At CAGR of 12.22%, Remote Patient Monitoring Market Size is Expected to Reach USD 2936.38 Million by 2025 says Brandessence Market Research
12 Jan, 2021, 17:00 IST
PUNE, India, Jan. 12, 2021 /PRNewswire/ -- The global demand for Remote Patient Monitoring Market, in term of revenue, was worth of USD 1,649.80 Million in 2019 and is expected to reach USD 2936.38 Million in 2025, growing at a CAGR of 12.22% from 2019 to 2025. The global remote patient monitoring is expected to grow at significant growth rate due to number of driving factors.
The study provides a crucial view of remote patient monitoring market by segmenting the market based on product, application, type, and end user. Based upon product remote patient monitoring market is segmented into Vital Sign Monitors (Blood Pressure Monitors, Pulse Oximeters, Heart Rate Monitor (ECG), Temperature Monitor, Respiratory Rate Monitor and Brain Monitoring (EEG)) Special Monitors (Anesthesia Monitors, Blood Glucose Monitors, Cardiac Rhythm Monitor, Respiratory Monitor, Fetal Heart Monitors, Prothrombin Monitors, Multi Parameter Monitors (MPM) and Others). Based upon application remote patient monitoring market is segmented into Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorder, Weight management and Fitness Monitoring, Bronchitis, Infections, Virus, Dehydration, Hypertension and Others. Based upon type segment market is segmented into devices and systems. Based upon end user remote patient monitoring market is segmented into Hospital Based Patients, Ambulatory Patients and Home Healthcare. The regions covered in global remote patient monitoring market are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, global market is sub divided into U.S., Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, Brazil, Mexico, GCC, Africa, etc.
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Increasing incidence of chronic diseases and technological advancement in healthcare is increasing the demand for remote patient monitoring market. In recent years increasing changes in lifestyle creating the number of difficulties in healthy living and it occurs the number of chronic disorders, globally. In the past few years globally, diabetes, cardiovascular, and cancer incidence are rapidly increasing, and related healthcare expenses are also increased. For example, according to world health organization cardiovascular diseases are the number 1 cause of death globally, and it takes an estimated 17.9 million lives each year. The heart diseases and stroke costing health care system approximately USD199 billion per year in the United States. By using remote patient monitoring people can reduce the healthcare cost by its different application like, reducing official physician visits, patients getting consultation without having to visit a medical practitioner, and others due to this the demand for remote patient monitoring is growing in the market. For example, According to Federal Communications Commission (FCC), the health care industry could save $700 billion in the next 15 to 20 years with the use of remote patient monitoring technology in conjunction with electronic health records (EHR). Increasing geriatric population is another major factor which propelling the demand of remote patient monitoring market. In the past few years, the geriatric population is facing the number of disease problems and due to this value-based care approach demand is also increased. However, an expensive remote monitor and requires huge resources in terms of software and hardware may hamper the global remote patient monitoring market growth. Despite that, increasing technological advancement and awareness about remote patient monitoring in low and middle-income countries may generate new opportunities for the further growth of the market.
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In the scope of Global Remote Patient Monitoring Market, we have considered both system and devices i.e. the patient monitoring systems used by hospitals, clinics, primary and community health centers, private practitioners and wearable and non-wearables devices for patient such as blood pressure monitors, pulse oximeters, heart rate monitor, temperature monitors etc.
Remote Patient Monitoring Statistics
- The product segment of remote patient monitoring market is dominated by special monitor drive with largest market share of 76.81 % in 2019.
- The application segment of remote patient monitoring market is dominated by diabetes segment by capturing the largest market of 23.36% in year 2019.
- The end user segment of remote patient monitoring market is dominated by Hospital Based Patients with largest share of 46.61 % in year 2018.
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North America region is the leading region owing to the increasing chronic disease driving the North American market. For example, cardiovascular disease (CVD) remains the leading cause of death in the United States, responsible for 840,768 deaths in 2016. Coronary heart disease is the most common type of heart disease. Due to these growing healthcare expenses of chronic disease the U.S healthcare industry is moving towards a value-based care approach, using technological applications efficiently to reduce healthcare expenses. Additionally, increasing the investment of industries in the healthcare sector is also boosting the remote patient monitoring market.
The Asia Pacific is an emerging region in the remote patient monitoring market in the forecast period. Due to the increasing geriatric population and the number of cancer cases in its developing nations are responsible to boost the remote patient monitoring market. For example, in 2016, approximately 12.4 percent of the population in the region was 60 years. Additionally, increasing acceptance of remote patient monitoring in hospitals is also responsible for growth in the market.
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Remote Patient Monitoring Market Trends:
Healthcare industry is rapidly developing in technology and services. A recent development in this area is remote monitoring of patients which has many advantages in a fast-aging world population with increasing health complications. With relatively simple applications to monitor patients inside hospital rooms, the technology has developed to the extent that, the patient can prefer normal daily activities at home while still being monitored with the use of modern communication and sensor technologies. Following are trends taking place in the patient monitoring field and the key market drivers design engineers need to consider. Clearly, there is overlap among them since IoT spans two important areas like the developments of smart, connected products and devices.
- A Real-Time Health Monitoring System for Remote Cardiac Patients Using Smartphone and Wearable Sensors
- The Applications of Remote Patient Monitoring System using a Java-enabled 3G Mobile Phone
- The Increasing Role of IoT for Remote Monitoring and Healthcare Applications
- TE Connectivity's Solution for Blood Oxygen Level Detection As many of these trends point out, demand is increasing for solutions for home healthcare with remote and self-monitoring technology.
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Remote Patient Monitoring Market Segmentation,
Global Remote Patient Monitoring Market: By Type
Global Remote Patient Monitoring Market: By Product
- Special Monitors
- Anesthesia Monitors
- Blood Glucose Monitors
- Cardiac Rhythm Monitor
- Respiratory Monitor
- Fetal Heart Monitors
- Prothrombin Monitors
- Multi Parameter Monitors (MPM)
- Vital Sign Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Heart Rate Monitor (ECG)
- Temperature Monitor
- Respiratory Rate Monitor
- Brain Monitoring (EEG)
Global Remote Patient Monitoring Market: By Application
- Cardiovascular Diseases
- Sleep Disorder
- Weight management and Fitness Monitoring
Global Remote Patient Monitoring Market: By End-User
- Hospital Based Patients
- Ambulatory Patients
- Home Healthcare
Global Remote Patient Monitoring Market: Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- Rest of MEA
Global Remote Patient Monitoring Market: remote patient monitoring companies Analysis
- Philips Healthcare
- Boston Scientific
- Hill Rom Inc.
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