The global remote patient monitoring market size was valued at US$ 975 Mn in 2020 is expected to reach US$ 3,244.9 Mn by 2027, with a growing CAGR of 18.9% during the forecast period (2021-2027).
Remote patient monitoring (RPM) systems allow to monitor patients outside of clinical settings which further increases the patient’s access to healthcare and decreases delivery costs. Chronic-disease management by using RPM technology may significantly enhance an individual's quality of life, by allowing patients to maintain independence and prevent complications.
Remote monitoring systems monitors early warning signs and progress tracker, thus anticipated to witness an increased demand during the forecast period. Increasing number of patients suffering with chronic conditions, entry of new players in the industry, and growing adoption or acceptance of remote patient monitoring systems across the globe due to outbreak of Covid 19 are likely to accelerate the remote patient monitoring market growth.
According to CDC statistics, about 6 in 10 adults in the U.S. are suffering with at least one chronic disease. Furthermore, 4 in 10 adults have two or more than two chronic diseases. Excessive alcohol and tobacco use, poor nutrition, and lack of physical activity are some of the major factors responsible for the high prevalence of chronic diseases. Heart diseases, cancer, stroke, chronic lung diseases, diabetes, Alzheimer, and chronic kidney diseases are some of the major diseases.
The Global Remote Patient Monitoring Industry Segmentation:
The unique insights provided by this report also includes the following:
Based on product type, specialized monitors held the largest share in 2020
Based on product type, the remote patient monitoring market has been segmented into specialized monitors and vital sign monitors. The maximum share held by the specialized monitors segment in the global market. This can be attributed to presence of advance features such as iPad connectivity and wireless communication which responsible for early diagnosis of diseases. Additionally, ability of specialized monitors to monitor various symptoms and thereby prevent complications.
Vital sign monitors segment is expected to witness the fastest growth during the forecast period due to its wide range of applications. For instance, increasing number of cardiac patients and large number of Covid patients in recent years are likely to increase the demand of heart rate monitors, blood pressure monitors, and blood oxygen monitors.
Based on application, diabetes segment accounted for the largest share of the market.
The global remote patient monitoring market is segmented into cancer, cardiovascular diseases, diabetes, sleep disorder, weight management and fitness monitoring, bronchitis, infections, and hypertension. In 2020, the diabetes segment accounted for the largest share of the market due to presence of large patient pool and higher adoption of blood glucose monitors among patients. However, hypertension is anticipated to propel the market with the highest growth during the forecast period. This can be attributed to rising awareness about blood pressure monitors and increasing number of patient.
Based on end-use, hospitals held the largest segment in 2020 and is expected to maintain it’s dominance during the forecast period.
Based on end-use, hospitals segment held the largest share of the market and is witnessing significant growth during the forecast period. This is due to the presence of a large number of patients and thereby large number of tests being performed in hospitals. Additionally, to avoid large number of patients at hospital site during Covid 19 condition, several hospitals adopted remote patient monitoring systems.
Home healthcare is expected to witness the fastest growth during the forecast period. This can be attributed to cost efficiency and preference of patients and doctors for online consultation due to outbreak of Covid 19 pandemic.
Geographically, North America accounted for the largest share of the global remote patient monitoring industry.
North America accounted for the largest share of the remote patient monitoring market in 2020 and is expected to maintain it’s dominance during the forecast period. This can be attributed to high awareness about remote monitoring, supportive reimbursement scenario, and local presence of monitors manufacturers. Additionally, market players initiatives to provide innovative and effective remote monitors and strategic initiatives to reach maximum patients are likely to accelerate the market growth during the forecast period.
Asia Pacific is expected to grow at the fastest rate during the forecast period from 2021 to 2027. This can be attributed to growing chronic disease patients across the region, increasing adoption of remote patient monitoring systems, and growing investment by market players in the region due to presence of several untapped opportunities.
Company Profiles and Competitive Intelligence: The major players operating in the global remote patient monitoring market are, American Telecare; Biotronik; Bosch; Honeywell; Roche; Philips Healthcare; Intel; Health anywhere Inc.; Johnson & Johnson; Welch Allyn; and Covidien Plc., among others.
The report also provides an in-depth analysis of remote patient monitoring market dynamics such as drivers, restraints and opportunities
COVID-19 Impact on the Remote Patient Monitoring Market Analysis
Outbreak of COVID-19 has positively affected the market of the remote patient monitoring industry. To avoid the spread of virus, healthcare facilities and patients prefer to avoid physical visits to hospitals. Hence, many hospitals and healthcare facilities has implemented a remote patient monitoring system to keep track of a patient’s health. Furthermore, large number of COVID infected patients were home isolated and hence they need to keep a track of oxygen level and heart rate during isolation at home. All these factors impacted the industry positively and further likely to grow with a significant rate during the forecast period.
The report also provides in-depth analysis of key trends in remote patient monitoring market
Breakthrough of COVID 19 increases the need of remote patient monitoring to avoid physical contacts
With the growing demand across the world, several companies are investing in the remote patient monitoring area
The report also provides an in-depth analysis of recent news developments and investments
Company Profiles and Competitive Intelligence
The key players operating in the market are:
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