Market Introduction
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.
Exploring the Growth of the North America Remote Patient Monitoring Market
The North America Remote Patient Monitoring Market has witnessed significant growth over the past few years, driven by the rising need for efficient and real-time healthcare solutions. Remote patient monitoring (RPM) refers to the use of digital technologies to collect medical data from patients outside traditional healthcare settings, such as in the home, and electronically transmit that information to healthcare providers for assessment and recommendations. This approach not only enhances patient care but also reduces the burden on healthcare systems. One of the primary factors fueling the expansion of the North America Remote Patient Monitoring Market is the increasing prevalence of chronic diseases, including diabetes, hypertension, and cardiovascular conditions. With a growing aging population, the demand for continuous health monitoring has increased, encouraging the adoption of RPM technologies. These tools allow healthcare professionals to monitor vital signs and symptoms remotely, thereby improving patient outcomes and preventing complications.
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In addition, the growing integration of advanced technologies such as artificial intelligence, wearable devices, and Internet of Things (IoT) solutions has further strengthened the North America Remote Patient Monitoring Market. These innovations have made it possible to gather accurate and real-time health data, enabling proactive medical intervention. Wearables like smartwatches and biosensors are becoming increasingly popular among patients, promoting greater engagement in personal health management.
The COVID-19 pandemic played a crucial role in accelerating the development of the North America Remote Patient Monitoring Market. During the crisis, hospitals and clinics were overwhelmed with patient loads, making remote monitoring an essential component of care delivery. As healthcare providers sought to minimize in-person contact, RPM emerged as a safe and effective alternative to manage patients with mild symptoms and those with chronic conditions requiring ongoing care.
Furthermore, government support and favorable reimbursement policies have helped boost the North America Remote Patient Monitoring Market. Public and private healthcare systems are investing in digital health infrastructure to meet the rising demand for remote care services. These efforts are aimed at reducing hospital readmissions, lowering healthcare costs, and enhancing the overall quality of care.
The increasing awareness among patients about the benefits of remote monitoring is also playing a pivotal role in the growth of the North America Remote Patient Monitoring Market. Patients appreciate the convenience, safety, and empowerment that comes with being able to monitor their health from the comfort of their homes. This shift in patient preference is encouraging healthcare systems to adopt and integrate RPM solutions into their service offerings.
Despite the positive trends, the North America Remote Patient Monitoring Market still faces certain challenges. Data privacy concerns, lack of standardization, and the need for robust connectivity infrastructure in rural areas are some of the barriers to widespread adoption. However, with continued investment in digital health and increased awareness of its benefits, these challenges are expected to diminish over time. In conclusion, the North America Remote Patient Monitoring Market is poised for continued expansion as healthcare moves toward more personalized, data-driven, and technology-enabled models of care. By enhancing access, improving patient outcomes, and reducing costs, remote patient monitoring is shaping the future of healthcare in North America.
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Medtronic
Koninklijke Philips N.V.
Boston Scientific Corporation
Abbott
OMRON Corporation
Siemens Healthineers AG
Nihon Kohden Corporation
General Electric Company
VitalConnect
Cerner Corporation
Market Overview and Dynamics
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.
Despite these challenges, the North American RPM market continues to grow, supported by the adoption of strategic initiatives such as partnerships, product launches, and technological collaborations. These steps aim to expand the capabilities of remote care and increase its acceptance among healthcare providers. One of the prominent applications of RPM is in the management of coronary artery disease, a condition that remains a leading cause of morbidity and mortality in the region. According to public health data, coronary artery disease alone accounts for one in four deaths in the United States and incurs costs exceeding $100 billion annually, including lost productivity and medical expenses.
Furthermore, cardiovascular diseases collectively are responsible for one in every three deaths in the country, with approximately 2,300 fatalities occurring each day. These figures highlight the critical need for effective monitoring tools that can manage these conditions efficiently and reduce both health and economic burdens. RPM technologies offer a promising solution by enabling real-time tracking of patient vitals and facilitating proactive management strategies.
The COVID-19 pandemic has played a pivotal role in accelerating the adoption of remote patient monitoring solutions. The outbreak led to an unprecedented strain on healthcare systems, with reduced access to in-person services and an urgent need to monitor patients remotely. As a result, RPM emerged as a vital component of the pandemic response, providing a safe and effective means of tracking patientsโ health without exposing them or healthcare workers to infection risks. The pandemic also led to a shift in healthcare delivery models, normalizing the use of virtual care and reinforcing the value of digital health technologies.
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