Technology
Non-Destructive Testing Market in the Oil and Gas Sector is projected to grow by USD 1.57 Billion from 2024-2028, driven by AI in NDT solutions – Technavio
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4 weeks agoon
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NEW YORK, Oct. 31, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global non-destructive testing market in oil and gas industry size is estimated to grow by USD 1.57 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 7.3% during the forecast period. Increased demand for NDT in oil and gas transportation is driving market growth, with a trend towards integration of AI and ML in NDT devices. However, high initial cost of NDT poses a challenge.Key market players include Acuren Corp., Amerapex Corp., Applus Services Technologies SL, Ashtead technology, Baker Hughes Co., Bureau Veritas, Dakota Ultrasonics Corp., Dexon Technology PLC, Eddyfi Technologies, Evident Corp, FORCE Technology, Intertek Group Plc, Magnaflux, Mistras Group Inc., Phoenix Inspection Systems Ltd, SGS SA, Sonatest Ltd, Team Inc, TUV Rheinland AG, Vibrant NDT Services, Videray Technologies Inc., and Zetec Inc..
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Non-Destructive Testing Market In Oil And Gas Industry Scope
Report Coverage
Details
Base year
2023
Historic period
2018 – 2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 7.3%
Market growth 2024-2028
USD 1565.6 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
6.8
Regional analysis
North America, Europe, APAC, Middle East and Africa, and South America
Performing market contribution
North America at 33%
Key countries
US, China, Saudi Arabia, India, Canada, UK, UAE, Germany, Russia, and Japan
Key companies profiled
Acuren Corp., Amerapex Corp., Applus Services Technologies SL, Ashtead technology, Baker Hughes Co., Bureau Veritas, Dakota Ultrasonics Corp., Dexon Technology PLC, Eddyfi Technologies, Evident Corp, FORCE Technology, Intertek Group Plc, Magnaflux, Mistras Group Inc., Phoenix Inspection Systems Ltd, SGS SA, Sonatest Ltd, Team Inc, TUV Rheinland AG, Vibrant NDT Services, Videray Technologies Inc., and Zetec Inc.
Market Driver
The integration of advanced technologies, including AI, ML, IoT, and AR, is revolutionizing Non-Destructive Testing (NDT) in the oil and gas industry. Automated NDT processes reduce human error and boost operational efficiency, enabling continuous monitoring and real-time data analysis. AI algorithms analyze vast amounts of data to identify patterns and predict potential failures, preventing costly downtimes and enhancing safety. IoT devices collect and transmit data from NDT processes, enabling remote monitoring and control, and providing real-time analysis for immediate decision-making. Augmented reality (AR) provides technicians with real-time information and guidance during inspections, enhancing accuracy and efficiency in complex environments. The adoption of these technologies is expected to set new standards for the industry, improving the accuracy, reliability, and cost-effectiveness of inspections, enabling predictive maintenance, and reducing operational risks. This trend is driving the growth of the Non-Destructive Testing market in the oil and gas sector during the forecast period.
Non-Destructive Testing (NDT) plays a crucial role in the Oil and Gas industry, ensuring the safety and reliability of fuel rods, infrastructure, and components. Trends in NDT include advanced products like Eddy current testing and industrial CT scanners, which offer improved flaw detection and inspection capabilities. Traditional testing services, such as ultrasonic testing and radiographic testing, remain essential for component testing in various sectors like Aerospace and Defense, Power and Energy, and Automotive and Transportation. Waste management and cost-effectiveness are key concerns. Software and instrumentation, including probes and advanced NDT processes, help optimize NDT operations. Robotics and automated crawlers streamline inspections, reducing labor costs. In industries like healthcare, NDT aids in detecting conditions like osteoarthritis and degenerative disc disease, contributing to medical tourism and healthcare expenses. NDT is vital for system failures prevention in industries like shale oil, where safety and efficiency are paramount. By staying updated on the latest NDT trends and technologies, businesses can enhance their operations and maintain a competitive edge.
