Global Remote Patient Monitoring Market Report 2022: Rising Digitization of Healthcare Bolsters Growth

DUBLIN, Feb. 22, 2023 /PRNewswire/ --The "Global Remote Patient Monitoring Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 By Component Type, Product, Application, End-User and Region" report has been added to  ResearchAndMarkets.com's offering.

According to this analysis, the Global Remote Patient Monitoring Market was valued at ~US$ 20 billion in 2017. Furthermore, it is estimated to be ~ US$ 35 Billion in 2022 and is forecasted to reach a market size of ~ US$ 75 Billion by 2028 at a CAGR of ~12%, owing to the rising usage of digital technologies in the healthcare sector.

Remote patient monitoring services are predicted to become more prominent as the occurrence of chronic diseases such as diabetes, cancer, heart disease, and hypertension rises, among other conditions. By providing early warning signs and progress indicators, remote monitoring systems support medics in initiating treatment as soon as feasible for chronic diseases.

Patients and doctors frequently struggle with inexperience with new procedures and are reluctant to abandon their current (traditional) procedures. The inexperience with technology that elderly persons may have hinders them from using telehealth and telemedicine services.

Scope of the Report

The Global Remote Patient Monitoring Market is segmented by Component Type, Product, Condition, Application, and End-user. In addition, the report also covers market size and forecasts for the four regions. The revenue used to size and forecast the market for each segment is US$ Billion.

By Component Type

• Devices
• Software & Services

By Product

• Vital Sign Monitors
• Special Monitors

By Application

• Cancer
• Cardiovascular Diseases (CVD)
• Diabetes
• Sleep Disorder
• Weight Management & Fitness Monitoring
• Bronchitis
• Infections
• Virus
• Dehydration
• Hypertension
• Others

By End-user

• Hospitals and Clinics
• Home Care Settings & Long Term Care Centers
• Ambulatory Care Centers
• Passive Exoskeletons
• Payers
• Patients
• Others

By Geography

• North America
• USA
• Canada
• Mexico
• Europe
• Germany
• UK
• France
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• South Korea
• India
• Indonesia
• AustraliaRest of Asia Pacific
• LAMEA
• Latin America
• Middle East
• Africa

Key Players

• Aerotel Medical Systems (1998) Ltd
• Koninklijke Philips N.V
• Boston Scientific Corporation
• General Electric Company
• Nihon Kohden Corporation
• Medtronic Plc
• Masimo
• Abbott
• Johnson & Johnson Services, Inc
• OMRON Healthcare, Inc

Key Trends by Market Segment

• By Component Type- The device segment dominated the market in 2021, the high growth rate is attributed to the rise in chronic diseases like diabetes, Chronic Obstructive Pulmonary Disease (COPD), blood pressure, and mental health along with the rising need for home monitoring devices.
• The versatility of the devices, specifically the monitor's section, to track clinical data prior to and following surgery, diagnose symptoms, and prevent complications, contributes to their dominance of the market
• Advanced features additionally enable early diagnosis and broader applicability of the devices, such as wireless communication and iPad compatibility

By Product Type- The vital sign monitors witnessed the highest market share in 2021, due to the extensive adoption of these monitors in recent years.

• With the help of a vital sign monitor, a patient's Electrocardiogram (ECG), non-invasive blood pressure, body temperature, respiration rate, and brain activity can be properly monitored. This product's popularity is anticipated to expand throughout the forecast period as a result of the integration of many vital sign monitors into a single system, which will result in higher adoption
• Since devices are frequently used, vital sign monitors are predicted to expand at the fastest rate during the projected period. Due to the rising prevalence of cardiac disorders worldwide, the heart rate monitor product sub-segment has been designated as the market leader. The rising use of these monitors is a result of the rise in the number of people with heart conditions

By Application Type- Cardiovascular diseases are likely to witness the highest growth during the forecast period, owing to the rising incidence of chronic diseases and growing patient visits.

