Remote Patient Monitoring Market Size 2022 to 2030 – Quantitative Research by QYResearch Medical

The global remote patient monitoring market size was USD 42.91 Billion in 2021 and is expected to register a revenue CAGR of 26.7% during the forecast period. Growing need for real-time health monitoring and increasing prevalence of chronic diseases are key factors driving revenue growth of the global remote patient monitoring market.

Remote patient monitoring is a simple technique for tracking physiological symptoms and covers a wide range of medical solutions, which bring convenience to consumers and provide physicians with real-time data to identify etiology of disease. Also, providers can leverage Artificial Intelligence (AI) of remote patient monitoring solutions to gain access to a specific patient’s potential diagnosis and treatment history. As a result, it helps healthcare organizations to intervene early by using AI to help them detect, which patients are more likely to have postoperative problems. Potential of AI may be utilized by healthcare companies to deliver the best care in real-time. Furthermore, it is expected that using cutting-edge tools and technologies, such as AI, IoT, and Machine Learning (ML) will drive revenue growth of the market.

Remote patient monitoring solutions use vital signs and clinical symptoms to aid in prediction of some illnesses. For instance, on 16 September 2020, Apple, Inc. launched Apple Watch Series 6 with blood oxygen monitoring to help users better understand their overall health. In addition, remote patient monitoring devices track real-time GPS data and alert appropriate medical authorities if a potentially infected patient violates quarantine. This is expected to increase demand for remote patient monitoring devices. These tools have already yielded impressive developments such as enhanced alarms for Intensive Care Units (ICUs), continuous heart rate detection in non-clinical settings, and remote neonatal temperature monitoring. Remote patient monitoring devices are therefore expected to facilitate efficient use of health data and support health services and interventions in the coming years.

Request a Sample@ https://qyresearchmedical.com/sample/118877

Market Dynamics:
Driver: Increasing prevalence of chronic diseases

Rising prevalence of chronic diseases, such as diabetes, cancer, heart disease, and hypertension, among others, are expected to drive adoption of remote patient monitoring services or solutions. Remote monitoring systems help in management of chronic conditions by giving early warning indications and progress monitors, thus, it aids doctors in initiating treatment as soon as possible. In addition, remote patient monitoring systems can also delay emergency visits and hospital admissions because telemedicine apps help to digitize and automate critical processes, minimize hospital administrative overhead, and facilitate use of remote monitoring systems. Moreover, patients have been warned not to physically visit hospitals, especially for chronic illnesses, as there is a risk of hospital-transmitted infections.

Restraint: Concerns regarding accessibility or connectivity issues with patients

Remote patient monitoring devices always require a stable internet connection to automatically transmit data in real-time. However, not all patients have reliable internet access, which can cause accessibility problems. In addition, small healthcare facilities and rural hospitals struggle to have broadband connectivity. Moreover, not all elderly people in rural areas have necessary knowledge to operate a smartphone, which poses a serious threat to the market. Furthermore, improper use may affect the accuracy of information acquired, which is particularly true for some remote monitoring wearable devices used in healthcare. These factors are expected to hamper revenue growth during the forecast period.

Product Insights:

Based on product, the global remote patient monitoring market is segmented into vital sign monitors and special monitors. The vital sign monitors segment is sub-segmented into pulse oximeter, temperature monitor, Brain Monitoring (EEG), blood pressure monitor, Heart Rate Monitor (ECG), and respiratory rate monitor. The special monitors segment is also sub-segmented into blood glucose monitor, respiratory monitor, anesthesia monitor, cardiac rhythm monitor, fetal heart monitor, Multi-Parameter Monitor (MPM), prothrombin monitor, and others. The vital sign monitor segment is expected to register a rapid revenue growth rate during the forecast period owing to increasing adoption of heart rate monitors due to rising cases of heart diseases. Also, usage of vital sign monitors has increased owing to rise in occurrences of hypertension and lung-related illnesses. Patient’s ECG, noninvasive blood pressure, body temperature, respiration rate, and brain activity can be efficiently monitored with vital sign monitors. In addition, growing technological advancements have increased adoption of telehealth services that go beyond basic video conversations and give nurses and doctors a real-time view of patient vitals. These services are powered by AI and enable remote vital sign monitoring. Therefore, it is expected that combination of many vital sign monitors into a single system will improve these products’ popularity and lead to more adoption in healthcare facilities.

