The global remote patient monitoring market is estimated to reach USD 1.9 billion by 2026, with a CAGR of 12.7% over the projected period from 2020 to 2026. The role of remote patient monitoring systems in monitoring and treating chronic diseases has been proven. has proven itself well. The introduction of new warning and tracking systems has made the position of remote monitors more important in the health sector.
Global Remote Patient Monitoring Services Gaining Fast Track Momentum Amidst Favorable Government Policies
Rapidly shifting from being pilot projects, advanced technologies such as remote patient monitoring and telemedicine have now become mainstream practices at the unprecedented outbreak of COVID-19 pandemic. Adroit Market Research delves deep to understand various market developments and associated alterations that thoroughly shape growth prospects in global remote patient monitoring market.
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However, remote patient monitoring practices is confronted by certain functional challenges such as incompetent methods of data collection and storage, leading to undesirable outcome.
COVID-19 Pandemic Offering Much Needed Tailwind Supporting Market Expansion
The report also estimates challenges and drawbacks that undermine further growth and advancement. Unlike pre-pandemic era where remote patient monitoring was assumed as an auxiliary expedition with limited access, COVID-19 pandemic has reformed its role which is further fortified by favorable government policies, funding and adoption across places with negligible geographic limitations.
With massive pressure on the healthcare delivery industry, remote patient monitoring offers much needed respite by easing the burden on care centers.
Backed by relentless advances in internet penetration coupled with massive smart device ownership, remote patient monitoring e=services are heavily adopted to align with care giver and patient pools alike, for both physical and mental conditions that do not require diagnostic procedures or physical interventions.
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Besides aiding in financial efficiency and better healthcare outcome, remote patient monitoring helps in improving data quality and storage besides allowing larger patient pools access adequate care, whilst limiting healthcare professionals ‘exposure to unprecedented health risks and hazards. Factors as such are poised to harbinger magnificent growth returns in global remote patient monitoring market.
Leading market participants such as Omron Healthcare, a veteran in remote patient monitoring market is aggressively diversifying offerings with improved patient-physician communication matrix to ensure appropriate monitoring of patient health. The company’s main offerings are blood pressure monitoring and cardiac care.
Based on the top regions for remote patient monitoring, Asia Pacific will top the charts in terms of annual growth rate. Presence of large emerging economies such as China and India, with huge population and large unmet needs will open new growth opportunities for the local and international market players.
Major players operating in the global remote patient monitoring market are Nihon Kohden Corporation, Omron Corporation, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., OSI Systems, Inc., Welch Allyn, F. Hoffmann-La Roche Ltd., Smiths Medical, ALTEN Calsoft Labs, Abbott, Boston Scientific Corporation, American TeleCare, Dräger Medical, Honeywell Life Care Solutions, GE Healthcare, Johnson & Johnson Services, Inc., Masimo, Medtronic Plc and LifeWatch.
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Key Segments of the Global Remote Patient Monitoring Market
Product Overview, 2016-2026 (USD Million)
- Vital Signs Monitors
- Heart Rate Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Respiratory Rate Monitors
- EEG Equipment
- Temperature Monitors
- Special Monitors
- Blood Glucose Monitors
- Anesthesia Monitors
- Cardiac Rhythm Monitors
- Respiratory Monitors (Spirometers & Capnographs)
- Prothrombin Monitors
- Multiparameter Monitors
- Fetal Heart Monitors
Application Overview, 2016-2026 (USD Million)
- Cardiovascular Diseases
- Sleep Disorders
- Weight Management anf Fitness Monitoring
Usage Area Overview, 2016-2026 (USD Million)
- Institutional Care
- Home Care
Regional Overview, 2016-2026 (USD Million)
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
What does the report include?
- The study on the global remote patient monitoring market includes qualitative insights such as drivers, restraints, challenges and opportunities
- Additionally, the market has been evaluated using the Porter’s five forces analysis
- The study covers qualitative and quantitative analysis of the market segmented on the basis of component, deployment mode and function. Moreover, the study on remote patient monitoring market provides similar information for the key geographies.
- Actual market sizes and forecasts have been provided for all the above-mentioned segments
- The study includes the profiles of key players operating in the market with a significant global and/or regional presence
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