South America Remote Patient Monitoring Systems Market Size

South America Remote Patient Monitoring System Market Analysis

The South America Remote Patient Monitoring Systems Market size is estimated at USD 215.77 million in 2024, and is expected to reach USD 489.06 million by 2029, growing at a CAGR of 17.78% during the forecast period (2024-2029).

The COVID-19 pandemic had a significant impact on the studied market initially, as home-based medical devices such as remote patient monitoring devices were mainly preferred to prevent the spread of the virus. For instance, according to an article published by International Bar Association in October 2022, telemedicine services were widely used by health plans, hospitals, and doctors during the pandemic. It was also evaluated extremely favorably by patients in all corners of Brazil. As telemedicine includes remote patient monitoring as well, it is estimated that the COVID-19 pandemic significantly boosted the adoption of remote patient monitoring systems, and so does the market growth initially, however as the pandemic has currently subsided, the studied market is expected to have stable growth during the forecast period of the study.

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 of the devices.

The rising prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases (CVDs) is the major factor that is increasing the adoption of remote patient monitoring systems. For instance, according to an article published by PubMed Central in August 2022, cervical cancer represents a major public health concern in Brazil, and it is estimated to be the third most common cancer in women. The article also stated that an estimated 16,710 new cases of cervical cancer are expected in Brazil in 2022, with a rate of 16.35 cases/per 100,000 women. Thus, the high prevalence of cancer in the country is expected to boost the usage of remote patient monitoring systems.

Furthermore, a growing preference for home and remote monitoring, ease of use, and portability of the devices are also increasing the demand for remote patient monitoring systems in the region. For instance, according to an article published by the Heart Rhythm Society in December 2022, remote monitoring (RM) of patients has become a common method of in-home monitoring due to its effectiveness, safety, and convenience. The article also stated that a study was conducted which showed that RM proved to be effective in the follow-up of patients with cardiac implantable electronic devices (CIEDs), thus allowing early or elective interventions, which facilitated the therapeutic management of patients. Hence, due to the growing preference for remote monitoring and the advantages offered by it, the studied market is expected to experience growth.

Therefore, the aforementioned factors, such as the increasing prevalence of chronic disease, the growing preference for remote monitoring, and the advantages offered by it, are expected to boost market growth. However, the stringent regulatory framework coupled with a lack of proper reimbursement is expected to impede the market growth during the forecast period of the study.