The global remote patient monitoring market size is expected to grow USD 8741 Million by 2027 from USD 4600 Million in 2022, projecting a growth rate of 13.7% during the forecast period. Some of the factors driving the growth of the global remote patient monitoring market are decreasing the number of healthcare staff, cost-effectiveness by reducing hospital stays, increasing the healthcare needs of the geriatric population, the shortage of reimbursement to anticipate, and Increasing awareness and acceptance of telemedicine. Efforts by device manufacturers to create innovative devices are expected to propel development further. Replacing older modern technologies with new remote devices is likely to create an opportunity for new entrants to the market. As expected, the shortage of doctors and nurses in hospitals and a substantial gap in the doctor-to-patient ratio increase the use of remote patient monitoring systems, which is anticipated to boost the demand for remote patient monitoring market in the forecast period.
RPM emerged as one of the key approaches for assisting patients in the effects of the COVID-19 pandemic due to social distancing and lockdown steps to control viral spread & the adoption of digital technology in the healthcare sector is anticipated to the global RPM Market. Besides, it has a negative effect like lack of awareness in some countries, and mobile technology can be a strong engine. Still, to guide, direct and steer the program in the right direction, it needs a professional hand. Data security officers need to play an active role in the design of RPM programs.
It is an outpatient healthcare approach that encourages patients and doctors to use mobile medical devices to monitor vital data or/and interpret data in real-time is operated by Remote Patient Monitoring (RPM) or Telehealth. Remote patient monitoring includes electronic patient accounts, telemedicine devices, remote patient monitoring, and other health IT systems. This market is rapidly becoming more digital and practical. These capabilities are meant to improve patient care, enhance public health outcomes, and drop overall medical costs.
The global remote patient monitoring market is becoming a sturdy market among healthcare suppliers. Emerging remote patient monitoring systems are expected to incorporate current technologies influencing the healthcare industry, such as wearable devices or telemedicine. A shift from an irregular model to a vibrant constant care model will permit the probability of primary detection and healthcare contributors' response.
In technology and services, healthcare is a sector that is rapidly developing. Remote patient monitoring with many benefits in a rapidly aging world population with growing health complications is a recent advancement in this sector. The technology has been developed with relatively simple applications to monitor patients within hospital rooms to the extent that normal activities at home can be allowed for the patient while still being monitored using modern communication and sensor technologies. These new technologies can monitor patients on a disease-based or situation-based system. It will be challenging to keep track of patient information in a multi-specialty hospital with wide setups. The remote patient monitoring device helps solve this problem by keeping track of the patient's vital data 24 hours a day via devices so that immediate action can be taken in an emergency.
Innovative technologies have been transforming the healthcare field in recent years. It is expected that the widespread role of remote monitoring systems in managing chronic diseases is anticipated to boost market growth, including early warning systems, caregiver integrators, progress tracking, trusted builders, and capacity builders. It is expected that growth will accelerate with the growing population, quality care, and cost-effective treatment, and increased demand for lifestyle habits. Likely, government programs and innovations will boost the global remote patient monitoring market growth. The use of these devices in the management of acute care increases the role of patients in self-care. It is anticipated that this ability to improve self-management skills with the help of advanced tools is a growth engine. The increase in the incidence of cardiovascular diseases, the expansion of the elderly population, and an independent and healthy lifestyle are further expected to influence global remote patient monitoring market growth positively.
Aging is considered the most significant risk factor for chronic diseases. As the majority population increases and increases the sensitivity to chronic diseases such as diabetes, cardiovascular diseases, and sleep disorders, it is expected to positively impact the demand for products over the next few years. It is anticipated that device manufacturers' efforts to develop advanced products will further accelerate their growth. Preliminary results show that visitors to visit clinics have decreased by 43% by the patient's remote control. It is anticipated that these technological advances will serve as opportunities for growth for the global remote patient monitoring market during the next six years.
The increasing economic problem in medical clinics and hospitals for patient admittance is the primary factor boosting the global remote patient monitoring devices market in the forecast period. Cloud computing is also a key driver of this individual market, estimated to surge connectivity immensely in the coming years.
Conversely, the shortage in sustaining the data's safety and secrecy is the key factor obstructing the growth of the global remote patient monitoring market.
COVID 19 impact on the remote patient monitoring market:
The COVID-19 pandemic put tremendous pressure on the already understaffed and overworked emergency rooms and health systems. While reducing stress on hospitals, emergency rooms, and front-line healthcare staff, RPM technology will keep patients secure at home. Due to COVID 19, the remote patient monitoring market demand has surged unexpectedly. As doctors are the warriors in the fight against COVID 19, they adopted these devices to control the spread of coronavirus, which also helped the healthcare professionals provide excellent treatment services. Many people who are affected by the virus are taking treatment from home using these devices. To avoid direct contact between the caregiver and patients, these devices play a crucial role in these tough times. Many companies have launched innovative devices to track the patient vitals automatically without going to the patient.
The increased use of RPM has also accelerated the use of digital biomarkers, especially for identifying individuals at risk of COVID-19. Several companies have launched their digital biomarker technologies to monitor COVID-19, such as Huma, Biofourmis, Oura, and Kinsa Health. For COVID-19, North America and Europe were among the worst affected regions, and both regions are introducing RPM solutions to flatten the curve. An attractive, reliable, and inexpensive alternative seems to be remote patient monitoring in Covid-19. However, to keep healthcare providers safe, this technology is of vital importance. The COVID-19 pandemic provides immense opportunities for solutions for remote patient monitoring; the role of social distancing is the only current approach that has been developed so far that can reduce exposure.
