Remote Patient Monitoring Market – Global Trends & Forecasts to 2023-2030
The global Remote Patient Monitoring Market size was USD 42.91 Billion in 2021 and is expected to register a revenue CAGR of 26.7% over the forecast period, according to the latest report by Reports and Data. Market revenue growth is primarily driven by growing need for early detection of disease, which is an essential component of health promotion and disease prevention. In addition, early and timely intervention can help to save lives by identifying health issues when treatment can be most effective and yield the best possible results.
Telemonitoring, also known as remote patient monitoring, strives to enhance patient care through digital transmission of health-related data, which enhances patient-physician relationships and enables early detection of illness decompensation and management. Remote patient monitoring processes use a variety of devices, such as blood glucose meters, heart monitors, blood pressure monitors, weight scales, and pulse oximeters, among others. These devices allow healthcare professionals to monitor patient health indicators between clinic visits and modify early treatment regimens as necessary, making them a useful tool for long-term chronic disease management. Moreover, remote patient monitoring is also helpful in identifying side effects of therapeutic treatments. Also, majority of doctors support storing patient monitoring data on cloud, which helps them to improve the system. Furthermore, transitioning data storage to cloud means data would be available to physicians at any time, thus facilitating early treatment.
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Some Key Highlights From the Report
- The vital sign monitors segment is expected to register a rapid revenue growth rate during the forecast period owing to increasing need to continuously monitor blood oxygen, heart rate, respiration rate, and blood pressure among others. In addition, usage of vital sign monitors benefits providers by improving their clinical insight on patients’ status, in between office visits and offering them tools to inform proactive care delivery. It also aids patients to improve self-management and care plan adherence.
- The diabetes segment is expected to lead in terms of revenue contribution to the global market over the forecast period. Diabetes is a significant cause of renal disease, heart attacks, strokes, blindness, and lower limb amputation. RPM system provides information about patient’s ongoing health and notifies doctor, which reduces risk for diabetic patients to develop a serious condition.
- The home healthcare segment is expected to register a steady revenue growth rate during forecast period owing to growing need to reduce healthcare costs. In addition, rising incidence of chronic diseases among elderly population, who cannot travel to medical facilities is expected to drive revenue growth of this segment. Remote patient monitoring enables patients to collect and transmit Patient-Generated Health Data (PGHD) using mobile medical equipment and technology and send them to healthcare professionals.
- The North America market is expected to account for largest revenue share in the global market during the forecast period. Rapid growth rate of the market is attributed to increasing presence of major market players such as General Electric Company, Boston Scientific Corporation, Johnson & Johnson Services, Inc., and ICU Medical, Inc., among others. In addition, increased cardio diseases, sedentary lifestyles, and initiation of e-health in rural areas are others factors driving revenue growth of the market. Growing number of patients in countries, such as the U.S. and Canada, has forced hospitals to implement remote patient monitoring solutions to provide better treatment. According to data, 23.4 million U.S patients used remote patient monitoring tools and services in 2020.
Top Players in the Global Remote Patient Monitoring Market:
Koninklijke Philips N.V., OMRON Healthcare, Inc., Medtronic, General Electric Company, Siemens Healthcare GmbH, Boston Scientific Corporation, F. Hoffmann-La Roche Ltd., Johnson & Johnson Services, Inc., ICU Medical, Inc., and Dexcom, Inc.
Product Outlook (Revenue, USD Billion; 2019-2030)
- Vital Sign Monitors
- Pulse Oximeter
- Temperature Monitor
- Brain Monitoring (EEG)
- Blood Pressure Monitor
- Heart Rate Monitor (ECG)
- Respiratory Rate Monitor
- Special Monitors
- Blood Glucose Monitor
- Respiratory Monitor
- Anesthesia Monitor
- Cardiac Rhythm Monitor
- Fetal Heart Monitor
- Multi-Parameter Monitor (MPM)
- Prothrombin Monitor
Application Outlook (Revenue, USD Billion; 2019-2030)
- Cardiovascular Diseases
- Sleep Disorders
- Weight Management and Fitness Monitoring
End-use Outlook (Revenue, USD Billion; 2019-2030)
- Hospital-based Patients
- Home Healthcare
- Ambulatory Patients
Key Regional Markets Covered in the Report:
- North America (U.S., Canada, Mexico)
- Europe (U.K., Italy, Germany, Spain, France, BENELUX, Rest of Europe)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- The Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Frequently Asked Questions Answered in the Report:
- What is the estimated revenue growth rate of the global Remote Patient Monitoring market over the forecast period?
- What are the major factors driving the global market revenue growth?
- Which are the leading manufacturers and suppliers in the global Remote Patient Monitoring market?
- Which regional market is expected to lead in terms of revenue share in the global Remote Patient Monitoring market over the forecast years?
- What are the key outcomes of SWOT analysis and Porter’s Five Forces analysis of the market?
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