The key factors propelling the growth of the market are the rising burden of chronic diseases due to lifestyle changes, growth in the geriatric population, growing preference for home and remote monitoring, and ease of use and portability devices to promote growth. The remote patient monitoring (RPM) is a category of ambulatory healthcare that permits a patient to use a mobile medical device to accomplish a routine test and guide the test data to a healthcare expert in real-time. They are also compact and portable and the patients can wear it all the time without unease.
Furthermore, the increasing chronic conditions burden in the region is fueling the market growth. For instance, about 1.3 million new cancer cases and 666,000 cancer deaths were estimated to have occurred in 2018 in Latin America and the Caribbean according to the Cancer Atlas report. Therefore the use of these devices ensures that the patient’s condition is monitored all the time. Moreover, the need to maintain the average healthcare expenditure is one of the major reasons for the growth of the market.
Key Market Trends
Heart Monitors Segment is Expected to Grow Fastest Over the Forecast Period
A cardiac monitor, also known as a heart monitor, is a device that allows for the continuous monitoring of the heart’s activity through electrocardiography. Heart monitors are used more frequently these days as the electrocardiogram is not able to detect the irregularities in your heart rhythm because you're hooked up to the machine for only a short time. Moreover, heart monitor may be able to detect irregularities in your heart rhythm that an electrocardiogram can’t detect. According to the World Heart Federation, approximately 89.6 million were affected by Cancer in the region that is 27.7% of the adult population. Therefore the increasing prevalence of cardiac disorders in the region is boosting the market growth.
Furthermore, their high capability to monitor various chronic conditions, such as diabetes, cardiovascular conditions, and cancer, is expected to fuel the demand for remote patient monitoring systems.
The South America Remote Patient Monitoring Systems Market is moderately competitive with the presence of global as well as local players. The global enterprises are competing with each other on various fronts, such as the introduction of new products, increasing geographical penetration, and enhancing distribution channels. The high competition is expected to drive the merger and acquisition activities, thereby leading to market consolidation, in a few business segments.
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