Remote Patient Monitoring- An Advanced Solution for a Hectic Life

remote patient monitoring market

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 (RPM) is a healthcare delivery method that uses the recent advances in information technology to get insight into patients’ health-related data outside of traditional healthcare settings moving it into the patients’ house, workplace, and other convenient places. According to Care Innovations, RPM uses technologies to build a bridge between where the people wish to stay every day and the traditional physical healthcare settings. Some of the remote patient monitoring devices despite being advanced in technologies are sleek, consumer-friendly personal tech devices. These devices are used to monitor and examine physiological parameters such as heart rates, pulse rates, blood oxygen level, blood pressure, vital signs, and blood sugar level which were measured at the hospital or clinics, but now can be monitored remotely at any place as the patient can carry it.

Some of these devices resemble tablets or even smartphones. As people are more comfortable with the usage of smartphones, the appearance of RPM devices is so easy to handle by the patients. Thus, this makes it more comfortable for patients in handling the devices and so to manage their health by themselves. More the comfort more is the use of RPM device which will help the patient to improve their health quality. In addition to this, due to the continuous streaming of the patient’s health data, even the doctors or clinicians also can understand and manage their patient’s health situations on daily basis. This improves the quality of life.

The Rising Decrepit Population and Chronic Diseases Increase the Need for Patients’ Regular Examination

The average age of the population of many countries is increasing. But the health conditions of this population are a matter of care. The growth in this population is creating a need for long-term care services and boosting the demand for healthcare. Governments and the healthcare system are working to enhance its healthcare facilities to the doorsteps. Remote patient monitoring can bridge this requirement. It enhances the healthcare facilities and overall reach of healthcare with a reduction in unnecessary visits, time, and cost consumption as the hospital admissions and readmissions can be saved. Moreover, it also reduces the cost of traveling to the doctor or healthcare professionals for minor check-ups. Remote patient monitoring devices allow predictions of aggravation and exacerbation. 

According to a report provided by World Health Organization in December 2020, the top three causes of death worldwide are Ischaemic heart disease at the first position, Stroke, and Chronic diseases being the third highest cause. The death percentage due to these three factors are 16%, 11%, and 6% respectively. On the account of this, a serious focus is required to give on the examination of heart-related diseases. Chronic care alone costs around 75% cost of the total healthcare management. Many chronic diseases such as cancer, diabetes prove dangerous merely due to undiagnosed as the conditions are hidden and symptoms are not noticeable. Therefore, even health professionals do consider the regular whole-body check-up. Moreover, increase in the threat of such diseases people too prefer regular and instant monitoring of body changes for themselves and their loved ones. RPM proves to fulfill this demand rapidly without giving any side effects or threat of syringes. And monitors the patient in their comfort zone as many patients avoid regular check-up due to the feeling of discomfort in healthcare centers.

Rising Heart Problems in the Young Generation 

Due to the rapid urbanization and change in lifestyle, there is growth in the undiagnosed patient population, increasing the risk of chronic diseases such as diabetes, cancer, and cardiovascular disorders. Due to hectic lifecycle even, the young generation is suffering from the health issues such as high or low blood pressure. Thus, to keep maintain the quality of life, a regular bp check-up requires. To avoid daily visits to healthcare centers or hospitals, individuals prefer carrying remote patient monitoring devices. This allows individuals to manage their health in terms of fluctuations in blood pressure and continue their day-to-day activities as well. Therefore, along with the geriatric population, the demand for RPM is increasing from the young generation too. 

Factors Restricting the Growth of the RPM Market

Rapid patient monitoring devices being an example of advanced technology do not possess affordable prices. Therefore, not every diseased person can make use of it. There is even a lack of knowledge regarding RPM and its use in any part of the world. Thus this lack of familiarity with new technologies from both patients and medical professionals hinders the reach of such devices. Moreover, not all aged patients get comfortable using advanced devices. They prefer sticking to the traditional ways of medical or health examinations. This creates an obstacle to the growth of remote patient monitoring market in this age group. Moreover, an increase in fraud in the healthcare sector is also one of the serious factors to restrict the demand for RPM or which proves to degrade the image of remote patient monitoring devices.

North America to Hold the Largest Share in the Global Remote Patient Market

The North American share in the global remote patient monitoring market has been expected to increase in the coming years. This was due to the early adaption of advanced technology from the countries like the United States and Canada. And due to the increase in the number of patients with chronic diseases, deaths due to strokes, the demand for RPM is predicted to increase in the future. The initiatives have been taken from the healthcare sectors to reduce the expenditure on healthcare; in the account of the same, the use of RPM is expected to be prescribed by the doctors. Moreover, an increase in the geriatric population is also one of the leading factors in rising RPM demand. 

COVID-19 insight

Due to the outbreak of a pandemic, the population is growing their health consciousness. The threat of chronic diseases, maintaining the social distancing, need for quarantine during this period are some of the reasons behind the increase in the RPM demand. Therefore, COVID-19 had a positive impact on the RPM market.

Remote Patient Monitoring Market Scope:

Report Metric Details
 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
 Base Year  2019
 Forecast Period  2021–2026
 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