Market Trends of Asia-Pacific Patient Monitoring Industry
This section covers the major market trends shaping the APAC Patient Monitoring Market according to our research experts:
Remote Patient Monitoring Devices is Expected to Show a Significant Growth Rate Over the Forecast Period
- Remote patient monitoring is a way to provide care, monitor a patient, and provide information using the latest technology in telecommunication. Monitoring allows for the early identification of diseases, preventing chronic conditions. The high burden of chronic diseases is a crucial reason contributing to the growth in remote patient monitoring.
- COVID-19 has expanded the horizon for remote patient monitoring solutions for various chronic and lifestyle-related disorders in the Asia Pacific region. Various companies are engaged in strategic initiatives such as collaborations, and expansions of remote patient monitoring solutions, thereby boosting segment growth.
- For instance, in August 2021, Japanese medical equipment manufacturer Omron planned its expansion of telemedicine services in India, initially targeting the country's estimated 300 million people with high blood pressure. Such initiatives boost the demand for remote patient monitoring in the region.
- Ongoing advancements in the field of artificial intelligence (AI), machine learning (ML), and the rising geriatric population are likely to make future remote patient monitoring devices more predictive, making remote detection and treatment feasible.
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India is Expected to Hold a Significant Share in Patient Monitoring Market Over the Forecast Period.
- India is expected to hold a significant market share owing to factors such as the rising incidence of chronic diseases, the growing geriatric population, and the increasing demand for remote patient monitoring.
- As per Alzheimer's Disease International (ADI), the burden of dementia in India is projected to rise by 197% by 2050. According to International Diabetes Federation (IDF), the prevalence of diabetes in adults in India was 74,194.7 in 2021, and it is estimated to reach 92,973.7 in 2030 and 124,874.7 in 2045.
- Diabetes is one of the major reasons for cardiovascular diseases, and the surge of diabetes and the high burden of neurological diseases like dementia in the country is boosting the demand for effective patient monitoring devices, thereby augmenting the market growth in the country.
- The demand for remote patient monitoring for geriatric patients is being driven by the increasing geriatric population and their escalating chronic diseases. A solution to simplify the monitoring and management of diseases in elderly patients is being developed by several groups.
- For instance, in March 2022, Dozee, a provider of contactless remote patient monitoring (RPM) solutions, partnered with Priaashraya Healthcare Pvt Ltd., an elder care facility. Through this partnership, elderly patients will receive ongoing monitoring from identifying cardiac, respiratory, and motion parameters, aiding doctors in the early detection of potential patient deterioration and gaining access to medical intervention. Family members and caregivers will also be able to receive periodic updates on elders' health data, ensuring that they can stay in touch with their loved ones even when they are far away.
- Such collaborations will significantly improve patient condition management and health outcome and enhance the country's usage of patient monitoring devices, thereby boosting the market growth during the forecast period.
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