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The oil and gas industry relies heavily on Non-Destructive Testing (NDT) to ensure the integrity and safety of their infrastructure. However, the high initial cost of NDT equipment poses a significant challenge. The expense for advanced NDT devices, such as ultrasonic flaw detectors, can be substantial, with a single stainless-steel ultrasonic testing unit costing approximately USD5,665. Concrete NDT testing equipment is more affordable but still represents a considerable investment, with a single unit costing around USD600. The cost of specialized ultrasonic testing equipment for corrosion, erosion, and plate thickness measurement can also add up, with a 25MM ultrasonic testing device costing around USD30. The high cost of NDT equipment necessitates careful budgeting by oil and gas companies. While the benefits of NDT in preventing failures and ensuring safety are clear, the financial burden of acquiring these technologies can be a significant hurdle. Companies must weigh the long-term advantages against the immediate financial outlay, balancing safety and operational efficiency with budgetary constraints. This challenge highlights the need for strategic investment and potential financial support mechanisms to facilitate the adoption of essential NDT technologies in the oil and gas industry. The high cost of NDT equipment will negatively impact the growth of the oil and gas NDT market during the forecast period.Non-destructive testing (NDT) plays a crucial role in ensuring material integrity in various industries, including oil and gas. Fault detection is essential for preventing costly downtime and maintaining safety. Ultrasonic testing using ultrasonic equipment is a popular NDT process, detecting internal defects. Advanced NDT methods like industrial CT scanners and robotics are used for complex component testing. Traditional NDT techniques like radiographic testing and magnetic particle inspection are also used. The aerospace and defense industries have led the way in NDT innovation, with remote inspection technologies and automated crawlers. NDT is also vital in power generation, especially for pipelines and pressure systems, detecting internal and external corrosion. NDT equipment includes portable devices and drones for volumetric inspection. Virtual training programs help ensure high-quality NDT inspections. The oil and gas industry, shale oil, and power industry all benefit from NDT, focusing on material integrity and inspection techniques. NDI, NDE, and NDE are interchangeable terms for NDT. NDT is used in construction, inspection of pressure systems, steam turbines, gas turbines, and nuclear power plants. Visual inspection, liquid penetrant inspection, and ultrasonic inspection are common NDT methods.
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Segment Overview
This non-destructive testing market in oil and gas industry report extensively covers market segmentation by
Method 1.1 Traditional methods1.2 Advanced methodsType 2.1 Services2.2 EquipmentGeography 3.1 North America3.2 Europe3.3 APAC3.4 Middle East and Africa3.5 South America
1.1 Traditional methods- The Non-Destructive Testing (NDT) market in the Oil and Gas industry is significant due to the sector’s reliance on equipment reliability and safety. NDT techniques like ultrasonic testing, radiography, and magnetic particle inspection help identify defects without damaging the equipment. These tests ensure the integrity of pipelines, tanks, and other structures, preventing potential leaks and ensuring operational efficiency. The NDT market continues to grow as the Oil and Gas industry focuses on maintaining safety standards and reducing downtime.
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Research Analysis
Non-destructive testing (NDT) is a critical process used in various industries, including oil and gas, to ensure material integrity and detect faults without damaging the tested components. Ultrasonic testing and radiographic testing are common NDT techniques, utilizing ultrasonic equipment and industrial CT scanners, respectively. Advanced NDT processes, such as robotics and automated crawlers, enhance efficiency and precision in fault detection. NDT is essential in sectors like aerospace and defense for detecting internal and surface defects in components. NDI, NDE, and NDE are interchangeable terms for this non-invasive inspection method. NDT is also crucial in power generation for detecting internal and external corrosion in pipelines and other critical infrastructure. Visual inspection and liquid penetrant inspection are additional techniques used in NDT. Training is vital for NDT professionals to maintain the highest standards and stay updated on the latest technologies and techniques.
