Redding, California, Sept. 14, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, 'Remote Patient Monitoring Market By Product (Devices [Cardiac, Neurological, Blood Pressure, Glucose, Weight], Software, Services), Application (COVID-19, Cardiovascular Diseases, Diabetes, Cancer), End User (Hospitals, Home Care) - Global Forecast to 2029', published by Meticulous Research®, the global remote patient monitoring market is expected to register a CAGR of 18.3% during the forecast period 2022–2029 to reach $127.77 billion by 2029.
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Remote patient monitoring (RPM) involves the assessment of patient health using non-invasive devices that measure or detect common physiological parameters and wirelessly transmit patient information to their healthcare provider. It enables doctors to remotely monitor certain aspects of a patient's health. This leads to increased access to healthcare and decreased healthcare delivery costs.
The demand for remote patient monitoring is driven by the rising geriatric populations, increasing prevalence of various chronic diseases, shortage of healthcare professionals globally, technological advancements in telehealth & remote patient monitoring, and growing awareness about the proven benefits of RPM. After the outbreak of the COVID-19 pandemic, there was increased awareness about daily health monitoring among individuals. People are using remote patient monitoring devices to check various health parameters such as blood glucose, body temperature, respiratory rate, heart rate, and blood pressure from their space. However, data accuracy concerns and barriers to remote monitoring technologies among patients are expected to restrain the growth of this market to some extent. In addition, the adoption of artificial intelligence in RPM and emerging economies with a high patient population are expected to provide significant growth opportunities for this market. Factors such as data security and privacy concerns and increased overhead expenditure for employing an additional workforce to handle the RPM system are the major challenges to the growth of this market.
Impact of COVID-19 on the Remote Patient Monitoring Market
The outbreak of the COVID-19 pandemic at the beginning of 2020 disrupted the healthcare system. The global healthcare system was overburdened, and the number of infected patients increased at an alarming rate. Healthcare professionals constantly looked for new ways to serve the exceeding patient population. Remote patient monitoring allowed doctors to serve the patients at their homes. The social distancing norms and movement restrictions imposed during the COVID-19 pandemic accelerated the trend of remote healthcare delivery in many countries.
Additionally, governments of various countries relaxed their regulations for the in-home use of various patient monitoring devices. For instance, in 2020, the U.S. FDA modified a few of its enforcement policies for some devices, such as oximeters, spirometers, apnea monitors, and electrocardiograms, which were previously cleared/approved for hospital and clinical use only. These devices were permitted for in-home use without additional submissions.
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The COVID-19 pandemic led to increased awareness among people of their health and encouraged the adoption of new ways to nurture wellbeing. The adoption of daily health monitoring devices for chronic disease management increased during the period. People increasingly adopted RPM to monitor body temperature, respiratory rate, heart rate and blood pressure on a daily basis for early disease detection. Thus, the COVID-19 pandemic accelerated the adoption of virtual health management, including remote patient monitoring.
The global remote patient monitoring market is segmented by product, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product, the global remote patient monitoring market is segmented into monitoring devices, software, and services. In 2022, the monitoring devices segment is expected to account for the largest share of the global remote patient monitoring market. The large market share of this segment is attributed to the increased adoption of monitoring devices for regular health monitoring, the rising geriatric population and the associated increase in the burden of chronic diseases, and regulatory relaxations related to remote patient monitoring devices.
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Based on application, the global remote patient monitoring market is segmented into COVID-19, cardiovascular diseases, cancer, diabetes, neurological disorders, and other applications. In 2022, the cardiovascular diseases segment is expected to account for the largest share of the global remote patient monitoring market. The large market share of this segment is attributed to the high prevalence of various cardiovascular diseases worldwide, increased awareness about the importance of health monitoring for conditions such as blood pressure, and increased access to various monitoring devices.
Based on end user, the global remote patient monitoring market is segmented into hospitals, home-care settings, long-term care, and other end users. In 2022, the hospitals segment is expected to account for the largest share of the global remote patient monitoring market. The large market share of this segment is attributed to the high global hospitalization rates, high prevalence of chronic diseases such as diabetes and hypertension, increased number of surgeries, and increased adoption of remote patient monitoring in hospitals.
Based on geography, in 2022, North America is expected to account for the largest share of the remote patient monitoring market. The largest share of this region is attributed to factors such as a large pool of patient population, shortage of physicians, presence of key market players, well-established healthcare system, high healthcare expenditure, rising geriatric population and associated burden of chronic conditions, and favorable government reforms in the region.
The report also includes an extensive assessment of the product, application, end user, geographies, and key strategic developments adopted by leading market participants in the industry over the years (2019–2022). In recent years, the global remote patient monitoring market has witnessed numerous product launches, agreements, collaborations, & partnerships, and acquisitions.
Some of the key players operating in the global remote patient monitoring market are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Boston Scientific Corporation (U.S.), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), General Electric Company (U.S.), F. Hoffmann-La Roche AG (Switzerland), Baxter International Inc. (U.S.), Cerner Corporation (U.S.), DexCom, Inc. (U.S.), and VitalConnect (U.S.).
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Scope of the Report:
Remote Patient Monitoring Market, by Product
- Monitoring Devices
- Cardiac Monitoring Devices
- Neurological Monitoring Devices
- Respiratory Monitoring Devices
- Multiparameter Monitoring Devices
- Blood Glucose Monitoring Devices
- Blood Pressure Monitoring Devices
- Fetal and Neonatal Monitoring Devices
- Weight Monitoring Devices
- Other Monitoring Devices
(Other Monitoring Devices include temperature monitors, brain monitoring (EEG), and prothrombin monitors)
- Software
- Services
Remote Patient Monitoring Market, by Application
- COVID-19
- Cardiovascular Diseases
- Cancer
- Diabetes
- Neurological Disorders
- Other Applications
(Other Applications include maternity care, post-surgery monitoring, and respiratory disease management)
Remote Patient Monitoring Market, by End User
- Hospitals
- Home-care settings
- Long-term care
- Other End Users
(Other End Users include ambulatory care, healthcare payers, and clinical research organizations)
Remote Patient Monitoring Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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