Remote Patient Monitoring Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Devices (Vital Signs Monitor, Glucose Monitor, Blood Pressure Monitor, Heart Rate Monitors, Respiratory Monitors, Others), By End-User (Hospitals And Clinics, Specialized Services Facilities, Homecare), And By Geography - Forecasts From 2021 To 2026
- Published : Sep 2021
- Report Code : KSI061610593
- Pages : 104
The remote patient monitoring market is expected to reach US$85.031 billion by the end of 2026, increasing from US$20.027 billion in 2019, and growing at a CAGR of 22.94% during the forecast period.
Remote patient monitoring makes use of digital technologies to collect medical and various other forms of health data and transmit them to a healthcare provider. The data can be collected at the patient’s residence, avoiding the nursing and hospitalization costs. The market for remote patient monitoring witnessed significant growth in recent years owing to a rise in disposable income and increasing demand from an aging population. In the last few years, there has been a growing need to expand the healthcare access infrastructure, cost benefits of telehealth, and remote patient monitoring technology due to the rapidly increasing population and the common occurrence of chronic diseases, globally. According to the Center for Disease Control and Prevention (CDC), chronic diseases account for 90% of the total healthcare costs in the United States annually. By adopting remote patient monitoring systems, these costs can be reduced significantly which in turn is expected to propel the market growth. Also, by using remote monitoring systems, chronic diseases can be prevented as early warning signs and progress trackers coupled with timely assistance will be provided to the patients which will delay emergency room visits and hospitalizations in the near future.
The remote patient monitoring system has several benefits such as a reduction in medical expenditure as the entire hospitalization cost gets eliminated is encouraging more patients to opt for this system rather than the conventional hospitalization method. In addition, the availability of technologically advanced products, increasing investments in telehealth, the support of the Government in various countries, and the rising awareness regarding the benefits of remote patient monitoring are the major factors driving the demand for these systems. Several medical associations worldwide support the remote patient monitoring system owing to the benefits it entails, which is further projected to fuel the market growth. For instance, the American Heart Association (AHA) supports initiatives that increase access to the use of Remote Patient Monitoring (RPM) technologies for better health management.
Furthermore, the remote patient monitoring system is simple, convenient, and much easier to use by all age groups, especially by the geriatric population. According to a report by the World Population Ageing, in 2019, there were around 703 million people aged 65 years or over. This number is projected to double to 1.5 billion in 2050. The constant increase in the geriatric population will further support the growth of the remote patient monitoring market during the forecast period.
By end-user, the hospitals and clinic segment is estimated to hold a dominant market share owing to the voluminous number of patients and tests being conducted in them. The home care segment is also projected to grow notably in the years to come. Geographically, North America is expected to grow significantly due to the increase in the occurrence of chronic diseases, demand for wireless and portable systems, the presence of sophisticated reimbursement structures, and a reduction in medical expenditure. The Asia Pacific region is further estimated to witness significant growth over the projected period, attributable to rising healthcare expenditure and an increase in disposable income over the forecast period. The increasing geriatric population in India, China, and Japan are further expected to expand the market during the forecast period.
- Increasing geriatric population
The constantly growing geriatric population is expected to drive the growth of the remote patient monitoring market. According to the World Health Organization, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019, and this number is projected to rise further to 16% in 2050. The increasing number of people in the segment will subsequently increase the demand for remote patient monitoring systems as the number of patients suffering from chronic diseases will increase. The government across the globe will be pressurized to promote remote patient monitoring systems to meet the increasing demand, which in turn is projected to fuel the market growth.
- Reduction in expenditure
Remote patient monitoring enhances the overall reach and access to healthcare while reducing unnecessary visits to hospitals for diagnosis, treatment, and admission. Remote patient monitoring also saves a lot of time as the setup is done at one’s residence, which eliminates the traveling and waiting time. Furthermore, it helps considerably reduce expenditure on hospitalization, nursing, traveling, etc. These benefits are expected to attract more patients to shift to remote monitoring systems instead of conventional systems in the next few years.
