|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The remote patient monitoring systems market was valued at USD 1,119.77 million in 2021, and it is expected to reach USD 1,730.92 million by 2027, registering a CAGR of 8.54% during the forecast period, 2022-2027.
Globally, the COVID-19 pandemic put enormous pressure on hospitals and healthcare systems that were understaffed and overworked. Remote patient monitoring technology helped patients remain safe within their homes while reducing stress on hospitals, emergency rooms, and front-line healthcare workers during the pandemic, positively impacting the market. The Food and Drug Administration (FDA) has established a new regulation allowing healthcare practitioners to use Food and Drug Administration (FDA) approved Remote patient Monitoring (RPM) devices to assess patients' body temperature, respiration rate, heart rate, and blood pressure without invasive procedures. Companies are anticipated to invest in RPM devices to adapt their ready-to-work protocols during the pandemic because most COVID-19 patients are asymptomatic. COVID-19 has provided a strong foundation for clinicians and patients to use RPM effectively. According to a report published in NPJ Digital Medicine in 2021 by Jordan D. Coffey, the RPM technology engagement rate was 78.9%. Within 30 days of enrolment, emergency department visits and hospitalization rates were 11.4% and 9.4%, respectively, while the 30-day fatality rate was 0.4%. A multisite RPM program for acute COVID-19 disease care is feasible, safe, and has a low death rate. As a result, the number of RPM devices utilized worldwide grew during COVID-19.
The major factors driving the market include the rising burden of chronic diseases due to lifestyle changes, the rising geriatric population, and the growing demand for home-based monitoring devices. Remote patient monitoring is ambulatory healthcare that allows patients to use a mobile medical device to accomplish a routine test and guide the test data to a healthcare expert in real-time. Globally, the rising chronic disease population, the increasing aging population, and the demand for home-based monitoring devices are boosting the market growth. For instance, according to Globocan 2020, the new cancer cases that were diagnosed accounted for 19,292,789 in 2020 worldwide, with 9,958,133 deaths due to cancers globally. Among all cancers, breast cancer accounted for 2,261, 419 new cancer cases, followed by lung (2,206,771), Prostate (1,414,259) and colon (1,148,515) new cases in 2020.
Worldwide, the use of home-based devices is increasing as these are simple and can be used by all age groups. Moreover, home-based devices are mainly utilized by the geriatric population as this population is more prone to chronic conditions. For instance, according to the World Population Ageing 2019 report, globally, in 2019, there were around 703 million people aged 65 years or over. This number is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019, and this number is projected to rise further to 16% in 2050.
In addition, these devices are compact and portable, and patients can wear them all the time without unease. These devices also ensure that the patient’s condition is monitored continuously. Growing demand for home-based monitoring devices also boosts the market. According to the Center for Medicare and Medicaid Services 2021, remote monitors help hundreds of thousands of high-risk patients avoid being readmitted to the hospital and make the most of their healthy days at home. Clients who use remote monitoring report a 76% reduction in readmission rates, an average of 89% patient satisfaction, and a total medical cost savings of nearly USD 370 million.
Resistance from the healthcare industry professionals regarding the adoption of monitoring systems, lack of proper reimbursement policies in developed markets, and the stringent regulatory framework are the factors impeding the market growth.
Scope of the Report
As per the scope of this report, remote patient monitoring technology comprises day-to-day monitoring devices, such as glucometers for patients with diabetes and heart or blood pressure monitors for patients getting cardiac care. Information can be sent to a physician's workplace via telehealth communication links by a software application installed on the patient's internet-capable computer, smartphone, or tablet. The remote patient monitoring systems market is segmented by type of device (heart monitors, breath monitors, hematology monitors, multi-parameter monitors, and other types of devices), application (cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorder, weight management, and fitness monitoring, and other applications), end user (home care settings, hospitals/clinics, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (USD million) for the above segments. The report also covers the estimated market sizes and trends for 17 countries across significant regions globally.
|By Type of Device|
|Other Types of Devices|
|Weight Management and Fitness Monitoring|
|By End User|
|Home Care Settings|
|Other End Users|
Key Market Trends
The Multi-parameter Monitors Segment is Expected to Register Significant Growth over the Forecast Period
Multi-parameter monitors are devices with a single device that monitor various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography. These devices have become popular as they are small, portable, and user-friendly.
Many people with COVID-19 have low oxygen levels, which can be an early warning sign that people need medical care. The impact of COVID-19 on the multi-parameter monitor's segment was positive because this device helped patients monitor oxygen levels using oximeters, which positively affected the market. For instance, according to a research article by Ingrid Torjesen published in BMJ Journal in October 2020, during the COVID-19 pandemic, NHS England purchased around 200,000 pulse oximeters for the home scheme to monitor oxygen saturation levels for people who do not need immediate hospital attention.
These multi-parameter remote monitoring devices are used by medical professionals and the health-conscious population, as sleep and activity monitors fall in these categories. The increased death rate due to chronic diseases across the developed countries, such as the United States, and the developing countries, raise awareness among people to use early and easy monitoring devices.
The market players adopted various strategies such as product launches, product developments, collaborations, and expansions to increase their market revenue. For instance, in December 2019, Masimo Corporation received the United States FDA approval for the Neonatal RD SET Pulse Oximetry Sensors.
