Remote Patient Monitoring Market Trends and Insights by Type (Devices [Blood Glucose Monitoring, Respiratory Monitoring, Cardiac Monitoring, Multi-parameter Monitoring, and Others], Services), by Application (Cancer, Cardiovascular Diseases, Diabetes, and Others), by End User (Payers, Providers, and Patients), by Region (North America, Europe, Asia-Pacific, and Rest of the World), Competitive Market Growth, Size, Share and Forecast to 2030
Remote Patient Monitoring Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Remote Patient Monitoring Market Information By Application, Type, End User, And Region – Forecast till 2030“, the market will touch USD 6.42 billion by 2030, an 18.64% CAGR during the forecast period 2022-2030.
Remote Patient Monitoring Market Synopsis
The technique of remotely monitoring and gathering physiological and other patient data using digital tools is known as remote patient monitoring (RPM). Patients that require chronic, post-discharge or geriatric care are typically helped by RPM. It can alert healthcare companies about potential health risks or keep track of patient information between visits by connecting high-risk patients with remote monitoring. Businesses that want to track workmen’s compensation cases may also use RPM to ensure that workers are on the right road to returning to work. Patients, particularly the elderly, those recovering from surgery, those suffering from chronic illnesses, and those with impairments, can obtain medical evaluations at home thanks to remote patient monitoring technology.
The enhanced chronic illness management provided by remote monitoring systems and early warning indications and progress trackers will increase demand for these systems globally in the upcoming years. Real-time patient data via remote patient monitoring has helped with the timely management of chronic obstructive pulmonary disease, cancer, and diabetes. By reducing the distance between the patient and the healthcare provider, the implementation or adoption of next-generation sensor technology has impacted healthcare systems.
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Report Scope:
Remote Patient Monitoring Market Competitive Landscape:
The stellar contenders in the remote patient monitoring market are:
- Koninklijke Philips N.V. (Netherlands)
- OMRON Healthcare (Japan)
- Boston Scientific Corporation (US)
- Abbott Laboratories (US)
- Medtronic plc (Ireland)
- GE Healthcare (US)
- Cerner Corporation (US)
- Siemens Healthineers AG
- Nihon Kohden Corporation (Japan)
- OSI Systems, Inc. (US)
Remote Patient Monitoring Market U.S.P. Covered:
Market Drivers:
The growing geriatric population is one of the main factors boosting the market’s demand. RPM technology can help seniors prevent chronic problems from worsening and ensure their rehabilitation continues long after they leave an acute care facility. RPM technology can also alert medical staff and take appropriate action when an elderly person is wounded or in danger. Recent developments in remote monitoring capabilities are anticipated to support market expansion during the forecast period. Some advancements include the integration of RPM into hospitals around the world, using Artificial Intelligence (AI) to enhance clinical decision making, and functional enhancements, including a decrease in false alarms. Commercial businesses are also attempting to incorporate RPM into their goods.
Incorporating IoT elements into medical equipment has made it possible to provide patients and the older population with chronic illnesses with better quality and more efficient care. Sensors, Bluetooth connectivity, actuators, and other communication tools have made it effortless for patients and caregivers to communicate data to the doctor via a cloud-based platform.
Remote Patient Monitoring Market Restraints:
The growth of the remote patient monitoring business is being constrained by the potential for data breaches and worries about data privacy. The patient’s information cannot be disclosed by medical professionals who have access to the remote patient monitoring data to anybody who is not directly involved in the patient’s care. Thus, it is crucial to maintain data confidentiality. Recent data breaches have eroded end users’ faith in the products. Despite the rising need for solutions, it is projected that the lack of device and software adoption in low- and middle-income nations will restrain market growth throughout the projection period. One aspect of the drop in usage in these nations is the high implementation cost of remote patient monitoring systems. The adoption of these solutions needs appropriate funding, providers, and IT staff to ensure a smooth transition and the provision of high-quality patient care.
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Remote Patient Monitoring Market COVID 19 Analysis
The call for remote patient monitoring services has been considerably impacted by COVID-19. This was because of measures taken during the pandemic to stop the virus’ transmission, such as lockdowns, social withdrawal, and travel restrictions. Consequently, this made it very challenging for patients to attend healthcare facilities and undergo an on-site medical evaluation. As a result, there was a sharp rise in the need for reliable remote patient monitoring systems to deal with the pandemic’s disruptions.
Additionally, it contributed to users becoming more aware of the benefits of remote patient monitoring. This has also prompted large investments in the industry, which are fueling market expansion. The COVID-19 pandemic has prompted the adoption of cutting-edge technological solutions that can assist with managing medications, tracking disease symptoms, and remote monitoring of vital signs. More health parameters can be examined as the next-generation patient monitoring solutions grow more comprehensive.
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Remote Patient Monitoring Market Segmentation
By Type
Device sales are mostly driven by new product introductions and rising innovation rates.
By Application
Cardiovascular problems frequently include the usage of RPM products and services.
By End User
Due to rising disease prevalence, per capita income, and healthcare awareness, the patient sector is anticipated to account for a sizeable portion of the market.
Remote Patient Monitoring Market Regional Insights
By region, North America’s remote patient monitoring market had the biggest share. The rising prevalence of chronic diseases is a significant factor in the rise in demand for RPM goods and services. RPM is most commonly used in heart problems because sedentary lifestyles are becoming increasingly popular. As a result, these elements assisted North America in securing the biggest market share. Due to good legislative conditions, sufficient healthcare infrastructure, and the quick uptake of the devices, Europe retained the second position in the market.
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Additionally, introducing these monitoring devices in the region facilitates greater adoption thanks to strategic alliances amongst the businesses to offer patients full-service remote patient monitoring. Due to the existence of unexplored potential in the rising markets of India and China, the Asia-Pacific market is anticipated to see the quickest CAGR over the forecast period. Japan’s large elderly population is predicted to be a major source of income.
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