Remote Patient Monitoring Market is predicted to reach USD 7.27 Billion at a CAGR of 18.64% during the forecast period

Pune, India, May 2021/MRFR Press Release/- Market Research Future has published its half-cooked research report on the global remote patient monitoring market.

Remote Patient Monitoring Market Highlights

According to MRFR analysis, the global remote patient monitoring market is expected to register a CAGR of ~18.64% from 2023 to 2030 and hold a value of over ~USD 7.27 billion by 2030.

The global remote patient monitoring market is driven by several factors, such as growing investments in telehealth, increasing global geriatric population, and rising prevalence of chronic diseases. For instance, the global investment in telehealth reached USD 4.2 billion in the first quarter of 2021 from USD 3.6 million in the fourth quarter of 2020. It was also the highest ever investment in telehealth up to 2021. Remote Patient Monitoring (RPM) being a sub-branch of telehealth benefits greatly from such investments. Furthermore, it is estimated that one in three people suffer from at least one chronic disease globally and the prevalence in rising steadily as well. Patients suffering from chronic diseases are one of the major end users of RPM technologies.

Additionally, the COVID-19 pandemic significantly increased the demand for remote patient monitoring. Companies collaborated to develop new software to meet the increased demand and specific needs. For instance, in March 2020, Medtronic plc (Ireland) launched two new RPM service solutions Respiratory Infectious Disease Health Check and COVID-19 Virtual Care Evaluation and Monitoring solution to support patients with COVID-19. Hence, the pandemic had a positive impact on the market growth.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Remote Patient Monitoring Market Research Report

Regional Analysis

North America is likely to dominate the remote patient monitoring market due to well established healthcare infrastructure and increasing prevalence of chronic diseases. Additionally, it also enjoys the presence of major market players that are driving innovations and launching new products in the region. For instance, GE Healthcare (US), Cerner Corporation (US), and Abbott Laboratories (US) are all headquartered in the North America region.

Europe is likely to account for a significant share in the remote patient monitoring market due to presence of an older population and rising government initiatives favoring the Europe remote patient monitoring market. For instance, in 2018, the UK government initiated its Test Bed Program for managing diabetes by self from home with the help of RPM products. Additionally, there are several key players like Medtronic (Ireland), Philips (Netherlands), and Siemens (Germany) present tin the region which are driving regional market growth.

Asia-Pacific is projected to be the fastest-growing regional market during the forecast period due to the factors such as improving healthcare infrastructure and a high percentage of the senior population in the region requiring robust remote patient monitoring for receiving continuous and timely care. Additionally, the emergence of several RPM start-ups had led to rapid innovations In the RPM industry in the Asia-Pacific region.

The market's growth in the Rest of the World is slower than in the other regions due to the presence of poorer economies and lack of digitalization in the healthcare infrastructure. However, government initiatives to develop the healthcare infrastructure and bring in new technologies are expected to drive market growth.

Segmentation

The global remote patient monitoring market has been segmented into type, application, and end user.

Based on type, the market has been segmented into devices and services. The devices segment has been further segmented into blood glucose monitoring, respiratory monitoring, cardiac monitoring, multi-parameter monitoring, and others. The services segment held the largest share in 2021. The east of use and availability of tailors RPM services are major drivers for its segmental growth.

Based on application, the market has been segmented into cancer, cardiac disease, diabetes, and others. The cardiac disease segment held a larger share in the market in 2021 due to the immense capabilities of RPM in providing efficient patient outcomes through cardiac monitoring and new product launches by key players,

Based on end user, the market has been segmented into payers, providers, and patients. The providers segment held a larger share in 2021 because of the shifting trend towards value-based care, and ease for monitoring multiple patients simultaneously with less manual power.

Key Players

Some of the key market players are • Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG (Germany), OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Nihon Kohden Corporation (Japan), and OSI Systems, Inc. (US).