Pune, India, Oct. 20, 2023 (GLOBE NEWSWIRE) -- Remote Patient Monitoring (RPM), a technology used to collect patients medical and health information from health monitoring and diagnostic devices at one location and transfer it to the physician or doctor at another location. Remote patient monitoring (RPM) remotely monitors and analyzes physiological parameters such as heart rate, pulse rate, blood pressure, blood oxygen levels, blood sugar, vital signs. Due to which, it helps to reduce the patient hospitalization time and reduces hospital visits. This further improves patient's care and quality of life.
According to our new research study on “Remote Patient Monitoring Market Size and Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, and End User,” the is expected to reach $188.95 billion by 2028 from $29.06 billion in 2021 to grow with a CAGR of 30.7% from 2021-2028. The key factors driving the remote patient monitoring market growth are the growing prevalence of chronic diseases, rising awareness regarding healthcare, and growing demand for home-based treatments. However, security and privacy issues and unaddressed regulatory concerns are expected to hamper the market during 2021 to 2028.
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Global Remote Patient Monitoring Market: Competitive Landscape and Key Developments
Cerner Corporation, Medtronic, Koninklijke Philips N.V., VitalConnect, Boston Scientific Corporation, Siemens Healthineers , AGGE Healthcare, Abbott, Nihon Kohden Corporation, OMRON Corporation amongst others. Leading players adopt strategies such as the launch of new products, expansion and diversification of their market presence, and expansion of new customer base for tapping prevailing business opportunities. Market players are adopting organic and inorganic growth strategies to expand their footprint in the remote patient monitoring market by accounting largest share.
In Feb 2021, Medtronic announced the Envision Pro Continuous Glucose Monitoring (CGM) system — a fully disposable, zero calibration professional CGM system — has obtained CE Mark approval. Medtronic commercially released it in Europe and the Middle East.
In May 2021, CareGuidePro is a new mobile app and online platform from Medtronic that helps patients navigate their spinal cord stimulation journey.
In June 2020, Siemens Healthineers and Geisinger Health System have formed a 10-year Value Partnership to develop and support aspects of Geisinger's strategic initiatives relating to continuously enhancing care for patients, communities, and the region.
Global Remote Patient Monitoring Market: End User Overview
Based on end user, the remote patient monitoring market has been segmented into providers, payers, patients, and others. The providers segment held the largest share of the market in 2021, whereas the patient segment is estimated to register the highest CAGR of 31.8% in the market during the forecast period. Healthcare providers are the healthcare professionals which offers the telehealth services used to assist the clients. The remote patient monitoring service providers should be ensured and aware of the compliance with relevant legislation and regulations designed to protect the confidentiality of patient-client information. Providers in healthcare sector in remote patient monitoring market include hospitals and clinics, home care settings and long-term care centers, ambulatory care centers, and others. The hospitals sub-segment accounted for the largest market share in the providers segment whereas home care settings is expected to be the fastest growing segment in the forecasted period.
Further, growing hospital industry in developing nations is likely to propel the growth of the segment. For instance, as per the IBEF, the Indian hospital industry is expected to grow CAGR of 16–17% to reach US$ 132.84 billion by 2022 from US$ 61.79 billion in 2017. Additionally, as per the NITI Aayog, Government of India, by 2024, India would have 2,500 new hospitals. Moreover, increasing number of hospitals and growing accessibility in emerging nations are also estimated to offer lucrative opportunity for growth of the hospital segment during the forecast period.
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Global Remote Patient Monitoring Market: Type Overview
The remote patient monitoring market, by type, is segmented into software, devices, and services The devices segment held the largest share of the market in 2021, whereas the software segment is anticipated to register the highest CAGR of 31.9% in the market during the forecast period. Remote patient monitoring devices tap digital technology to deliver communications between patients and physicians. At various intervals during the day, patients monitor themselves to collect data about their health, then electronically submit secure data via messages to their clinicians or technicians. For instance, Glucose meters for diabetes management, Heart rate monitors to manage congestive heart failure, Blood pressure cuffs to measure blood pressure, Oximeters to measure blood oxygen levels, Continuous dementia surveillance monitors, Calorie logging programs, Musculoskeletal risk stratification software etc. RPM devices collect and analyze health data to expedite high-risk patient treatment and immediately assess whether their status is stabilized, deteriorating, or improving. A better platform makes leveraging RPM technology simple, comfortable, and empowering by bridging the gap between healthcare settings and patients to take control of their own healthcare. The better they understand their care, the less confused they’ll be when interacting with their payers. The camera, keyboard, computer monitors, and mobile medical equipment all require for this hardware. Physicians can move patient data from room to room with this assistance. They can also record and transmit a patient's medical information.
Go through further research published by The Insight Partners:
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