Global Remote Patient Monitoring Market Size & CAGR (2021 to 2026)
As per our report, the global remote patient monitoring market size was valued at USD 4600 million for 2021 and is poised to reach USD 8741 million by the end of 2026, growing at 13.7% CAGR during the forecast period.
Impact of COVID-19 on the global remote patient monitoring market:
The remote patient monitoring market in COVID-19 is exhibiting signs of improvement. The patients try to avoid hospital consultations due to being frightened of infection during COVID-19. This increases the need for remote patient monitoring, reducing hospital and healthcare staff stress. Patients with minor symptoms are also quarantined at home as the number of infected patients grows. In these circumstances, remote patient monitoring aids in the monitoring and collection of health data. Remote or wearable patient monitoring technologies, such as wristwatches, have grown in popularity. These devices measure or detect common physiological indicators, enabling clinicians and patients to be notified of a potential SARS-CoV-2 infection before severe symptoms. In the midst of the COVID-19 epidemics, demand for smartwatches and vital sign monitoring gadgets has surged. The use of telemedicine or telehealth is expected to boost RPM’s market growth even further. According to McKinsey, overall telehealth use for office visits and outpatient treatment was 78 times greater in April 2020 than in February 2020. Similarly, during the COVID-19 epidemic in the United States, health facilities quickly ramped up the use of telehealth to safely care for patients via episodic visits.
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KEY DRIVING FACTORS:
Rising chronic cases along with the geriatric population raises the demand for remote patient monitoring.
The healthcare system is being burdened by an increase in chronic illnesses and a growing geriatric population. This creates an ideal environment for remote patient monitoring. Remote patient monitoring helps better treat chronic diseases at a reduced cost as the number of chronic patients grows. With the aid of remote patient monitoring, elderly patients at home or in assisted living facilities may be comfortably and affordably observed. World Health Organization (WHO) stated that chronic illnesses kill 41 million people each year, accounting for 71% of worldwide deaths. More than 15 million individuals between 30 and 69 die each year from an NCD, with 85 % of these “premature” deaths occurring in low- and middle-income countries. The market for remote patient monitoring is growing as a result of this increased burden.
The rising usage of telemedicine is also driving the remote patient monitoring market.
Telemedicine is a cost-effective option for remote patient monitoring and care delivery. Telemedicine lowers the cost of transportation and patient care. In addition, telemedicine has made it simpler to consult a doctor via phone conversations, video chats, emails, and text messaging. As a result, telemedicine has emerged as a critical component of remote patient monitoring. The number of physicians adopting telehealth to visit patients increased from 22% in 2019 to 80% in 2020, according to Amwell’s 2020 Physician and Consumer Survey. As a result, the market for remote patient monitoring is expected to increase throughout the projected period.
The remote patient monitoring business is being hampered by rising cybersecurity attacks and data breaches. On the illicit market, patient information is precious. As a result, the market expansion of telemedicine solutions is constrained by the constant threat of data leakage. Furthermore, concerns such as false reimbursement claims, billing cycles, and other types of healthcare fraud might stymie industry expansion.
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KEY MARKET INSIGHTS:
- Based on the type, the breath monitor segment dominated the global remote patient monitoring market with the largest revenue share in 2020. The demand for breath monitors is increasing as a result of cardiovascular illnesses and continuing COVID-19.
- Based on the application, the cardiovascular disease segment accounted for the 30% share in the market in 2020. In addition, the demand for remote patient monitoring is growing as the prevalence of hypertension rises.
- Based on the end-user, the hospital segment is gaining adoption as many patients and tests are done in hospitals and are estimated to play a dominating role in the market during the forecast period.
- Geographically, North America is expected to witness the largest share accounts of more than 40% in the global market during the forecast period. This is due to favorable reimbursement rules, an increase in chronic patients, and increased knowledge of homecare.
- The prominent players in the remote patient monitoring market include Philips Healthcare, Roche, Honeywell, Boston Scientific Corporation, Health anywhere Inc, and Biotronik. To acquire a competitive edge, these companies are focused on launches, mergers, acquisitions, and alliances.
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Recent Market Developments:
- In August 2021, ModivCare Inc. has signed a purchase agreement to acquire VRI Intermediate Holdings, LLC, an industry-leading provider of remote patient monitoring (“RPM”) solutions.
- In April 2021, Smith+Nephew has established a partnership with Huma, a prominent healthcare technology firm, to develop a remote patient monitoring service for orthopedic surgery.
- In March 2021, Dozee, a healthcare company, has launched a contactless remote patient monitoring solution for hospitals, intending to partner with over 500 institutions in the next year.
SEGMENTS COVERED IN THIS REPORT:
- Breath Monitors
- Physical Activity Monitors
- Heart Monitors
- Hematological Monitors
- Multi-Sign Monitors
- Cancer Treatment
- Cardiovascular Diseases
- Diabetes Treatment
- Sleep Disorder and Weight Management
- Fitness Monitoring
- Ambulatory Care Centers
- Home Healthcare
- North America
- Latin America
- Middle East and Africa
KEY MARKET LEADERS PROFILED IN THIS REPORT:
- Welch Allyn
- Johnson & Johnson
- Philips Healthcare
- Healthanywhere Inc.
- American Telecare
- Covidien Plc
BROWSE REGIONAL REPORTS:
- North America Remote Patient Monitoring Market
- Europe Remote Patient Monitoring Market
- APAC Remote Patient Monitoring Market
- Latin America Remote Patient Monitoring Market
- MEA Remote Patient Monitoring Market
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