PLEASANTON CA , Sept. 14, 2021 (GLOBE NEWSWIRE) -- Latest research report by AllTheResearch on “Remote Patient Monitoring Market by Product (Vital Sign Monitors, Specialized Monitors), by Application, by End-use (Hospital-based Patients, Ambulatory Patients, Home Healthcare), and by Region (North America, Europe, Asia Pacific, Latin America, MEA) - Global Forecasts 2017 to 2027”
According to Intelligence Study, “The global Remote Patient Monitoring Market was valued at USD 975.0 million in 2020, and it is expected to reach USD 3,244.9 million by 2027, with a CAGR of 18.9%, during the forecast period.”
Remote patient monitoring technology can monitor patient health outside a healthcare setting. This monitoring can be done at home or at any place where healthcare delivery is not accessible. Rising geriatric population, Covid-19 cases, entry of innovative products, and investment by market players are some of the major drivers of the global remote patient monitoring market.
Various physiological parameters are monitors including blood pressure, blood oxygen level, blood glucose level, heart rate, body temperature, fetal heart rate, sleep monitoring, brain monitoring, and many others. Remote Patient Monitoring (RPM) enables early detection of deterioration and thereby reduces emergency department visits, hospitalizations, the duration of hospital stays, and healthcare expenditure.
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RPM majorly use for patient suffering from chronic obstructive pulmonary disease, diabetes, hypertension, dementia, congestive heart failure, COVID-19, and infertility. Additionally, RPM is also useful to monitor geriatric people continuously as they are at risk for falls. The sensor monitors an individual’s location, angular velocity, and apply a mathematical algorithm to predict the chances for falls, and alert caregivers if the individual has fallen. Increasing geriatric population across the globe is expected to accelerate the demand for remote patient monitoring market during the forecast period.
COVID-19 Impact on the RPM (Remote Patient Monitoring) Market:
COVID-19 Outbreak in 2019 has positively affected the market of the remote patient monitoring industry. To avoid the spread of virus, healthcare facilities and patients prefer to avoid physical visits to hospitals. Hence, many hospitals and healthcare facilities has implemented a remote patient monitoring system to keep track of a patient’s health.
Furthermore, large number of COVID infected patients were home isolated and hence they need to keep a track of oxygen level and heart rate during isolation at home. All these factors impacted the industry positively and further likely to grow with a significant rate during the forecast period.
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Global Remote Patient Monitoring Industry Analysis by Key Segmentation:
By Product
- Vital Sign Monitors
- Specialized Monitors
By Application
- Cancer
- Cardiovascular Diseases
- Diabetes
- Sleep Disorder
- Weight management and Fitness Monitoring
- Bronchitis
- Infections
- Hypertension
- Others
By End-user
- Hospital-based Patients
- Ambulatory Patients
- Home Healthcare
Key players operating in the Remote Patient Monitoring market are American Telecare; Biotronik; Bosch; Honeywell; Roche; Philips Healthcare; Intel; Health anywhere Inc.; Johnson & Johnson; Welch Allyn; and Covidien Plc.
The report also provides an in-depth analysis of recent news developments and investments
- In August 2020, Stasis Labs launched a mobile-connected remote patient monitoring platform in the U.S. to use in hospital and outpatient care. The Stasis system of the company tracks six major vital signs in the people.
- In July 2020, Philips collaborated with BioIntelliSense to enhance patient monitoring remotely for at-risk patients from the hospital to the home. Philips integrated BioSticker sensor, the BioIntelliSense sensor, to expand its remote patient monitoring solutions for patients outside the hospital.
- In July 2020, Phillips launched Tempus ALS, pre-hospital wireless monitoring solution in the U.S. It consists of remote professional defibrillator (Tempus LS-Manual) and Tempus Pro, portable vital signs monitor for remote application.
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