The global remote patient monitoring system market size was valued at USD 956.46 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.7% from 2021 to 2028. Remote monitoring systems serve with improved chronic disease management, including early warning signs and progress tracker, thus anticipated to witness an increased demand in the coming years at the global level.
Remote patient monitoring makes use of digital technologies to collect medical and various other forms of health data and transmit them to a healthcare provider. The data can be collected at the patient’s residence, avoiding the nursing and hospitalization costs. The market for remote patient monitoring witnessed significant growth in recent years owing to a rise in disposable income and increasing demand from an aging population. In the last few years, there has been a growing need to expand the healthcare access infrastructure, cost benefits of telehealth, and remote patient monitoring technology due to the rapidly increasing population and the common occurrence of chronic diseases, globally.
The COVID-19 pandemic has had a devastating global impact on the health of the population and a huge economic impact on most countries. As of 22nd September 2020, 31.6 million cases have been reported worldwide, with 971,881 deaths worldometer. The COVID-19 pandemic is providing immense opportunities for remote patient monitoring solutions, considering that social distancing is the only existing solution developed so far, which is capable of minimizing exposure. In line with this, remote patient monitoring represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe.
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One of the leading factors driving the RPM market is the coronavirus disease (COVID-19) pandemic. On account of the highly infectious nature of the virus, healthcare providers across the globe are utilizing RPM services for monitoring patients with mild symptoms of COVID-19 and providing hospital-based care on a timely basis. This will aid in freeing up hospital resources for treating existing and more critical patients. Additionally, the rising prevalence of cardiovascular diseases, in confluence with the growing geriatric population, which is more susceptible to chronic conditions, represents another key factor fueling the RPM market growth.
Key Player Mentioned:
Honeywell
American Telecare
Roche
Philips Healthcare
Bosch
Biotronik
Intel
Welch Allyn
They are also introducing product innovations, which are projected to drive the market in the upcoming years. For instance, Dexcom, Inc., a US-based medical device company, launched a G6 CGM device, which is a small sensor that measures glucose levels and sends the data wirelessly to a display device through a transmitter. Looking forward, IMARC Group expects the global remote patient monitoring market to exhibit strong growth during the next five years.
Product Segment Analysis:
- Vital Sign Monitors
- Specialized Monitors
Application Segment Analysis:
Cancer
Cardiovascular Diseases
Diabetes
Sleep Disorder
Weight management and Fitness Monitoring
Bronchitis
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Regional Segment Analysis:
North America, Europe, Asia Pacific, Latin America, and Mideast and Africa.
The diabetes application segment held the largest share of 11.9% in 2020. The hypertension application segment held the second-largest share in 2020. Hypertension increases the risk of cardiovascular diseases. According to the World Health Organization (WHO), over 1 billion people have hypertension worldwide. Remote patient monitoring can play a key role in controlling hypertension.
KEY aspects covered in the report include:
- The market size and industry growth rate of the global and regional market across various segments
- The region or the sub-segment that is expected to drive the Remote Patient Monitoring System market in the forecast period 2021-2028
- Key companies operating in the global Remote Patient Monitoring System market and their market share
- The Factors that are estimated to drive the Remote Patient Monitoring System Market growth
- Key opportunities in the Remote Patient Monitoring System market
- Key technological advancements and market trends that shape the market
The study objectives of this report are:
- To research global status, future forecasts, growth opportunities, key markets and key players.
- To present the market development in us, Europe and China.
- To strategically profile the key players and comprehensively analyze their development plan and methods.
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Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