Market Research Overview
Non-destructive testing (NDT) is a critical process used in various industries, including oil and gas, to ensure material integrity and detect faults without damaging the tested components or structures. NDT techniques, such as ultrasonic testing, radiographic testing, industrial CT scanners, and advanced NDT processes, are used to identify internal and surface defects in pipelines, pressure systems, steam and gas turbines, nuclear power plants, and other critical infrastructure. Ultrasonic equipment, robotics, automated crawlers, and remote inspection technologies enable efficient and accurate NDT. Traditional NDT methods like liquid penetrant inspection and magnetic particle inspection continue to be used alongside new technologies. NDT is essential in the aerospace sector and defense industry for component testing and inspection of complex structures. The power industry, including shale oil and gas, relies on NDT for internal and external corrosion detection, volumetric inspection, and inspection of instrumentation and probes. Training programs and virtual training are crucial for maintaining expertise in NDT techniques and technologies. Portable NDT devices, drone inspection, and software solutions further expand the capabilities of NDT in various industries.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
MethodTraditional MethodsAdvanced MethodsTypeServicesEquipmentGeographyNorth AmericaEuropeAPACMiddle East And AfricaSouth America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio
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Connected Car Market to Grow by USD 341.7 Billion (2024-2028) with Rising Internet Penetration, Report on AI-Driven Transformation – Technavio
Published
22 minutes agoon
November 26, 2024By
NEW YORK, Nov. 26, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global connected car market size is estimated to grow by USD 341.7 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 36.5% during the forecast period. Increasing internet penetration and its impact on the connected cars market is driving market growth, with a trend towards increasing number of vehicles launches featuring connected technologies. However, design complexity and technological challenges poses a challenge.Key market players include Airbiquity Inc., Alps Alpine Co. Ltd., AT and T Inc., Bayerische Motoren Werke AG, BorgWarner Inc., DXC Technology Co., Ford Motor Co., Information Technologies Institute Intellias LLC, Mercedes Benz Group AG, NXP Semiconductors NV, Qualcomm Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Sierra Wireless Inc., Telefonica SA, Tesla Inc., Valeo SA, Volkswagen AG, and Zubie Inc..
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Connectivity (Embedded solutions, Integrated solutions, and Tethered solutions), End-user (OEM and Aftermarket), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)
Region Covered
North America, Europe, APAC, South America, and Middle East and Africa
Key companies profiled
Airbiquity Inc., Alps Alpine Co. Ltd., AT and T Inc., Bayerische Motoren Werke AG, BorgWarner Inc., DXC Technology Co., Ford Motor Co., Information Technologies Institute Intellias LLC, Mercedes Benz Group AG, NXP Semiconductors NV, Qualcomm Inc., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Schaeffler AG, Sierra Wireless Inc., Telefonica SA, Tesla Inc., Valeo SA, Volkswagen AG, and Zubie Inc.
Key Market Trends Fueling Growth
The Connected Car market is experiencing significant growth, driven by trends such as vehicle infotainment, Advanced Driver-Assistance Systems (ADAS) features, and autonomous cars. V2V communication, electric mobility, and predictive technology are also key areas of focus. Vehicle downtime is a concern, leading to increased demand for connected car services and production of vehicles with faster network technology like 5G and satellite. Legislation and road safety are influencing the market, with collision warning, lane assistance, and blind spot detection becoming standard features. Technology companies are investing in 3G, 4G, and 5G networks, enabling real-time communication between cars and online platforms. Car manufacturers and service providers are collaborating to offer comfort, convenience, performance, safety, and security features. Sensors and processors are essential components, along with advanced diagnostics and fleet management. The transition to connected cars involves addressing maintenance cost and schedule, as well as data transfer speed and bandwidth. Connected cars offer remote control access, infotainment, GPS tracking, and smartphone integration. Telematics services provide real-time vehicle data, enabling predictive maintenance and fuel consumption optimization. The market is evolving rapidly, with legislative policies and technological advancements shaping the future of the Connected Car industry.