Therefore, the rising focus on a healthy lifestyle, increasing concerns about the constant monitoring of patients' health parameters, and the growing trend of self-monitoring and preventive medicine are expected to drive the growth of the overall market.
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North America is Expected to be the Major Contributor to the Market over the Forecast Period
The major factors driving the market growth include the growing burden of chronic diseases, the increasing geriatric population, demand for wireless and portable systems, and a sophisticated reimbursement structure.
The COVID-19 pandemic has changed the landscape of healthcare delivery in the United States, with a new shift toward remote patient monitoring. According to a research article by Darren Roblyer published in the Journal of Biomedical Optics in October 2020, industrial and academic research projects use these devices to predict various health outcomes and disease states, including surgical recovery, overall mortality, and mental health, heart conditions, and other diseases states. In April 2020, during the COVID-19 pandemic in the United States, telehealth claims accounted for 20% of submitted medical and dental claims in the northeastern United States.
In addition, there is a growing trend of shifting treatment from hospitals to homes to reduce hospital bills. The increasing economic burden on hospitals due to a large number of inpatients is resulting in the increased adoption of remote patient monitoring devices in the United States. Moreover, patients prefer home healthcare due to privacy, cost-effectiveness, and convenience, which positively impacts the market growth.
The market players in the country adopted various strategies such as product launches, product developments, collaborations, and expansions to increase their market revenue. For instance, in 2020, Masimo Corporation acquired the connected care business from NantHealth, which helped strengthen its position in the connected care market in the United States. Therefore, considering the factors above, the market is expected to register growth over the forecast period.
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The remote patient monitoring market is moderately fragmented. Various medical device manufacturers and several specialized remote patient monitoring equipment manufacturers are operating in the market. The industry is highly competitive, and there is a growing trend of partnerships and agreements between the industry participants and other medical device manufacturers to incorporate remote patient monitoring functionalities. Some key market players include Abbott Laboratories, Aerotel Medical Systems, AMD Global Telemedicine, Baxter International Inc., Boston Scientific Corporation, GE Healthcare, Masimo Corporation, Medtronic PLC, F. Hoffmann-La Roche AG, and Omron Corporation.
In February 2022, Healthnet Global, a subsidiary of Apollo Hospitals, has introduced Automaid, a smart in-patient room automation system that is capable of remote patient monitoring and triaging.
In October 2021, Honeywell has launched its Real-Time Health Monitoring System (RTHMS), a smart edge-to-cloud communication platform for remote and real-time monitoring of patients that acts as a bridge between caregiver and patient.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Chronic Diseases Due to Lifestyle Changes and Increasing Geriatric Population
4.2.2 Growing Demand for Home-based Monitoring Devices
4.2.3 Technological Advancements in Remote Patient Monitoring (RPM) Devices
4.3 Market Restraints
4.3.1 Resistance from Healthcare Industry Professionals
4.3.2 Stringent Regulatory Framework
4.3.3 Lack of Proper Reimbursement
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type of Device
5.1.1 Heart Monitors
5.1.2 Breath Monitors
5.1.3 Hematology Monitors
5.1.4 Multi-parameter Monitors
5.1.5 Other Types of Devices
5.2 By Application
5.2.1 Cancer Treatment
5.2.2 Cardiovascular Diseases
5.2.3 Diabetes Treatment
5.2.4 Sleep Disorder
5.2.5 Weight Management and Fitness Monitoring
5.2.6 Other Applications
5.3 By End User
5.3.1 Home Care Settings
5.3.3 Other End Users
5.4.1 North America
184.108.40.206 United States
220.127.116.11 United Kingdom
18.104.22.168 Rest of Europe
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
188.8.131.52 South Africa
184.108.40.206 Rest of Middle-East and Africa
5.4.5 South America
220.127.116.11 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Aerotel Medical Systems
6.1.3 AMD Global Telemedicine
6.1.4 Baxter International Inc.
6.1.5 Boston Scientific Corporation
6.1.6 GE Healthcare
6.1.7 Masimo Corporation
6.1.8 Medtronic PLC
6.1.9 Omron Corporation
6.1.10 Philips Healthcare
6.1.11 OSI Systems Inc.
6.1.12 Dragerwerk AG & Co. KGaA
6.1.13 Compumedics Limited
6.1.14 Nihon Kohden Corporation
6.1.15 F. Hoffmann-La Roche AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Remote Patient Monitoring Systems Market market is studied from 2019 - 2027.
What is the growth rate of Global Remote Patient Monitoring Systems Market?
The Global Remote Patient Monitoring Systems Market is growing at a CAGR of 8.54% over the next 5 years.
What is Global Remote Patient Monitoring Systems Market size in 2019?
The Global Remote Patient Monitoring Systems Market is valued at 1119 Million USD in 2019.
What is Global Remote Patient Monitoring Systems Market size in 2027?
The Global Remote Patient Monitoring Systems Market is valued at 1730 Million USD in 2027.
Which region has highest growth rate in Global Remote Patient Monitoring Systems Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Remote Patient Monitoring Systems Market?
North America holds highest share in 2021.
Who are the key players in Global Remote Patient Monitoring Systems Market?
Abbott Laboratories, Medtronic PLC, GE Healthcare, Boston Scientific Corporation, Omron Corporation are the major companies operating in Global Remote Patient Monitoring Systems Market.