Growth of Remote Patient Monitoring Industry and Future Trends by 2023
Smart medical devices have become an asset to the healthcare industry and a boon to the geriatric population. The usage of these devices is quite simple as it is operated with the help of a smartphone. Since smartphones are prominent all over the world, it makes the adoption of smart medical devices much more acceptable.
The devices have a range of applications such as monitoring heart rate, glucose monitoring, pain relief, insulin delivery and others. Since the geriatric population is highly prone to ailments such as cancer and diabetes, the growth of smart medical devices has accelerated.
Improvement in lifestyle standards and the ever-growing population assure profitable growth during this year. The smart medical device network is divided across North America, Asia Pacific, and Europe, out of which North America is a key player because of its advanced healthcare infrastructure.
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At a CAGR of 12 percent, the global remote patient monitoring system is estimated to reach USD 31.326 billion by 2023. The use of sensor technology in patient monitoring eases the task of gathering data offering overall support to the patient. IoT has the ability to create a huge impact in the field of remote patient monitoring and strengthen areas such as chronic disease management, and deeper engagement.
Enabling IoT features in smart medical devices with sensors, actuators, and various mobile communication methods will promote continuous monitoring and transmission of data via cloud-based platforms. A few key players in the market currently are Abbott Laboratories, Cardiocom, Boston Scientific, and Bosch Medical.
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