Connected cars are becoming increasingly preferred by consumers due to their safety and environmental advantages. In response, vendors in the connected car market are expanding their product lines by introducing new models with enhanced features. By broadening their offerings, these companies aim to gain competitive edges and expand their market presence in the global connected car industry. The continuous launch of new connected car models is anticipated to boost sales and significantly contribute to the market growth during the forecast period.
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Market Challenges
The Connected Car market is experiencing significant growth, driven by advancements in vehicle infotainment, ADAS features, and the development of autonomous cars. Challenges include vehicle downtime during production, integrating predictive technology, and addressing legislative policies. Electric mobility and V2V communication are key trends, with 5G networks and satellite technology enabling real-time communication. Technology companies are investing in 3G, 4G, and 5G networks, sensors, processors, and online platforms for enhanced comfort, convenience, performance, safety, and security. Vehicle manufacturers and service providers collaborate to offer connected car services, including remote control access, GPS tracking, advanced diagnostics, and fleet management. The transition to connected cars requires addressing maintenance cost, data transfer speed, and bandwidth concerns. Safety features like collision warning, lane assistance, and blind spot detection are crucial, as is ensuring network technology security. The production of connected cars involves integrating various sensors and systems, while the aftermarket offers opportunities for upgrades and maintenance schedule optimization. The future of connected cars lies in seamless integration of smartphones, internet services, and advanced diagnostics.The connected car market presents vendors with challenges in creating user-friendly, cost-effective, and accessible infotainment and telematics systems. As demand for automotive connectivity solutions grows, system complexity becomes essential to manage various applications. Advanced technologies, extensive features, and multiple software solutions add complexity to connectivity systems. Drivers seek efficient handling of these complexities to maximize benefits, posing a challenge for the global market. Vendors must focus on designing less distracting, affordable, and simple systems to meet consumer needs.
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Segment Overview
This connected car market report extensively covers market segmentation by
Connectivity 1.1 Embedded solutions1.2 Integrated solutions1.3 Tethered solutionsEnd-user 2.1 OEM2.2 AftermarketGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa
1.1 Embedded solutions- The connected car market is experiencing significant growth as automakers integrate telematics systems with navigation and smartphone capabilities. These systems are evolving to include embedded software and smartphone applications for entertainment, navigation, communication, security, and internet services. OEMs collaborate with technology companies to offer in-vehicle products and services, such as Pioneer’s CarPlay integration and Hyundai’s Blue Link infotainment mirroring. GM’s MyLink and IntelliLink systems support third-party applications. BlackBerry’s Jarvis 2.0 software composition analysis tool aids in checking and updating third-party software modules. The increasing popularity of hybrid vehicles is driving smartphone manufacturers to develop apps for real-time battery status. BMW’s Remote application allows BMW i3 users to check battery capacity via smartphone connection during charging. Economic growth in emerging markets like India and consumer awareness of in-vehicle entertainment and information systems are fueling market expansion. The shift towards embedded solutions is expected to boost the global connected car market’s growth during the forecast period.
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Research Analysis
The Connected Car market is a rapidly growing segment in the automotive industry, focusing on integrating vehicle infotainment systems with advanced technologies. Vehicle connectivity enhances performance, safety, and convenience through features like ADAS (Advanced Driver-Assistance Systems), autonomous cars, V2V (vehicle-to-vehicle) communication, and Blind Spot Detection. Network technologies such as 3G, 4G, 5G, and satellite communication enable real-time data exchange between cars and online platforms. Connected cars offer various safety and security features, including lane-keep assist, collision avoidance, and remote diagnostics. Technology companies play a significant role in providing connectivity solutions to car manufacturers and aftermarket providers. The market’s growth is driven by increasing consumer demand for enhanced vehicle features and the integration of various technologies. The Connected Car market’s future lies in seamless real-time communication, advanced performance, and continuous innovation.
