The globally connected home medical monitoring devices market is expanding rapidly. In 2023, the number of such devices reached 76.7 million, with a projected CAGR of 12.8% over the next five years, reaching 140.1 million by 2028.
This growth is fueled by several factors, including an aging population, rising prevalence of chronic diseases, and advancements in medical technology. Home monitoring solutions have become increasingly prevalent in managing conditions such as cardiac arrhythmia, sleep apnea, and diabetes.
The remote patient monitoring (RPM) market, which includes medical monitoring devices and mHealth software and services, generated revenues of $40.4 billion in 2023. RPM revenues are projected to grow at a CAGR of 13.9% between 2023 and 2028, reaching $77.3 billion by the end of the forecast period.
Connected medical devices are expected to account for 54% of total RPM revenues in 2023. However, mHealth software and services are growing at a faster pace and are projected to account for 58% of total revenues by 2028.
This industry report provides valuable insights into the challenges of chronic diseases, mHealth platforms, and physiological monitoring solution providers. It covers key topics such as:
• The impact of lifestyle-related diseases and the aging population on healthcare systems
• Overview of common chronic diseases and their treatment options
• The role of mHealth in remote healthcare delivery
• Connectivity options for medical devices and the mHealth technology value chain
• Remote monitoring solutions for cardiac rhythm management, ECG monitoring, blood pressure monitoring, and other physiological parameters
Understanding the trends and key players in the mHealth and home monitoring market can help healthcare providers, manufacturers, and other stakeholders navigate this rapidly evolving landscape.
Jon Napitupulu is Director of Media Relations at The Clinical Trial Vanguard. Jon, a computer data scientist, focuses on the latest clinical trial industry news and trends.