Market Size Available
2021 to 2027
2022 to 2027
By Type, Application, End-User, and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, Asia-Pacific, Latin America, Middle East & Africa
Market Leaders Profiled
Welch Allyn, Bosch, Johnson & Johnson, Intel, Roche, Philips Healthcare, Philips, Healthanywhere Inc, Honeywell, American Telecare, Biotronik, and Covidien Plc.
This research report on the global remote patient monitoring market has been segmented and sub-segmented based on the type, application, end-user, and region.
Remote Patient Monitoring Market - By Type:
Based on type, the breath monitor segment is the dominating segment and is expected to continue its trend during the forecast period. The rising number of infectious diseases and increasing COVID-19 cases are majorly propelling the demand of this segment. Increasing incidences of cardiovascular diseases and other heart-related concerns are leveling up the demand for these monitors.
The heart monitors segment is expected to grow faster in the coming years. Growing funds from the government authorities and quick adoption of the latest technologies are fuelling the growth rate of the market to an extent.
The physical activity monitor segment is deemed to have growth opportunities in the near future. Increasing fitness enthusiasts and introducing the various fitness applications in the android and IOS are prompting the demand for this segment.
The increasing occurrence of diabetes is a significant factor predicted to increase the demand for hematology monitoring devices in the global remote patient monitoring devices market.
Remote Patient Monitoring Market - By Application:
Based on the application, the cardiovascular diseases segment was the market leader in 2020 and held a market share of 30%. The increasing geriatric population and the launch of government reimbursement policies in favor of the common people are ascribed to bolster the remote patient monitoring market's demand.
The cancer treatment segment is predicted to be another most lucrative segment and is estimated to project a healthy CAGR during the forecast period. Increasing occurrences of cancer diseases associated with lifestyle changes are escalating the demand of the market. Rising per capita income in developed countries and the availability of various healthcare technologies are expanding the growth rate of the market. Ongoing research activities to develop advanced remote patient monitoring devices are lavishing the demand of the market.
The diabetes segment is predicted to register healthy growth during the forecast period. The increasing prevalence of diabetes and rising awareness over the availability of different treatment procedures for diabetes, even in rural areas, are leveraging the demand of this segment.
Remote Patient Monitoring Market - By End-Use:
Based on end-use, the Hospitals segment is expected to gain traction during the forecast period and to play a key role. The increasing scale of the hospitals with the increasing number of patients and improvements in the infrastructure across the globe substantially boosts the market demand.
The Ambulatory care centers segment is esteemed to grow at a higher rate during the forecast period. Adoption of the latest technologies in the ambulances to give proper treatment for the patients before reaching hospitals is an attribute gearing up the demand of the remote patient monitoring market.
Remote Patient Monitoring Market - By Region:
Geographically, the North American region leads the global remote patient monitoring market and is also expected to continue in that position during the forecast period. In 2019, North America accounted for 39.1% of the market for remote patient monitoring devices. This domain is due to the presence of key figures and the increase in the region's large population. Besides, it is expected that the appearance of a well-established advanced medical infrastructure and a greater awareness of home care will have a positive impact on the growth of the local market next year.
Asia-Pacific region is expected to have a higher CAGR due to rising health concerns, increased healthcare investment, and increasing available growth of the population. The Asia Pacific remote patient monitoring market is proposed to witness fast growth due to numerous factors comprising healthcare services' rising costs and the flourishing medical tourism industry in countries like Japan and India.
KEY MARKET PARTICIPANTS AND SHARE INSIGHTS:
Some of the notable companies dominating the global remote patient monitoring market include Welch Allyn, Bosch, Johnson & Johnson, Intel, Roche, Philips Healthcare, Healthanywhere Inc., Honeywell, American Telecare, Biotronik, and Covidien Plc. The market contributors are involved in mergers and attainments and new product enhancement to preserve sustainability.
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3.1 Executive Summary
3.2 Key Inferences
3.3 New Developments
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Breath Monitors
5.1.2 Physical Activity Monitors
5.1.3 Heart Monitors
5.1.4 Haematological Monitors
5.1.5 Multi-Sign Monitors
5.2 By Application
5.2.1 Cancer Treatment
5.2.2 Cardiovascular Diseases
5.2.3 Diabetes Treatment
5.2.4 Sleep Disorder
5.2.5 Weight Management and Fitness Monitoring
5.3 By End-Use
5.3.2 Ambulatory Care Centers
5.3.3 Home Healthcare
6. Geographical Analysis
6.1 North America
6.1.2 United States
6.3.5 South Korea
6.4 Latin America
6.4.5 Rest of Latin America
6.5 Middle East & Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leaders' Analysis
8.1 Welch Allyn
8.1.2 Product Analysis
8.1.3 Strategic Evaluation and Operations
8.1.4 Financial analysis
8.1.5 Legal issues
8.1.6 Recent Developments
8.1.7 SWOT analysis
8.1.8 Analyst View
8.3 Johnson & Johnson
8.6 Philips Healthcare
8.8 Healthanywhere Inc
8.10 American Telecare
8.12 Covidien Plc
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Expert Opinions
10.1 Market Outlook
10.2 Investment Opportunities
a) List of Tables
b) List of Figures
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