Market Research Overview
The Connected Car market is revolutionizing the automotive industry with advanced features such as vehicle infotainment, ADAS (Advanced Driver-Assistance Systems), and autonomous cars. Vehicle-to-vehicle (V2V) communication and predictive technology are enabling real-time communication and collision warning systems, reducing vehicle downtime and enhancing safety. Electric mobility is another significant trend, with legislative policies driving its adoption. Autonomous cars, powered by sensors, processors, and high-speed network technology, are transforming the way we travel. 5G, satellite, and online platforms are key to providing fast data transfer speeds and high bandwidth for connected services. Comfort, convenience, performance, safety, and security are the main benefits for consumers. Technology companies, car manufacturers, and service providers are collaborating to offer advanced features like lane assistance, blind spot detection, and remote control access. The transition phase to connected cars involves integrating 3G, 4G, and 5G technologies, telematics, and GPS tracking into vehicles. The aftermarket is also adopting connected car technology for advanced diagnostics, fleet management, and maintenance schedule services. Smartphones and internet services are essential for seamless connectivity and remote access. The production of vehicles is being transformed with the integration of diagnostic systems and advanced sensors to monitor smoke emission, fuel consumption, and other vital parameters. Connected car services offer real-time communication, online platforms, and advanced diagnostics, reducing maintenance cost and enhancing the overall driving experience.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ConnectivityEmbedded SolutionsIntegrated SolutionsTethered SolutionsEnd-userOEMAftermarketGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/connected-car-market-to-grow-by-usd-341-7-billion-2024-2028-with-rising-internet-penetration-report-on-ai-driven-transformation—technavio-302315589.html
SOURCE Technavio
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Remote Patient Monitoring Market to Expand by USD 3.31 Billion (2024-2028), Focus on Chronic Disease Management, AI-Powered Market Evolution – Technavio
Published
22 minutes agoon
November 26, 2024By
NEW YORK, Nov. 26, 2024 /PRNewswire/ — Report on how AI is driving market transformation – The global remote patient monitoring market size is estimated to grow by USD 3.31 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 30.11% during the forecast period. Focus on chronic disease management is driving market growth, with a trend towards iot in healthcare. However, lack of reimbursement policies for remote monitoring poses a challenge.Key market players include Abbott Laboratories, Advantech Co. Ltd., Babyscripts, Biofourmis Inc., Boston Scientific Corp., Caretaker Medical NA, Dragerwerk AG and Co. KGaA, GE Healthcare Technologies Inc., Honeywell International Inc., Koninklijke Philips N.V., Masimo Corp., Medtronic Plc, MphRx Inc., Napier Healthcare Solutions Pte Ltd., Nihon Kohden Corp., OMRON Corp., OSI Systems Inc., OSP, Shenzhen Mindray BioMedical Electronics Co. Ltd, Siemens AG, Smiths Group Plc, and VitalConnect Inc..
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Forecast period
2024-2028
Base Year
2023
Historic Data
2018 – 2022
Segment Covered
Product (Vital signs and Implantable), End-user (Hospitals, ASCs, and Home care), and Geography (North America, Europe, Asia, and Rest of World (ROW))
Region Covered
North America, Europe, Asia, and Rest of World (ROW)
Key companies profiled
Abbott Laboratories, Advantech Co. Ltd., Babyscripts, Biofourmis Inc., Boston Scientific Corp., Caretaker Medical NA, Dragerwerk AG and Co. KGaA, GE Healthcare Technologies Inc., Honeywell International Inc., Koninklijke Philips N.V., Masimo Corp., Medtronic Plc, MphRx Inc., Napier Healthcare Solutions Pte Ltd., Nihon Kohden Corp., OMRON Corp., OSI Systems Inc., OSP, Shenzhen Mindray BioMedical Electronics Co. Ltd, Siemens AG, Smiths Group Plc, and VitalConnect Inc.
