Increasing burden of chronic diseases and rising awareness about necessity of early warning signs are fuelling the demand of remote patient monitors
The global remote patient monitoring market was valued at USD 975.0 million in 2020, and it is expected to reach USD 3,244.9 million by 2027, with a CAGR of 18.9%, during the forecast period.
Remote patient monitoring technology can monitor patient health outside a healthcare setting. This monitoring can be done at home or at any place where healthcare delivery is not accessible. Rising geriatric population, Covid-19 cases, entry of innovative products, and investment by market players are some of the major drivers of the global remote patient monitor’s market.
Various physiological parameters are monitors including blood pressure, blood oxygen level, blood glucose level, heart rate, body temperature, fetal heart rate, sleep monitoring, brain monitoring, and many others. Remote Patient Monitoring (RPM) enables early detection of deterioration and thereby reduces emergency department visits, hospitalizations, the duration of hospital stays, and healthcare expenditure. RPM majorly use for patient suffering from chronic obstructive pulmonary disease, diabetes, hypertension, dementia, congestive heart failure, COVID-19, and infertility. Additionally, RPM is also useful to monitor geriatric people continuously as they are at risk for falls. The sensor monitors an individual’s location, angular velocity, and apply a mathematical algorithm to predict the chances for falls, and alert caregivers if the individual has fallen. Increasing geriatric population across the globe is expected to accelerate the demand for remote patient monitoring during the forecast period.
With the COVID-19 pandemic, health systems or hospitals rapidly adopted remote patient monitoring technology to maintain social distancing and thereby control viral spread. Patients suffering from COVID – 19 need to monitor blood oxygen level and heart rate regularly. Hence, it is expected to increase the demand of RPM technology during the forecast period.
Large number of diabetes patients is responsible for dominance of segment in the market. Large patient pool and increasing adoption by patients are expected to accelerate the market growth. With the increasing demand of technology, large number of healthcare providers are investing in remote patient monitoring solutions for high-risk chronically ill patients. For instance, in March 2021, Dozee launched a remote patient monitoring solution which is a contactless, Dozee Pro, for hospital settings. More than 70 hospitals partnered with Dozee in fewer than 3 months to enable RPM at their facility.
Key players operating in the market are American Telecare; Biotronik; Bosch; Honeywell; Roche; Philips Healthcare; Intel; Health anywhere Inc.; Johnson & Johnson; Welch Allyn; and Covidien Plc.