Remote Patient Monitoring Market Trends

Growth Drivers

• Growing Cases of Cardiovascular Diseases to Boost the Market Growth   - It is estimated that approximately 18 million people die on account of cardiovascular (CVDs) disease every year while in 2020, around 350,000 people lost their lives due to coronary heart disease.The modern era is the era of advanced technology that is flourished with the new innovative technological development of medical devices. Remote patient monitoring are very useful for patients and healthcare providers since they are easy to operate and quite affordable. Almost every household has access to some sort of personal patient monitoring device. Some of the common examples of these devices are thermometers, ECG, blood pressure cuffs, pulse oximeters, scales, glucometers, and others.

• Rising Prevalence of Diabetes across the Globe- As of 2019, almost 2 million people deceased owing to diabetes while around 35 million individuals were still living with diabetes.
• Up Surged Demand Owing to Higher Penetration of Respiratory Diseases- As per the report published by the Pan America Health Organization (PAHO), it was demonstrated that around 534,242 deaths were caused by chronic respiratory diseases solely in America.
• Exponential Growth in the Global Healthcare Expenditure  - World Bank stated that in 2019, the global health expenditure hit USD 1,121.9 per capita.
• The rising Cases of COVID-19 during the Pandemic Outbreak- As per the data in 2021, about 300 million cases of COVID-19 are reported across the globe including 5 million deaths.

Challenges

• A Significant Need for Higher Initial Investment
• Lack of Awareness and AffordabilityMost of the elders are not aware of the telehealth facilities. Also, some are not ready to leave behind the conventional method of appointments and refuse to adopt to the new techniques. The fraud associated with this in the name of insurance may victimize anyone including physicians and patients. These behavioral barriers are also significantly restraining market growth due to unfamiliarity and lack of experience.

• Lack of Requisite Medical Workforce