In addition, these technologies allow for continuous monitoring of the patient's condition. Furthermore, these gadgets are small and portable, allowing patients to use them every time without any discomfort. Remote monitoring systems, mobile cardiac telemetry devices, mobile personal digital assistant (PDA) systems, ambulatory wireless EEG recorders, and ambulatory event monitors are important elements supporting the remote patient monitoring market growth.
On the contrary, technological improvements are projected to provide profitable prospects for market players in the future. Government rules, reimbursement concerns, lack of awareness, and exorbitant expenses, on the other hand, hinder the market expansion. Globally, the proportion of people aged 65 and above surged from 6% in 1990 to 9% in 2019, with a projected growth rate of 16% in 2050. In 2050, this population is expected to increase to $1.5 billion. According to the World Population Ageing 2020 study, in 2020, there were $703 million individuals aged 65 and above across the globe. Furthermore, geriatric population is more prone to chronic disorders, hence, remote patient devices are used by them. Remote patient monitoring devices are becoming more popular across the globe since they are simple to use and can be utilized by people of all ages. The growth of remote patient monitoring market size is driven by increase in the prevalence of lifestyle disorder, increase in usage of remote patient monitoring devices, and an increase in the geriatric population. Hence, overall, the pandemic had a positive impact on remote monitoring market. The remote patient monitoring market had a positive impact during the pandemic, owing to social distancing norms and least availability of hospital beds prompted for maximum adaptation of home-based patient care system. In recent years, there has been an increase in demand to improve healthcare infrastructure, surge in cost benefits of telehealth, and rise in remote patient monitoring technologies, owing to the rapidly growing global population and surge in occurrence of chronic diseases. Increase in number of geriatric population and rise in disposable income drive the growth of the remote patient monitoring market share. The information can be gathered at patient's home, saving money on care and hospitalization. Remote patient monitoring collects medical and other types of health data like clinical data, patient registry and patient current health status is transmitted to a healthcare provider using digital technologies. The global remote patient monitoring market was valued at $1.9 billion in 2021, and is projected to reach $8.5 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031.
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