NEW YORK, June 18, 2020 /PRNewswire/ -- The global Remote Patient Monitoring Market is forecast to reach USD 2.14 Billion by 2027, according to a new report by Reports and Data. The market in the past few years has witnessed an increase in demand owing to the growing penetration of the internet and the emergence of advanced technologies in the healthcare sector. Digital health has developed into a successful business, attracting several industries from the outside of healthcare.
Various factors have contributed to the growth of the industry. One of the major drivers for growing demand has been rapid technological advancements in different industries like artificial intelligence, which has, in turn, contributed to the growth of this industry. Apart from technological advancements, applicability, and convenience associated with the use of this service, have also acted as a significant contributing factor for this industry.
Remote patient monitoring provides the service users with the scope of using it from any location resulting in the elimination of geographic barriers associated with cardiac care and associated services. Such benefits related to the use of this service has promoted its rapid acceptance among the end-users as well as the care users.
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Without artificial intelligence (AI), the industry can provide incremental improvements in efficiency. With AI's help, there can be an increase in efficiency by a huge magnitude. With AI, RPM has the potential to be a crucial part of the solution to the problem of skyrocketing healthcare costs caused by an aging population.
A New York-based startup AiCure has developed a unique mobile AI healthcare assistant in IMA. Its platform enables physicians and clinicians to monitor the changes in the patient by the change in facial expressions using facial recognition and computer vision algorithms. The company was founded in 2010 and was able to raise a total of USD 51.75 Million in funding.
The COVID-19 impact:
The COVID-19 virus pandemic has initiated a seismic wave of health anxiety and awareness, which is triggering a new category of virus-fighting tech. The lockdown to ensure social distancing has surged in the short run and the manufacturers are positive the demand for these products will surge in the long run, especially due to COVID-19. The adoption of market services will particularly witness an increase in remote areas. The support from the government across the globe will propel the market demand as well.
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Further key findings from the report suggest
For the purpose of this report, Reports and Data have segmented the global Remote Patient Monitoring Market on the basis of product, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
Regional Outlook (Revenue, USD Billion; 2017-2027)
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