Key Market Trends Fueling Growth
Remote Patient Monitoring (RPM) is a trending business in healthcare, enabling patient-centered care and personalized medicine through real-time health data collection. RPM caters to patient engagement, especially for geriatric demographics and those with chronic ailments, reducing healthcare expenditures and enabling aging in place. Regulatory variations, social media practices, and telemedicine start-ups influence RPM’s growth. RPM technologies include IoT medical devices, telemedicine apps, and software solutions. Reimbursement policies, behavioral barriers, and healthcare fraud are challenges. RPM addresses infectious diseases, epidemics, and healthcare-associated infections, with devices like vital sign monitors and special monitors for heart rate, blood pressure, and glucose levels. Firms like EPIC Health and Disease Control Prevention (CDC) use RPM for chronic disease management. Medical practitioners, hospitals, and healthcare organizations benefit from RPM’s remote access and digital platforms. RPM technologies ensure quality of care, prevent healthcare fraud, and improve consultation tools for healthcare consumers.
The remote patient monitoring market is experiencing significant growth due to the increasing adoption of Internet of Things (IoT) technology and connected medical devices in the healthcare industry. IoT bridges the gap between physical and digital data sources, enabling real-time patient monitoring and improving accessibility to healthcare services. This trend is helping healthcare organizations reduce operational burdens and develop digital ecosystems, ultimately leading to timely and improved patient care. The potential applications of IoT in healthcare settings are vast, extending beyond inpatient services to outpatient care as well.
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Market Challenges
Remote Patient Monitoring (RPM) is a growing trend in healthcare, allowing medical care to be delivered from a distance. However, implementing RPM comes with challenges. Patient-centered care and personalized medicine require RPM to be patient-friendly and engaging. Regulatory variations and social media practices pose challenges in ensuring data security and privacy. The geriatric demographic and chronic ailments increase healthcare expenditures, making home-based care setting a cost-effective solution. Mobility constraints, healthcare fraud, and prevention measures are concerns in RPM. Behavioral barriers, telemedicine, and infectious diseases require fraud detection and prevention measures. IoT medical devices, reimbursement policies, and global disease burden impact RPM adoption. Medical practitioners, hospitals, and healthcare organizations use digital platforms and RPM technologies for better quality of care. Firms offer telemedicine apps, consultation tools, and software solutions for patients. RPM devices include vital sign monitors, special monitors, heart rate monitors, and hospital-based patient systems. Challenges include reimbursement policies, medical research using cloud servers, health insurance portability and accountability, and healthcare consumer trust. RPM technologies aid in chronic disease management, telemedicine start-ups, and remote access to medical care facilities. RPM is essential for managing conditions like hypertension, neurological disorders, cancer cases, and sleep disorders.Remote patient monitoring brings healthcare services to patients’ homes, expanding access to specialists in remote areas. Both healthcare providers and patients benefit from this trend by reducing the need for unnecessary hospital visits. However, reimbursement for remote healthcare services is not universally adopted by payers, limiting the application of telehealth in some cases. The Center for Medicare and Medicaid Services (CMS) has established guidelines for reimbursement, covering patients in Health Professional Shortage Areas (HPSA) or outside Metropolitan Statistical Areas (MSA), as defined by the Health Resources and Services Administration (HRSA) and the Census Bureau. Adherence to these standards enables reimbursement for remote patient monitoring services.
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This remote patient monitoring market report extensively covers market segmentation by
Product 1.1 Vital signs1.2 ImplantableEnd-user 2.1 Hospitals2.2 ASCs2.3 Home careGeography 3.1 North America3.2 Europe3.3 Asia3.4 Rest of World (ROW)
1.1 Vital signs- The vital signs product segment of the remote patient monitoring market consists of devices that remotely monitor key physiological parameters, including blood pressure, heart rate, temperature, and oxygen saturation. These solutions range from wearable sensors to home monitoring kits, allowing patients to track their vital signs in real-time and transmit data to healthcare providers for remote assessment and intervention. With the rise of chronic diseases and the emphasis on preventive healthcare, the demand for vital signs monitoring solutions has grown significantly. Leading vendors, such as Koninklijke Philips NV, Medtronic Plc, and GE Healthcare, provide a range of devices to cater to the diverse needs of patients and healthcare providers. Philips offers wearable biosensors, while GE Healthcare provides home monitoring kits. These companies utilize their strengths in medical device manufacturing, data analytics, and healthcare IT to develop innovative vital signs monitoring solutions. This empowers patients to manage their health proactively and supports the expansion of the vital signs segment in the global remote patient monitoring market.