- Resistance and Fraud
Many healthcare professionals are resisting the remote patient monitoring system as the dependency of the patients on them will reduce which may affect their professional growth. Healthcare professionals often advise patients against this system which may hamper the growth of the market. Also, healthcare fraud in telehealth and telemedicine practices can hinder market growth as issues related to fraudulent reimbursement claims, billing cycles, etc. can be prevalent in the market.
Impact of COVID–19.
The Covid-19 pandemic resulted in a mass shortage of vacant beds in hospitals, worldwide. The patients suffering from chronic illness were advised against visiting hospitals physically for treatment due to the fear of being infected. This trend encouraged hospitals to implement a remote patient monitoring system to keep track of a patient’s health and to ensure no patient suffers due to a shortage of healthcare infrastructure. Thus, the pandemic greatly accelerated the growth of the remote patient monitoring market.
Prominent/major key market players in the Remote Patient Monitoring Market include Philips Healthcare Abbott Laboratories, GE Healthcare, Boston Scientific Corporation, Biotronik SE, Honeywell International, Inc., Nihon Kohden Corporation, OSI Systems, Inc, AMC, Inc., and Qualcomm Life, Inc. The players in the Remote Patient Monitoring Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, in 2020, Philips launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the United States, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring. Also, Koninklijke Philips formed a collaboration with American Telemedicine Association (ATA), to help increase the adoption of telehealth across acute, post-acute, and home care settings. Major market players in the market have been covered along with their relative competitive strategies in this report and the report mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the Remote Patient Monitoring Market.
Remote Patient Monitoring Market Scope:
|Market Size Value in 2019||US$20.027 billion|
|Market Size Value in 2026||US$85.031 billion|
|Growth Rate||CAGR of 22.94% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Devices, End-User, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Philips Healthcare, Abbott Laboratories, GE Healthcare, Boston Scientific Corporation, Biotronik SE, Honeywell International, Inc., Nihon Kohden Corporation, OSI Systems, Inc, AMC, Inc., Qualcomm Life, Inc.|
|Customization Scope||Free report customization with purchase|
Vital Signs Monitor
Blood Pressure Monitor
Heart Rate Monitors
Hospitals and Clinics
Middle East and Africa
Frequently Asked Questions (FAQs)
1.1. Market Definition
1.2. Market Segmentation
2. Research Methodology
2.1. Research Data
3. Executive Summary
3.1. Research Highlights
4. Market Dynamics
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Power of Buyers
4.3.3. The Threat of New Entrants
4.3.4. Threat of Substitutes
4.3.5. Competitive Rivalry in the Industry
4.4. Industry Value Chain Analysis
5. Remote Patient Monitoring Market Analysis, By Devices
5.2. Vital Signs Monitor
5.3. Glucose Monitor
5.4. Blood Pressure Monitor
5.5. Heart Rate Monitor
5.6. Respiratory Monitors
6. Remote Patient Monitoring Market Analysis, By End-User
6.2. Hospitals and Clinics
7. Remote Patient Monitoring Market Analysis, By Geography
7.2. North America
7.2.1. United States
7.3. South America
7.4.1. United Kingdom
7.5. The Middle East and Africa
7.5.1. Saudi Arabia
7.6. Asia Pacific
8. Competitive Intelligence
8.1. Competitive Benchmarking and Analysis
8.2. Recent Investment and Deals
8.3. Strategies of Key Players
9. Company Profiles
9.1. Philips Healthcare
9.2. Abbott Laboratories
9.3. GE Healthcare
9.4. Boston Scientific Corporation
9.5. Biotronik SE
9.6. Honeywell International, Inc.
9.7. Nihon Kohden Corporation
9.8. OSI Systems, Inc
9.9. AMC, Inc
9.10. Qualcomm Life, Inc.
Boston Scientific Corporation
Honeywell International, Inc.
Nihon Kohden Corporation
OSI Systems, Inc
Qualcomm Life, Inc.
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