Remote Patient Monitoring Services Market: Outlook
The advancements in the healthcare industry are growing at a rapid rate. The healthcare industry is in a state of constant flux and is evolving daily. Digitization is one of the prominent aspects of the healthcare industry and has set the stage for further developments.
The remote patient monitoring services is one of the important innovations and is a result of the extensive technological advancements in the healthcare industry. The booming number of the aging population, the expansive prevalence of chronic diseases, higher labor costs, and notable spending on modern healthcare infrastructure may bring promising growth for the global remote patient monitoring services market during the tenure of 2020-2030.
With the growing efforts to reduce the load of chronic diseases around the world, many healthcare players are focusing on investments across novel technologies.
Remote patient monitoring services offer a blend of biosensor advancements and machine learning to reduce hospitalization and readmission, eventually decreasing the burden on healthcare workers. This factor invites good growth for the remote patient monitoring services market.
On the basis of revenue generation model, the remote patient monitoring services market can be classified into subscription-based, pay-per-service, and others. The magnifying utilization of remote patient monitoring services across clinics, hospitals, home care settings, and long term care centers will help in increasing the growth rate.
The study on the remote patient monitoring services market helps the CXOs to bury the barriers of fake information and offers a full analysis of varied segments. The report offers a five-point (emerging trends, competitive landscape, a scrutinized detail of the regions, key players, and latest developments) benefit to the stakeholder. This factor plays an important part in imparting the right information to the stakeholder.
Furthermore, the study pays attention to the effect of the SARS-CoV-2 pandemic and also on the dangers that may hurt the growth of the remote patient monitoring services market. The analysis by the researchers also highlights the opportunities and challenges that the remote patient monitoring services market is anticipated to face between 2020 and 2030.
Remote Patient Monitoring Services Market: Industry Insights
The remote patient monitoring services market is highly competitive with a large number of players vying for a top position. The players face fierce competition from other competitors. The players invest heftily in research and development activities for developing integrated remote patient monitoring solutions,
Some well-entrenched players in the remote patient monitoring services market are Nihon Kohden Corporation, St. Jude Medical(Abbott), Wipro Limited, Medtronic Inc., Tech Mahindra Limited, and Qualcomm Life, Inc.
Remote Patient Monitoring Services Market: COVID-19 Impact
The demand for remote patient monitoring services increased considerably post-pandemic. COVID-19 is likely to prove fatal for patients with comorbidities like diabetes. Hence, a substantial chunk of individuals opted for remote patient monitoring services.
Many hospitals are availing the remote patient monitoring services as the burden of COVID-19 patients is escalating immensely. For instance, Zyter recently introduced a virtual rounding solution for COVID-19 patients. Such developments invite exceptional growth prospects.
Remote Patient Monitoring Services Market: Role of Startups
Startups are playing an important role in introducing revolutionary advancements across the remote patient monitoring services market. Heavy investments in the remote patient monitoring services sector are adding extra stars of growth. Various startups are developing novel software and hardware technologies to remotely monitor patients, eventually increasing the growth rate.
Remote Patient Monitoring Services Market: Regional Dimensions
North America’s remote patient monitoring services market is expected to hold a dominant position between 2020 and 2030 on the back of the rising prevalence of chronic diseases. The remote patient monitoring services market in Europe may secure the second position in terms of regional growth.
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