Application Insights:

Based on application, the global remote patient monitoring market is segmented into cardiovascular diseases, cancer, sleep disorders, diabetes, weight management and fitness monitoring, infections, bronchitis, dehydration, virus, and hypertension. The diabetes segment is expected to lead in terms of revenue contribution to the global market over the forecast period. Diabetes is a significant cause of renal disease, heart attacks, strokes, blindness, and lower limb amputation. According to 2019 estimates, diabetes is the 10th leading cause of death, with an estimated 1.5 million people worldwide. As a result, regular and ongoing monitoring is needed, which can be efficiently done with aid of remote patient monitoring devices. RPM technology eliminates need for regular in-person visits and allows providers to intervene by tracking patient’s data digitally.

End-use Insights:

Based on end-use, the global remote patient monitoring market is segmented into hospital-based patients, home healthcare, and ambulatory patients. The home healthcare segment is expected to register a steady revenue growth rate during forecast period owing to growing need to reduce healthcare costs. In addition, increased prevalence of chronic diseases among elderly population who are unable to access medical facilities is also expected to drive revenue growth of this segment. Remote patient monitoring enables patients to use mobile medical devices and technology to collect and transmit Patient-Generated Health Data (PGHD) for transmission to medical professionals. Remote patient monitoring was more crucial than ever during COVID-19 pandemic because they enabled doctors to track patients digitally, thus limiting the spread of virus. It is also used to monitor patients with less serious conditions, freeing up valuable bed space for patients with serious conditions. Numerous hospitals are effectively utilizing connected health and remote patient monitoring technologies to increase communication opportunities, deepen interaction between patients and providers, and enhance patient treatment and home care.

Regional Insights:

Based on regional analysis, the North America market is expected to account for largest revenue share in the global market during the forecast period. Rapid growth rate of the market is attributed to increasing presence of major market players such as General Electric Company, Boston Scientific Corporation, Johnson & Johnson Services, Inc., and ICU Medical, Inc., among others. In addition, rise in cardiovascular disease, changing lifestyle, and adoption of e-health in rural areas are factors driving market revenue growth. Growing number of patients in countries, such as the U.S. and Canada, has forced hospitals to implement remote patient monitoring solutions to provide better treatment. According to data, 23.4 million U.S. patients used remote patient monitoring tools and services in 2020. Also, 20% of large healthcare facilities have already adopted remote patient monitoring solutions. Moreover, rise in R&D investments in mobile-enabled remote patient monitoring solutions in countries, such as the U.S. and Canada, has also contributed to market growth. Furthermore, growing public awareness of health issues and increasing government support for regulatory changes implemented by Centers for Medicare and Medicaid Services have bolstered this trend, indicating that remote patient monitoring is becoming a key part of the region’s healthcare delivery system.

The Europe market is expected to register a significantly rapid revenue growth rate during the forecast period owing to increasing geriatric population and cases of cancer patients in countries such as the UK and France. According to data, there were around 12.3 million people aged 65 years or above. Also, a total of 43,510 cancer cases have been reported in the UK in 2019. In addition, growing government support for digital healthcare has also led to a rising demand for remote patient monitoring solutions in the UK, France, and Germany. For example, NHSX, a UK Government unit, is developing digitally enabled healthcare at home for people with chronic conditions in all 7 NHS regions in the UK. Moreover, growing number of companies are also investing in R&D for remote patient monitoring solutions in the region, which is driving growth of the market. On 4 March 2021, for instance, Smith+Nephew partnered with Huma to launch a remote patient monitoring app for orthopedic surgery in the UK. Smith+Nephew provided orthopedic expertise and Huma used its digital technologies to produce an app that will aid in the care of patients having knee and hip replacement.

The Asia Pacific market is expected to register a considerably robust revenue CAGR during the forecast period. Rapid growth rate of the market is attributed to rising prevalence of health issues such as diabetes, heart disease, high blood pressure, and sleeping disorders. According to data, estimated number of diabetes patients in age group 20-79 is 74.2 million in 2021. According to World Health Organization (WHO), population of China and India are obese and diabetic, therefore, remote patient monitoring systems aid in maintaining health by monitoring glucose levels. Constant advancement and innovation in the healthcare industry, increasing public and private spending, and increasing government initiatives are factors driving market revenue growth in this region.

