North America Remote Patient Monitoring Market Leading Growth Drivers, Emerging Audience, Segments, Sales, Profits and Analysis

Market Introduction

North America Remote Patient Monitoring Market North America is largest market for remote patient monitoring with the US holding the largest market share followed by Canada. North America Remote Patient Monitoring Market 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. North America Remote Patient Monitoring Market 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.

North America Remote Patient Monitoring 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. North America Remote Patient Monitoring Market 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.

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North America Remote Patient Monitoring Market 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. North America Remote Patient Monitoring Market Approximately 2,300 Americans die of cardiovascular disease per year and an average of one death is recorded in every 38 seconds.

North America Remote Patient Monitoring Market North America has experienced a rising number of cases of COVID-19 since its outbreak. The clinical and product development engine has experienced profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also severely affected by disruptions in both new enrollment and in keeping existing patients on therapies. The impact of COVID-19 has placed many biomedical sensors companies under pressure. North America Remote Patient Monitoring Market However, it also has had a positive impact on the medical device industry, wherein the demand for R&D activity is increasing, leading to a rise in medical device assistance for the detection of COVID-19.

📚𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐋𝐢𝐧𝐤 @ https://www.businessmarketinsights.com/reports/north-america-remote-patient-monitoring-market

𝐓𝐡𝐞 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐂𝐨𝐦𝐩𝐚𝐧𝐢𝐞𝐬

Medtronic

Koninklijke Philips N.V.

Boston Scientific Corporation

Abbott

OMRON Corporation

Siemens Healthineers AG

Nihon Kohden Corporation

General Electric Company

VitalConnect

Cerner Corporation

North America Remote Patient Monitoring Market For instance, the researchers of the University Of Illinois Grainger College Of Engineering developed an ultrasensitive test using a paper-based electrochemical sensor that can detect the presence of the coronavirus in five minutes. Furthermore, the Government of Canada is invested $25.8M in COVID-19 research to contribute to the global efforts for research on medical countermeasures against COVID-19. North America Remote Patient Monitoring Market For instance, a research project on “Rapid, Ultrasensitive Clinical Detection of 2019 Novel Coronavirus (nCOVID-19) by Novel Microfluidic Electrochemical Nano-Biosensors” was funded US$ 0.79 million. The Government of Canada provided the funding ($26.8M) for the first wave of COVID-19 research projects through the CIHR, the Natural Sciences and Engineering Research Council of Canada (NSERC), the Social Sciences and Humanities Research Council (SSHRC), the International Development Research Centre (IDRC), the Canada Research Coordinating Committee (CRCC) through the New Frontiers in Research Fund (NFRF), and Genome Canada (GC). Thus, increasing funding by the government in research and development activities anticipated the growth of the remote patient monitoring market.

Key Drivers of RPM Adoption in North America

1. Aging Population North America, particularly the United States, has one of the fastest-growing aging populations. According to the U.S. Census Bureau, by 2030, one in five Americans will be 65 years or older. Elderly people typically suffer from multiple chronic conditions, which require continuous monitoring and frequent healthcare visits. RPM allows for continuous tracking of vital parameters such as blood pressure, blood sugar levels, oxygen saturation, and heart rate, making it easier to manage chronic diseases from home.
2. Chronic Disease Management Chronic diseases like diabetes, hypertension, heart disease, and respiratory disorders are becoming increasingly prevalent in North America. These conditions require long-term monitoring and frequent interventions. RPM facilitates real-time data collection, allowing healthcare providers to make informed decisions and adjust treatment plans quickly. This proactive approach to disease management not only reduces the risk of complications but also lowers hospital readmission rates and emergency room visits.
3. Cost-Effectiveness One of the primary drivers for RPM adoption is the rising cost of healthcare. RPM reduces the need for in-person visits, which saves both time and money for healthcare providers and patients. Moreover, by enabling early detection of health issues, RPM can prevent the escalation of conditions that would otherwise require more expensive treatments, including hospital admissions. Insurance companies are also increasingly recognizing the value of RPM as a cost-saving tool and are providing incentives to both healthcare providers and patients to adopt RPM.
4. Technological Advancements The continuous development of wearable health devices, mobile health applications, and cloud-based platforms has been a significant catalyst for the growth of RPM in North America. Devices such as smartwatches, fitness trackers, and medical-grade wearables can monitor vital signs like heart rate, sleep patterns, and physical activity. These devices are often integrated with mobile apps and cloud systems that allow patients to share data with healthcare providers seamlessly. Artificial intelligence (AI) and machine learning algorithms also play a role in analyzing patient data, providing valuable insights into health trends, and predicting potential issues before they become critical.
5. COVID-19 Pandemic The COVID-19 pandemic has been a key turning point for RPM adoption in North America. During the pandemic, healthcare systems were overwhelmed, and patients were reluctant to visit hospitals due to the risk of infection. RPM allowed healthcare providers to continue monitoring patients remotely, reducing the need for in-person visits and ensuring continuous care. The pandemic also accelerated the adoption of telemedicine, and many of the temporary regulatory changes that facilitated remote healthcare have now become permanent. This shift has further spurred the growth of RPM services in the region.

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