Remote Patient Monitoring Market

SKU: DMMD74 | Last Updated On: Oct 04 2022 | Available Formats

> Remote Patient Monitoring Market Expected to reach at a CAGR of 14% during the forecast period 2022-2029:

Remote Patient Monitoring Market is segmented By Product Type (Services & Software, Devices), By Application (Cardiovascular Diseases), By End User (Payers, Providers, Patients), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa)– Share, Size, Outlook, and Opportunity Analysis, 2022-2029

Remote Patient Monitoring Market Size Growth Outlook:

Remote Patient Monitoring Market size is expected to reach USD billion by 2029, with growth at a CAGR of 14% during the forecast period 2022-2029. The rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing geriatric population are driving the growth of the Remote Patient Monitoring Market in the North American region. North America accounted for the largest market share of the global market during the forecast period. The U.S. is projected to have diabetes prevalence rise to 29.6% by 2030, and the cost of heart disease treatment triple. These chronic health problems will provide significant demand for RPM devices in the future, and the availability of reimbursement is expected to continue to drive future growth. The increasing technological advancements in remote monitoring due to the recent outbreak of COVID-19 have led to the growth of the Remote Patient Monitoring Market in this region.

What is Remote Patient Monitoring? 

Remote patient monitoring (RPM) is a healthcare delivery process that uses information technology advancements to gather patient data outside traditional healthcare settings. RPM improves patient behavior by creating a system by which people are more engaged and accountable for their health. In addition, it is difficult for some patients to access caregivers in some regions; hence, remote patient monitoring increases the capacity for physicians to treat more patients.

Major Insights:

As per the research study, the global market is divided into major regions such as North America, South America, Europe, Asia Pacific, and the Middle East and Africa. Among all regions, North America is projected to produce the highest share in the global market during the forecast period. In this region countries such as the United States, and Canada is participating to produce the utmost share in the North American remote patient monitoring market. Followed by North America, Europe's Remote Patient Monitoring Market is anticipated to show a decent growth rate in the global market over the forecast period. Europe regions included major countries such as the United Kingdom, Germany, Spain, Italy, France, Russia, and the rest of the European countries.

Asia Pacific is the fastest growing region in the global remote patient monitoring market over the forecast period, countries such as Japan, China, and India are leading the Asia Pacific remote patient monitoring market.  Asia Pacific region is controlled by the Japan remote patient monitoring market, followed by India, and China. The major driver controlling the increasing demand for heart monitor devices in the Asia Pacific region is the surged occurrence of heart failure.

Market Growth Drivers and Restraints:

Supportive government programs and innovation boosts the market growth

Increasing support for government programs and innovation are projected to drive the RPM market growth. For instance, the Centre for Technology and Aging, based in California, is devoted to rapid technological advancements in remote patient monitoring systems, leading to the maintenance of independent and healthier living. The demand for this equipment in post-acute care has increased the role of the patients in self-health management. This ability to augment self-management skills with advanced tools is expected to impact market growth. Efforts from equipment manufacturers to develop superior products are expected to drive Remote Patient Monitoring Market growth.

For instance, in July 2020, Philips and BioIntelliSense formed a vital collaboration to enhance remote patient monitoring products. Philips combined the latter’s BioSticker device into its remote patient monitoring (RPM) portfolio. It is a wearable device that monitors chronic conditions and keeps track of COVID-19 symptoms.

The American Heart Association (AHA) also supports initiatives that expand access to Remote Patient Monitoring (RPM) technologies for improved health management. Efforts by device manufacturers to develop advanced products are expected to drive growth even further. The increased use of these monitors has resulted from an increase in the number of people suffering from heart disease. At CES 2019, Withings debuted the most advanced and diverse home cardiovascular monitors. It is expected to be the first device that measures blood pressure while also recording ECG and heart readings using a digital stethoscope.

Healthcare fraud is likely to hamper the RMP market growth in the forecast period

However, one of the factors hindering the market growth of remote patient monitoring is healthcare fraud. It is an essential consideration in the area of telehealth and telemedicine practices. Healthcare fraud has several ways a patient or a physician can be victimized. For instance, the physician’s details, such as name and accounts, can be used to receive payments from the insurance company, or non-listed institutional providers can practice improper coding and billing for false claims.

COVID-19 Impact Analysis

COVID-19 pandemic provides immense opportunities for remote patient monitoring solutions, considering that social distancing is the only existing solution developed so far that can minimize exposure. In addition, this technology is of critical importance in keeping healthcare providers safe. The emergency need for social distancing among clinicians and patients has catalyzed the demand for telemedicine services. This is expected to drive the remote patient monitoring market during the forecast period.

Remote Patient Monitoring Market Scope

Metrics

Details

Market CAGR

14%

Segments Covered

By Product Type, By Application, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Remote Patient Monitoring Market Segmentation Analysis:

The devices segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)        

The devices, the particular monitor's segment, helps the largest market share owing to their ability to monitor clinical data pre and post-surgery, identify symptoms, and prevent complications. In addition, advanced features such as wireless communication and iPad connectivity allow early diagnosis and higher applicability of the products.

