Number of pages: 100 | Report Format: PDF | Published date: July 18, 2022
Historical Years – 2018 & 2019 | Base Year – 2020 | Forecasted Years – 2021-2031
The global remote patient monitoring systems market was pegged at US$ 22.5 billion in 2020 and is expected to witness a CAGR of 37.7% during the forecast period.
Remote patient monitoring/telemonitoring/in-home monitoring is the set of technologies and practices enabling healthcare providers to track real-time changes in a patient’s health data from a distance and use it in a treatment plan. It’s an integral component of the broader telehealth industry and e-health domain. The remote patient monitoring system allows to be used in remote areas or by paramedics or at homecare settings to aid diagnosis in the field, enable monitoring, and transmitting data to health care providers who are at other locations.
The global remote patient monitoring systems market is mainly driven by the increasing prevalence of chronic diseases, rising demand and adoption of wearable/remote monitoring devices, frequent outbreak of pandemics, and increasing launch of technologically advanced devices. Furthermore, several initiatives by government bodies to fast-track the development of remote patient monitoring systems and increasing investments in remote patient monitoring systems are also likely to play a pivotal role driving the growth of the market. However, risk related to security and privacy is likely to restrain the market growth to a certain extent.
The global remote patient monitoring systems market has been analyzed from four perspectives: offering, application, end user, and region.
Remote Patient Monitoring Systems Market by Offering
Based on offering, the market has been segmented into device, software, and services. The software segment accounted for the largest share of the market in 2020. The growth of the segment can primarily be attributed to increase in launch of advanced remote monitoring software and its higher adoption at various healthcare settings. Frequent upgradation of technologies in remote patient monitoring devices has led to increased uptake of solutions that enable seamless connectivity of devices across different departments and stakeholders in healthcare system. Advent of connectivity technologies and devices such as smartphones, tablets, PDAs, wearables and penetration of internet has further enabled high demand for software and apps globally.
Remote Patient Monitoring Systems Market by Application
Based on application, the global remote patient monitoring systems market has been segmented into blood glucose monitoring, cardiac monitoring, respiratory monitoring, neuro monitoring, hemodynamic/pressure monitoring, weight monitoring, and others (fetal & neonatal monitoring, temperature monitoring, multi-parameter monitoring, etc.). The blood glucose monitoring segment accounted for the largest share in the market. The growth of segment can primarily be attributed to increasing prevalence of diabetes, new product launches, and growing adoption of self-blood glucose monitoring devices at home owing to their affordability & high convenience. Cardiac monitoring is also another prominent segment in the global remote patient monitoring devices market. Increasing prevalence of cardiovascular diseases, higher rate of comorbidities, sedentary lifestyle and chronic nature of cardiovascular diseases contribute to the prominence of this segment.
Remote Patient Monitoring Systems Market by End User
Based on end user, the market has been segmented providers, payers, patients, and others. The patients segment accounted for the largest share of the market in 2020. Patients are the primary users of the remote patient monitoring systems; therefore, the market players are targeting patients directly rather than targeting payers and providers.
Remote Patient Monitoring Systems Market by Region
Based on region, the global remote patient monitoring systems market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America dominated the remote patient monitoring systems market in 2020, followed by Europe. The large share of North America in the global market can largely be attributed to the rising prevalence of chronic and acute diseases, growing geriatric population, rising demand for wireless and portable systems, and favorable reimbursement policies. Furthermore, the dense presence of prominent players in the region coupled with their continuous efforts to launch technologically advanced products is also expected to propel the growth of the market in the region.
Some of the prominent players operating in the remote patient monitoring system market are
The global remote patient monitoring systems market was anticipated to clock US$ 22.5 billion in 2020.
The remote patient monitoring systems market is projected to reach US$ 762.18 billion billion by 2031.
The global remote patient monitoring systems market is mainly driven by increasing prevalence of chronic diseases, rising demand and adoption of wearable/remote monitoring devices.
General Electric Company, Abbott Laboratories Inc., Medtronic PLC, Koninklijke Philips N.V., Siemens Healthcare GmbH, Boston Scientific Corporation, Cerner Corporation, Omron Healthcare, Inc., BioTelemetry, Inc., and Vivify Health, Inc., among others.
The growth rate of remote patient monitoring systems market is CAGR of 37.7% between 2021.
North America held the largest market share of the global remote patient monitoring systems market.
*Insights on financial performance is subject to availability of information in public domain