Jersey City, NJ, April 06, 2023 (GLOBE NEWSWIRE) -- The Global Remote Patient Monitoring System Market is estimated to reach over USD 21.10 billion by 2031, exhibiting a CAGR of 17.70% during the forecast period.
Globally, the remote patient monitoring system market is expanding because of the increased prevalence of chronic diseases, the aging population, and the demand for home monitoring equipment. For instance, the American Cancer Society's annual report from 2022 predicted that there would be over 500,000 cancer-related deaths in the United States and that there would be an estimated 1.9 million new cases of cancer. There will be an increase in the use of monitoring equipment to track health among the afflicted population because of the high projected incidence of cancer and high mortality. As a result, the market under study will expand significantly due to the rise in chronic diseases like cancer.
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Patients can wear these gadgets all day without feeling uncomfortable because they are small and portable. Also, the patient's condition is regularly monitored thanks to this equipment. The market's expansion is also aided by rising demand for home monitoring systems. Using remote monitors allows numerous high-risk patients to evade being readmitted to the hospital and create the most of their healthy days at home, according to the Center for Medicare and Medicaid Services in 2021. Remote monitoring customers claim a 76% decrease in readmission rates, an average patient satisfaction rating of 89%, and overall medical cost savings of around USD 370 million.
Recent Developments:
• In September 2022, Watertown Regional Medical Center (WRMC) introduced a new remote care management service for patients with long-term diseases like heart failure and hypertension.
List of Prominent Players in the Remote Patient Monitoring System Market:
- Abbott Laboratories
- Alten Calsoft Labs (A Subsidiary Of Alten Group)
- American Telecare; Roche;
- Bio-Beat Technologies
- Biotronik;
- Bosch;
- Boston Scientific Corporation
- Cerner Corporation
- Covidien Plc.,
- Dexcom, Inc.
- GE Healthcare
- Health Anywhere Inc.;
- Honeywell;
- Intel;
- Irhythm Technologies
- Johnson & Johnson;
- Medtronic
- Omron Healthcare Inc.
- Philips Healthcare;
- Preventice Solutions
- Resideo Life Care Solutions
- Siemens Healthineers Ag
- Teledoc Health Inc.
- Vitalconnect
- Vivalnk Inc
- Vivify Health, Inc.
- Welch Allyn (A Subsidiary Of Hill Rom Services, Inc.)
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Remote Patient Monitoring System Market Report Scope:
| Report Attribute | Specifications |
| Market size value in 2022 | USD 4.93 Bn |
| Revenue forecast in 2031 | USD 21.10 Bn |
| Growth rate CAGR | CAGR of 17.70 % from 2023 to 2031 |
| Quantitative units | Representation of revenue in US$ Million, Volume (Tons), and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report coverage | The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
| Segments covered | Product, Application, And End-User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
Market Dynamics:
Drivers:
Due to raised patient awareness and the deployment of daily health analysis technology, remote patient monitoring contributes to a decrease in hospital admissions. Current development in the RPM industry is the use of wearable technology to measure body temperature, respiration rate, heart rate, and blood pressure in point-of-care settings. In the management of numerous pathologies, including COVID-19, cardiovascular diseases, cancer, diabetes, neurological disorders, maternity care, and post-surgery monitoring, there is an increasing need for remote patient monitoring.
Challenges:
The growth of this market is anticipated to be constrained by data accuracy concerns, barriers to patients using remote monitoring technologies, such as limited accessibility or awareness of cutting-edge technologies, and reluctance to use contemporary technologies due to data security & privacy concerns. The need to keep more people to run RPM systems also results in increased overhead costs, which is a significant barrier to market expansion.
Regional Trends:
Since China and India together account for around 35.5% of the world's population, the Asia-Pacific region is anticipated to experience the fastest growth during the projection period. These nations' fast-growing patient populations are anticipated to open up prospects for the use of remote patient monitoring tools and systems. The digital health market in India is expanding owing to technological improvements and improved infrastructure quickly.
The European Parliament estimates that 28.7% of Japan's population is 65 years of age or older, and that number will increase to 30 per cent by 2036. It is anticipated that this rise will pressure the nation's healthcare system and economy. These elements are anticipated to make APAC the geographical market with the fastest rate of growth over the forecast period.
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Segmentation of Remote Patient Monitoring System Market-
By Product-
- Vital Sign Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Heart Rate Monitor (ECG)
- Temperature Monitor
- Respiratory Rate Monitor
- Brain Monitoring (EEG)
- Special Monitors
- Anesthesia Monitors
- Blood Glucose Monitors
- Cardiac Rhythm Monitor
- Respiratory Monitor
- Fetal Heart Monitors
- Prothrombin Monitors
- Multi Parameter Monitors (MPM)
- Others
By Application-
- Cancer
- Cardiovascular Diseases
- Diabetes
- Sleep Disorder
- Weight management and Fitness Monitoring
- Bronchitis
- Infections
- Virus
- Dehydration
- Hypertension
By End-Use-
- Hospital-based Patients
- Ambulatory Patients
- Home Healthcare
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
Rest of Middle East and Africa
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