Remote Health Monitoring Global Market Report 2023

New York, June 09, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Remote Health Monitoring Global Market Report 2023” – https://www.reportlinker.com/p06466444/?utm_source=GNW

The global remote health monitoring market is expected to grow from $4.15 billion in 2022 to $4.84 billion in 2023 at a compound annual growth rate (CAGR) of 16.65%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The remote health monitoring market is expected to reach $.49 billion in 2027 at a CAGR of 15.1%.

The remote health monitoring market includes revenues earned by entities by providing health monitoring services through homecare telehealth, supports diagnosis, heath risk assessment, data storage and analysis, clinical decision support, disease surveillance.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Remote health monitoring refers to the use of technology to monitor patients in non-clinical settings, such as the home. This healthcare delivery technique benefits patients, physicians, caregivers, and the healthcare system by leveraging technological improvements to collect patient data outside typical healthcare facilities.

North America was the largest region in the remote health monitoring market in 2022. The regions covered in remote health monitoring report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of devices for remote health monitoring are respiratory monitoring, blood glucose monitoring, cardiac monitoring, and multi-parameter monitoring.Respiratory monitoring refers to the monitoring of the respiratory process by monitoring blood gases and brain and organ oxygenation and perfusion and hemodynamic.

These are used in various applications such as cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorder, weight management, and fitness monitoring, others, and are used in home care settings, hospitals/clinics, and others.

The rising global old age population is significantly contributing to the growth of the remote health monitoring market going forward.The old age population refers to people aged 65 and over.

Remote health monitoring is used to remotely monitor the health of elderly people to avoid identifying relapses in conditions, therefore, enabling early intervention by tracking a person’s physiological data. For instance, in October 2022, according to data published by the world health organization (WHO), a Switzerland-based international intergovernmental organization focused on international public health, the global population aged over 60 is projected to double from 1 billion in 2020 to 2.1 billion in 2050. The number of people aged 80 and more is predicted to treble between 2020 and 2050, reaching 426 million. Therefore, the rising global old age population will drive the remote health monitoring market.

Technological advancement is the key trend gaining popularity in the remote health monitoring market.Major companies operating in the remote health monitoring market are focusing on integrating new technology, such as cloud computing and artificial intelligence (AI), into the remote health monitoring systems to make remote health monitoring systems more accurate.

Artificial intelligence (AI) and machine learning use mathematical data models to assist a computer in learning without direct direction.It helps transform how healthcare organizations conduct remote patient monitoring at scale and improve patient outcomes.

For instance, in October 2021, Honeywell International Inc., a US-based technology company, launched Real-Time Health Monitoring System (RTHMS). This is an intelligent edge-to-cloud communication technology for remote and real-time patient monitoring. The solution combines hardware and software to improve care delivery and increase healthcare worker productivity and process efficiency. RTHMS can cut hospital administrative tasks by 35% by digitizing and automating important tasks. This edge-to-cloud technology also generates real-time notifications if patients’ vital signs deviate from acceptable or normal ranges.

In September 2022, Medicare Inc. a US-based healthcare services company acquired VRI Intermediate Holdings LLC for $315 million. The acquisition adds remote health monitoring services to Medicare’s portfolio of offerings. VRI Intermediate Holdings LLC is a US-based provider of remote health monitoring technology and solutions.

The countries covered in the remote health monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The remote health monitoring market research report is one of a series of new reports that provides remote health monitoring market statistics, including remote health monitoring industry global market size, regional shares, competitors with a remote health monitoring market share, detailed remote health monitoring market segments, market trends, and opportunities, and any further data you may need to thrive in the remote health monitoring industry. This remote health monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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