On the other hand, vital sign monitors are commonly used and are expected to grow faster over the forecast period. Among these, the heart rate monitor dominates the product sub-segment due to the rising incidence of cardiac diseases globally. The surge in the number of individuals with heart disorders has led to the increased usage of these monitors.

Devices segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)   

Cardiovascular disease treatment is expected to dominate the remote patient monitoring market, by application, during the forecast period   

Cardiovascular disease emerged as the leading application segment due to the increasing prevalence of the disease. Globally, the rising geriatric population and the crisis of chronic diseases are expected to be the high impact rendering drivers for the growth over the forecast period. 

Providers' segment is expected to dominate the remote patient monitoring market, by end-user, during the forecast period 

The providers' segment accounted for the largest share of the global market in 2019. This can be attributed to the increased adoption of remote monitoring in chronically ill and old aged patients, advancements in RPM monitoring devices, and the increasing number of RPM services offered by providers.

Remote Patient Monitoring Market Geographical Analysis:

North America region holds the largest market share in the Global Remote Patient Monitoring Market . The chronic health problems will provide significant demand for RPM devices in the future, and the availability of reimbursement is expected to continue to drive future growth. The increasing technological advancements in remote monitoring due to the recent outbreak of COVID-19 led to the growth of the market in this region.

The Validic Impact solutions can support the management of acute and chronic conditions, such as diabetes, hypertension, heart failure, and COVID-19 (coronavirus). This new version of Validic Impact requires no EHR integration and can be used as a fully standalone solution.

Recent Developments in the Industry:

  1. For instance, In 2020, Koninklijke Philips collaborated with American Telemedicine Association (ATA) to increase the adoption of telehealth across acute, post-acute, and home care settings.
  2. In 2020, Philips launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring
  3. For instance, in August 2020, Validic, a Durham, NC-based provider of health data platforms and solutions for scaling remote patient monitoring (RPM), launched its remote patient monitoring solution, Validic Impact, which offers the ability to deploy an end-to-end technology solution for chronic and acute condition monitoring, rapidly.
  4. In 2020, BioTelemetry acquired the On. Demand remote patient monitoring (RPM) and coaching platform, operated by Envolve People Care, Inc., which is a Centene Corporation subsidiary. This acquisition expands chronic RPM and coaching solutions to BioTelemetry’s current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.

Remote Patient Monitoring Market Competitive Landscape

The remote patient monitoring market is moderately competitive with the presence of local as well as global companies.  Some of the key players which are contributing to the growth of the market include Koninklijke Philips N.V. , Medtronic, GE Healthcare, Abbott Laboratories, BioTelemetry Inc., Siemens Healthineers AG, Boston Scientific Corporation, OMRON Healthcare, Teladoc Health Inc., Welch Allyn, Wellue Health, Transtekmong others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the remote patient monitoring market globally.    

Remote Patient Monitoring Market Key Companies to Watch

Medtronic Plc

Overview: Medtronic plc, founded in 1949, is a global medical device company. Its headquarters are in Dublin, Ireland. Medtronic has four operating segments: Cardiac and Vascular, Minimally Invasive Therapies, Restorative Therapies, and Diabetes, and each group is separated into business divisions that deliver a wide range of medical technologies, therapies, services, and solutions. Medtronic operates in more than 140 countries. It employs over 85,000 people and has more than 53,000 patents.

Product Portfolio:

  • Get Ready® is a digital health solution that connects patients and clinicians to enable care coordination and management. It helps hospitals and healthcare professionals to assess, monitor and triage COVID-19 patients following an emergency department visit or conventional hospitalization, thus freeing-up resources, lowering the risk to be exposed to COVID-19, and optimizing utilization of critical resources.
  • MyCareLink Connect is the source for info on Medtronic heart device and the monitor use to send heart device data to the clinic.
  • MyCareLink Smart™ patient monitor combines a hand-held Reader that communicates to your smartphone or tablet with a free app.
  • The MyCareLink Relay™ Home Communicator sends data from your heart device directly to your clinic using Wi-Fi or cellular data.

Key Development: n October 2020, Medtronic launched the world’s first pacemaker, Azure™ pacemaker with BlueSync™ technology that can communicate directly with patients’ smartphones and tablets.

Frequently Asked Questions

What is the Projected CAGR value of the Remote Patient Monitoring Market?

Remote Patient Monitoring Market is expected to grow at a CAGR of 14% during the forecasting period 2022-2029.

Which region controlled the global market during 2022-2029?

North America region Controls the Remote Patient Monitoring Market during 2022-2029

Which is the fastest growing region in the Remote Patient Monitoring Market?

Among all regions, Asia Pacific is the fastest growing market share during the forecast period 

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