North America Remote Patient Monitoring Devices market is expected to grow from US$ 273.75 Mn in the year 2018 and is expected to reach US$ 604.07 Mn by 2027 growing at a CAGR of 9.5% over the forecast period.
NORTH AMERICA REMOTE PATIENT MONITORING DEVICES MARKET SEGMENTATION
North America Remote Patient Monitoring Devices Market: By Product
• Vital Sign Monitors
• Special Monitors
North America Remote Patient Monitoring Devices Market: By Application
• Cardiovascular Diseases Treatment
• Cancer Treatment
• Sleep Disorder Treatment
• Diabetes Treatment
• Weight Management & Fitness Monitoring
North America Remote Patient Monitoring Devices Market: By End user
• Hospitals & Clinics
• Ambulatory Care Centers
• Home Healthcare
North America Remote Patient Monitoring Devices Market: By Country
• U.S.
• Canada
• Mexico
North America Remote Patient Monitoring Devices Market: Companies Mentioned
• Koninklijke Philips N.V.
• GE Healthcare
• Boston Scientific Corporation
• Omron Healthcare
• Medtronic Plc.
• Welch Allyn
• Resideo Technologies (Honeywell Life Care)
• Abbott Laboratories
• Biotronik SE & Co. KG
• Masimo Corporation
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A dynamic interplay of factors is fueling significant growth in the remote patient monitoring (RPM) devices market, with the United States at the forefront of this expansion, playing a pivotal role in the North America Remote Patient Monitoring Devices Market. A primary catalyst is the increasing need for RPM solutions across the spectrum of healthcare delivery, from traditional hospital and clinic environments to the rapidly evolving landscape of home healthcare. This heightened demand signifies a growing recognition of the advantages offered by remote monitoring, including enhanced patient convenience, potential for cost savings within the healthcare system, and the critical ability to detect early indicators of health issues, enabling timely and effective medical intervention. This increasing reliance on RPM is a key driver for the North America Remote Patient Monitoring Devices Market.
The demographic shift towards an aging population, particularly prominent in the U.S., is another substantial factor propelling the growth of the RPM market and a significant determinant of the North America Remote Patient Monitoring Devices Market’s trajectory. Individuals aged 65 and over represent a demographic group with a higher likelihood of developing chronic diseases that necessitate consistent health oversight. Global statistics from the United Nations underscore the increasing global proportion of older adults. In North America, the geriatric population accounted for approximately 15% in 2015 and is projected to rise to 22% by 2050. This demographic trend necessitates the widespread adoption of innovative healthcare technologies such as RPM devices to effectively manage the health and well-being of an expanding elderly population, thereby fueling the expansion of the North America Remote Patient Monitoring Devices Market.
Furthermore, governmental initiatives, such as the Meaningful Use Act in the United States, have significantly contributed to the momentum of the RPM market and the overall North America Remote Patient Monitoring Devices Market. By incentivizing healthcare providers to adopt electronic health records and related digital health technologies, these policies have created a more favorable environment for the integration of RPM devices into standard clinical practice. The rising incidence of cardiovascular diseases in both the U.S. and Mexico also plays a critical role in driving the demand for RPM technologies, as these devices offer continuous monitoring of essential physiological parameters, crucial for managing patients with cardiac conditions and preventing potential complications. While the U.S. is anticipated to lead the adoption of RPM across the North American region throughout the forecast period, a potential challenge to market growth is the resistance some healthcare professionals may exhibit towards the integration of new patient monitoring systems into their existing workflows. Addressing these concerns through comprehensive education, clear demonstrations of the benefits, and user-friendly system designs will be crucial for realizing the full potential of the North American Remote Patient Monitoring Devices Market.
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