Competitive Landscape

Competitive landscape of the global remote patient monitoring market is fairly fragmented with many key players operating on global and regional levels. Key players are engaged in product development and strategic alliances to expand their respective product portfolios and gain a robust footing in the global market. Major players in the market include Koninklijke Philips N.V., OMRON Healthcare, Inc., Medtronic, General Electric Company, Siemens Healthcare GmbH, Boston Scientific Corporation, F. Hoffmann-La Roche Ltd, Johnson & Johnson Services, Inc., ICU Medical, Inc., and Dexcom, Inc.

Initiatives taken by market players are driving growth of the market, for instance:

On 17 August 2021, Omron Healthcare, Inc. announced the launch of India’s first AI-based collaborative trial program in remote patient monitoring. The goal of this program is to determine the value and role of remote hypertension and ECG monitoring in supporting treatment and care planning to reduce cardiovascular complications and mortality. It is intended for patients undergoing surgical procedures or ablation to treat cardiovascular disease.

Segments Covered in the Report

This report offers historical data and forecasts revenue growth at a global, regional, and country-level and provides analysis of the market trends in each of the sub-segments from 2019 to 2030. For this study, Reports and Data have segmented the remote patient monitoring market based on product, application, end-use, and region:

Remote Patient Monitoring Market Report Scope

Segments covered By Product Outlook, Application Outlook, End-use Outlook, Regional Outlook

By Product Outlook       

Vital Sign Monitors

Pulse Oximeter

Temperature Monitor

Brain Monitoring (EEG)

Blood Pressure Monitor

Heart Rate Monitor (ECG)

Respiratory Rate Monitor

Special Monitors

Blood Glucose Monitor

Respiratory Monitor

Anesthesia Monitor

Cardiac Rhythm Monitor

Fetal Heart Monitor

Multi-Parameter Monitor (MPM)

Prothrombin Monitor

By Application Outlook                  

Cardiovascular Diseases

Cancer

Sleep Disorders

Diabetes

Weight Management and Fitness Monitoring

Infections

Bronchitis

Dehydration

Virus

Hypertension

By End-use Outlook       

Hospital-based Patients

Home Healthcare

Ambulatory Patients

Regional scope

North America

Europe

Asia Pacific

Latin America

Middle East & Africa

TABLE OF CONTENT

Chapter 1. Market Synopsis
1.1. Market Definition
1.2. Research Scope & Premise
1.3. Methodology
1.4. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2022-2030
Chapter 3. Indicative Metrics
Chapter 4. Remote Patient Monitoring Market Segmentation & Impact Analysis
4.1. Remote Patient Monitoring Market Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers’ analysis
4.2.2.1. Growing need for real-time health monitoring
4.2.2.2. Increasing prevalence of chronic diseases
4.2.3. Market restraints analysis
4.2.3.1. Concerns regarding accessibility or connectivity issues with patients
4.3. Technological Insights
4.4. Regulatory Framework
4.5. ETOP Analysis
4.6. Porter’s Five Forces Analysis
4.7. Competitive Metric Space Analysis
4.8. Price Trend Analysis
4.9. Customer Mapping
4.10. Covid-19 Impact Analysis
4.11. Global Recession Influence

Chapter 5. Remote Patient Monitoring Market By Product Insights & Trends

……

Buy quantitative research Report at discounted price – USD 1500 https://qyresearchmedical.com/report/checkout/118877/1500

You can place an order or ask any questions, please feel free to contact sales@qyresearchmedical.com | +1 9197 992 333

Blog: https://www.novaoneadvisor.com/

Blog: https://www.visionresearchreports.com/

About Us

QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.

For Latest Update Follow Us:

URL – http://www.qyresearchmedical.com/

https://www.linkedin.com/company/qyresearch-medical/

https://www.facebook.com/QYResearch-Medical-108186514228917/

https://twitter.com/qyresearchmedi

Leave a Comment

Your email address will not be published. Required fields are marked *