Council (SSHRC), the International Development Research Centre (IDRC), the Canada Research Coordinating Committee (CRCC) through the New Frontiers in Research Fund (NFRF), and Genome Canada (GC). Thus, increasing funding by the government in research and development activities anticipated the growth of the remote patient monitoring market.
Strategic insights for the North America Remote Patient Monitoring provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
| Report Attribute | Details |
|---|---|
| Market size in 2021 | US$ 11,540.64 Million |
| Market Size by 2028 | US$ 76,657.92 Million |
| Global CAGR (2021 - 2028) | 31.1% |
| Historical Data | 2019-2020 |
| Forecast period | 2022-2028 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The geographic scope of the North America Remote Patient Monitoring refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
The remote patient monitoring market in North America is expected to grow from US$ 11,540.64 million in 2021 to US$ 76,657.92 million by 2028; it is estimated to grow at a CAGR of 31.1% from 2021 to 2028. Various developing and under-developed countries still do not have access to healthcare facilities. The patients from these places must travel a long way to get their routine checkups done from healthcare professionals. Remote patient monitoring and IoT enabled healthcare devices can help these patients to communicate as well as get diagnosed and monitored with the healthcare professionals from their homes, thus saving the time and cost involved in travelling. The expansion of IoT and connected healthcare services in such locations can be a prospective taken into consideration by the major companies operating in the remote patient monitoring devices in healthcare market.
In terms of type, the devices segment accounted for the largest share of the North America remote patient monitoring market in 2021. In term of end user, provider segment held a larger market share of the remote patient monitoring market in 2021.
A few major primary and secondary sources referred to for preparing this report on the remote patient monitoring market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Koninklijke Philips N.V.; Nihon Kohden Corporation; Medtronic; General Electric; Cerner Corporation; Siemens Healthineers AG; Boston Scientific Corporation; Omron Healthcare; Abbott; and VitalConnect among others.
The North America Remote Patient Monitoring Market is valued at US$ 11,540.64 Million in 2021, it is projected to reach US$ 76,657.92 Million by 2028.
As per our report North America Remote Patient Monitoring Market, the market size is valued at US$ 11,540.64 Million in 2021, projecting it to reach US$ 76,657.92 Million by 2028. This translates to a CAGR of approximately 31.1% during the forecast period.
The North America Remote Patient Monitoring Market report typically cover these key segments-
The historic period, base year, and forecast period can vary slightly depending on the specific market research report. However, for the North America Remote Patient Monitoring Market report:
The North America Remote Patient Monitoring Market is populated by several key players, each contributing to its growth and innovation. Some of the major players include:
The North America Remote Patient Monitoring Market report is valuable for diverse stakeholders, including:
Essentially, anyone involved in or considering involvement in the North America Remote Patient Monitoring Market value chain can benefit from the information contained in a comprehensive market report.
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