Dublin, Jan. 24, 2022 (GLOBE NEWSWIRE) -- The "Global Remote Patient Monitoring System Market, By Product (Special Monitors v/s Vital Sign Monitors), By Special Monitors, By Vital Sign Monitors, By Application, By End User, By Region, Competition Forecast & Opportunities, 2026" report has been added to ResearchAndMarkets.com's offering.
The Global Remote Patient Monitoring System Market stood at USD2821.79 million in 2020 and is expected to grow at an impressive rate of around 11.06% during the forecast period.
This growth can be attributed to the growing prevalence of various chronic diseases such as cardiovascular diseases, diabetes, respiratory disorders, among others. This has drastically increased the patient pool thereby increasing the demand for remote patient monitoring systems. Additionally, growing adoption of telemedicine and telehealth services worldwide has further increased the demand for remote patient monitoring system and devices thereby fueling the market growth. Additionally, the sudden outbreak and spread of COVID-19 pandemic across the globe has put enormous pressure on hospitals and healthcare systems that were understaffed and overworked.
Remote patient monitoring technology helped patients to remain safe within their homes while reducing stress on hospitals, emergency rooms, and front-line healthcare workers during the pandemic, which shows a positive impact on the market growth. Also, the fear of catching the infection among the population has increased the inclination of population worldwide towards remote patient monitoring technology. This in turn is expected to boost the demand for remote patient monitoring systems over the next five years.
The Global Remote Patient Monitoring System Market can be segmented by product, by application, by end-user, by region and by company. Based on product, the market can be split into special monitors and vital sign monitors. The special monitors segment dominated the market in 2020 with a share of around 69.95% owing to their ability to monitor clinically important data pre and post-surgery, identify symptoms, and prevent complications. Additionally, advancements such as wireless communication and iPad connectivity feature in these monitors help in early diagnosis of diseases.
Regionally, North America dominated the market in 2020 and is expected to continue its dominance over the forecast period also, owing to the early adoption of technologies and higher healthcare awareness among the population in the region. Additionally, availability of favorable re-imbursement procedures in the region are further expected to support the market growth in the region.
Major players operating in the Global Remote Patient Monitoring System Market include Koninklijke Philips N.V., Boston Scientific Corporation, Medtronic Plc, Omron Healthcare, Masimo Corporation, Abbott Laboratories, Inc., Dexcom, Inc., Baxter International Inc., iRhythm Technologies, Inc. and Hill-Rom Holdings Inc. (Welch Allyn), among others. The companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments.
For instance, in 2020, Koninklijke Philips N.V., launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring. Additionally, Koninklijke Philips N.V. collaborated with American Telemedicine Association (ATA) (US) in 2020 only. This collaboration is expected to increase the adoption of telehealth across acute, post-acute, and home care settings.
Objective of the Study:
- To analyze the historical growth in market size of the Global Remote Patient Monitoring System Market from 2016 to 2020.
- To estimate and forecast the market size of the Global Remote Patient Monitoring System Market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast the Global Remote Patient Monitoring System Market based on product, application, end-user, region and company.
- To identify dominant region or segment in the Global Remote Patient Monitoring System Market.
- To identify drivers and challenges for the Global Remote Patient Monitoring System Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Remote Patient Monitoring System Market.
- To identify and analyze the profile of leading players operating in the Global Remote Patient Monitoring System Market.
- To identify key sustainable strategies adopted by market players in the Global Remote Patient Monitoring System Market.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
4.1. Brand Awareness
4.2. Factors Affecting Purchase Decision
4.3. Vendor Satisfaction Analysis
5. Global Remote Patient Monitoring System Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Product (Special Monitors v/s Vital Sign Monitors)
5.2.1.1. By Special Monitors (Blood Glucose Monitors, Cardiac Rhythm Monitors, Respiratory Monitors, Anesthesia Monitors, Others)
5.2.1.2. By Vital Sign Monitors (Blood Pressure Monitors, Pulse Oximeters, Heart Rate Monitor (ECG), Temperature Monitor, Others)
5.2.2. By Application (Diabetes, Hypertension, Cardiovascular Diseases, Weight Management & Fitness Monitoring, Others)
5.2.3. By End User (Hospital Based Patients, Ambulatory Patients, Home Healthcare)
5.2.4. By Company (2020)
5.2.5. By Region
5.3. Product Market Map
6. North America Remote Patient Monitoring System Market Outlook
7. Europe Remote Patient Monitoring System Market Outlook
8. Asia-Pacific Remote Patient Monitoring System Market Outlook
9. South America Remote Patient Monitoring System Market Outlook
10. Middle East and Africa Remote Patient Monitoring System Market Outlook
11. Market Dynamics
11.1. Drivers
11.2. Challenges
12. Market Trends & Developments
13. Competitive Landscape
13.1. Koninklijke Philips N.V
13.2. Boston Scientific Corporation
13.3. Medtronic Plc
13.4. Omron Healthcare
13.5. Masimo Corporation
13.6. Abbott Laboratories, Inc.
13.7. Dexcom, Inc.
13.8. Baxter International Inc.
13.9. iRhythm Technologies, Inc.
13.10. Hill-Rom Holdings Inc. (Welch Allyn)
14. Strategic Recommendations
15. About the Publisher & Disclaimer
For more information about this report visit https://www.researchandmarkets.com/r/m7izyl