• Cardiovascular disease has emerged as the main application category as a result of the disease's increased occurrence. During the projected period, it is anticipated that the aging population and the prevalence of chronic diseases will have a substantial impact on growth globally
• According to the World Health Organization, in 2019 estimates that there were 17.9 million deaths worldwide which were directly related to cardiovascular illnesses. This is only explained by the increased frequency of CVD in the general population and the rising number of CVD-related deaths worldwide

By End-user- Hospitals and Clinics segment accounted for the highest market share in 2021,owing to advancements in RPM monitoring technology, and an increase in the number of RPM services offered by hospitals and clinics.

• This is primarily due to medical facilities that can utilize remote monitoring to cut back on the use of expensive services like the Emergency Department (ED) and to lower expenditures associated with healthcare
• The solutions may also contribute to broadening the range of hospital services, which will increase demand for them in the upcoming years

By Geography- North America dominated the market during the forecast period owing to the demand for remote patient monitoring devices from hospitals and clinics, the rising prevalence of cardiovascular disease and home healthcare in the USA, and an increase in the country's elderly population.

• With a renewed perspective on remote patient monitoring, the COVID-19 epidemic has transformed the landscape of healthcare delivery in the North American region
• The main drivers of the RPM market's growth in North America are the rising geriatric population, rising prevalence of various chronic diseases among the populace, increased consumer disposable income, increased adoption rates of cutting-edge technologies in the healthcare sector, presence of developed healthcare infrastructure, and increased awareness of RPM systems

Conclusion

The market for remote patient monitoring is anticipated to continue growing at a substantial rate of ~12% owing to the advantages of RPM to lessen the strain on medical resources, monitoring advantages of telehealth and remote patient monitoring services, technological advancements in telecommunications, rising geriatric population, and the growing need to increase healthcare access are the main factors influencing the market growth.

The demand for the latest advancements in the healthcare sector is escalating as a result of growing government initiatives and investments to create a strong and advanced healthcare infrastructure. The adoption of RPM systems across various market is also being driven by rising investments in the digitalization and automation of healthcare units in order to improve the operational efficiency of the healthcare units.

Though the market is highly competitive with ~300 participants, few global players control the dominant share and regional players also hold a significant share.

Key Topics Covered in the Report

• Snapshot of Remote Patient Monitoring Market
• Industry Value Chain and Ecosystem Analysis
• Market size and Segmentation of Remote Patient Monitoring Market
• Historic Growth of the Overall Remote Patient Monitoring Market and Segments
• Competition Scenario of the Market and Key Developments of Competitors
• Porter's 5 Forces Analysis of the Remote Patient Monitoring Market Industry
• Overview, Product Offerings, and Strengths & Weaknesses of Key Competitors
• COVID-19 Impact on the Overall Remote Patient Monitoring Market
• Future Market Forecast and Growth Rates of the Total Remote Patient Monitoring Market and by Segments
• Market Size of Application/End User Segments with Historical CAGR and Future Forecasts
• Analysis of the Remote Patient Monitoring Market in Global Regions
• Major Production/Supply and Consumption/Demand Hubs in the Region
• Region-wise Historic and Future Market Growth Rates of the Total Market and Segments
• Overview of Notable Emerging Competitor Companies within the Region

Frequently Asked Questions

• What is the Study Period of this Market Report?
• The Remote Patient Monitoring Market is covered from 2017 - 2028 in this report, which includes a forecast for the period 2022-2028

What is the Future Growth Rate of the Remote Patient Monitoring Market?

• The Remote patient monitoring Market is expected to witness a CAGR of ~12% over the next 6 years

What are the Key Factors Driving the Remote Patient Monitoring Market?

• The market for remote patient monitoring (RPM) systems is primarily driven by the rising utilization of digital technologies in the world's healthcare sector

Which is the Largest Component Segment within the Remote Patient Monitoring Market?

• Devices held the largest market share of the Remote Patient Monitoring Market in the Component Segment in 2021

For more information about this report visit https://www.researchandmarkets.com/r/rwc6al-remote?w=5

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