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Research Analysis
Remote Patient Monitoring (RPM) is a revolutionary approach in healthcare that enables medical practitioners to monitor patients’ health conditions in real-time from a distance. This patient-centered care solution is particularly beneficial for individuals with chronic ailments, geriatric demographics, and those with mobility constraints. RPM allows for personalized medicine and increased patient engagement, leading to better health outcomes and reduced healthcare expenditures. Regulatory variations across regions and social media practices are shaping the RPM market’s growth. RPM technologies include telemedicine apps, digital platforms, and RPM devices that transmit health data to medical professionals. Cloud servers and Health Insurance Portability and Accountability Act (HIPAA) compliance are crucial components of RPM. Chronic disease management, such as hypertension and neurological disorders, is a significant application area for RPM. Firms are investing in RPM to improve healthcare delivery in home-based care settings and hospitals. Medical researchers are also leveraging RPM for data collection and analysis to advance medical knowledge.
Market Research Overview
Remote Patient Monitoring (RPM) is a patient-centered care approach that enables medical practitioners to monitor patients’ health conditions in real-time, outside of traditional hospital settings. RPM is a crucial component of personalized medicine, allowing for more effective chronic ailment management and improved patient engagement. Regulatory variations and social media practices pose challenges, but RPM is gaining traction due to the growing geriatric demographic and rising healthcare expenditures. Aging in place and mobility constraints are driving the need for home-based care and RPM technologies. However, healthcare fraud, prevention measures, and behavioral barriers are concerns. Telemedicine, IoT medical devices, and digital platforms are key RPM technologies, with applications ranging from infectious diseases and epidemics to oncology, cardiovascular diseases, diabetes, sleep disorders, weight management, and fitness monitoring. Reimbursement policies and global disease burden also impact RPM adoption. Medical researchers, healthcare organizations, and software solutions providers are key players in the RPM market, with telemedicine start-ups and consultation tools also gaining popularity. Patients, hospitals, home-based care settings, healthcare consumers, and medical care facilities are all benefiting from RPM. RPM is transforming healthcare delivery by enabling remote access to medical care and improving quality of care.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
ProductVital SignsImplantableEnd-userHospitalsASCsHome CareGeographyNorth AmericaEuropeAsiaRest Of World (ROW)
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
View original content to download multimedia:https://www.prnewswire.com/news-releases/remote-patient-monitoring-market-to-expand-by-usd-3-31-billion-2024-2028-focus-on-chronic-disease-management-ai-powered-market-evolution—technavio-302315566.html
SOURCE Technavio
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22 minutes agoon
November 26, 2024By
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Anterix will also host one-on-one meetings with interested investors during the event. Please contact your Janney representative to schedule a meeting.
Shareholder Contact
Natasha Vecchiarelli
Vice President, Investor Relations & Corporate Communications
Anterix
973-531-4397
nvecchiarelli@anterix.com
About Anterix
At Anterix, we partner with leading utilities and technology companies to harness the power of 900 MHz broadband for modernized grid solutions. Leading an ecosystem of more than 100 members, we offer utility-first solutions to modernize the grid and solve the challenges that utilities are facing today. As the largest holder of licensed spectrum in the 900 MHz band (896-901/935-940 MHz) throughout the contiguous United States, plus Alaska, Hawaii, and Puerto Rico, we are uniquely positioned to enable private wireless broadband solutions that support cutting-edge advanced communications capabilities for a cleaner, safer, and more secure energy future. To learn more and join the 900 MHz movement, please visit www.anterix.com.
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SOURCE Anterix Inc.
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ANTERIX TO PRESENT AT JANNEY CLEAN ENERGY INVESTMENT SYMPOSIUM DECEMBER 4-5, 2024
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