Remote Patient Monitoring Market to Be Worth $116.84 Billion by 2031 - Exclusive Report by Meticulous Research

REDDING, Calif., May 6, 2024 /PRNewswire/ -- According to a new market research report titled, 'Remote Patient Monitoring Market by Product ([Blood Glucose, Respiratory, Blood Pressure, Fetal, Weight Monitoring] [Wearable, Portable, Benchtop]) Application (Diabetes, Oncology, Cardiovascular, Neurological Disorders) End User—Global Forecast to 2031,' published by Meticulous Research, the remote patient monitoring market is projected to reach $116.84 billion by 2031, at a CAGR of 13.7% from 2024 to 2031.

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Remote patient monitoring involves the use of connected medical devices to measure and monitor patient health data and transmit it to the healthcare provider. It also involves the use of software platforms to transmit the data to healthcare providers, where they can analyze the information and generate actionable insights. Healthcare professionals can intervene in disease management as necessary, either in person or virtually.

The increasing geriatric population, rising prevalence of chronic diseases, shortage of healthcare professionals, growing awareness regarding the benefits of RPM, such as convenience and improved patient outcomes, rising need to reduce healthcare costs, and favorable government initiatives promoting remote patient monitoring are the factors driving the growth of the remote patient monitoring market. Additionally, technological advancements in telehealth & remote patient monitoring, emerging economies with growing patient populations, increasing adoption of wearable devices, advancements in sensor technologies, and integration of artificial intelligence with RPM serve are expected to create market growth opportunities.

However, data accuracy & reliability concerns and barriers limiting the use of remote patient monitoring technologies, such as limited access and low technology literacy among patients, restrain the growth of the market. Additionally, data security & privacy concerns and increased overhead expenses due to the need for additional staff to manage RPM systems are some of the challenges impacting the market's growth.

Integration of Artificial Intelligence with Remote Patient Monitoring Technologies

Artificial Intelligence (AI) is broadening the scope of remote patient monitoring and telemedicine technologies. Remote patient monitoring technologies enable doctors to monitor patients afflicted with chronic diseases or those requiring post-surgery care remotely. RPM was initially used to monitor chronic patients in rural areas; however, gradually, its applications expanded to hospitals for post-surgery care as well. With the growing need for personalized medicine, companies are trying to introduce new and advanced devices to enable doctors to monitor patients' vital signs and provide online consultations. The COVID-19 pandemic highlighted the benefits of RPM, with people around the globe growing inclined toward using the technology due to the fear of contracting the virus.