Description
Remote Patient Monitoring (RPM) Market
Product Overview
Remote patient monitoring (RPM) is a technology used to collect medical and health-related data from individuals at one location and electronically transmit it to a healthcare provider at another location. RPM is used to remotely monitor and analyze physiological parameters such as blood oxygen levels, blood pressure, vital signs, heart rate, and blood sugar, which improves the quality of care, quality of life, and allows early prediction of aggravations and exacerbations. This reduces the number of emergency department visits and the duration of hospitalization. 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 by using telehealth communication links, by using a software application installed on the patient’s internet-capable computer, smartphone, or tablet.
Market Highlights
Remote Patient Monitoring (RPM) Market is expected to project a notable CAGR of 38.6% in 2030.
Remote Patient Monitoring (RPM) Market to surpass USD 125.1 Million by 2030 from USD 23.5 Million in terms of value growing at a CAGR of 38.6% throughout the forecast period, i.e., 2020-30. The rising geriatric population and the growing need to expand healthcare access, cost benefits of telehealth and remote patient monitoring, benefits of RPM to reduce the burden on medical resources, advancements in telecommunications, growing incidences of chronic diseases, and increasing investments in telehealth and RPM are the major factors driving the growth of this market. Moreover, the need to maintain the average healthcare expenditure is one of the major reasons for the growth of the market. Furthermore, their high capability to monitor various chronic conditions, such as diabetes, cardiovascular conditions, and cancer, is expected to fuel the demand for remote patient monitoring systems.
Remote Patient Monitoring (RPM) Market: Segments
Heart Monitor Segment to grow with the highest CAGR during 2020-30
Remote Patient Monitoring (RPM) Market is segmented by type as heart monitors, breath monitors, hematology monitors, multi-parameter monitors, and others. The Heart Monitor segment is estimated to lead the market with a share of over 80.0% of remote patience monitoring market in 2019 and this trend is expected to continue during the forecast period. Heart rate monitor is identified as the dominating product sub-segment due to the increasing incidence of cardiac conditions globally. The surge in the number of individuals with heart disorders has led to the increased usage of these monitors. The multi-parameter remote monitoring devices are used not only by medical professionals but also by 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 the people to use early and easy monitoring devices.
Cardiovascular disease Segment to grow with the highest CAGR during 2020-30
Remote Patient Monitoring (RPM) Market is segmented by application into cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorder, weight management and fitness monitoring, and others. Cardiovascular disease emerged as the leading application segment in 2019 and accounted for over 30.0% of the market share. Globally rising geriatric population and the crisis of chronic diseases are expected to be the high impact rendering drivers for the growth over the forecast period. The cardiovascular disease treatment segment is expected to witness lucrative growth over the forecast period due to the increasing prevalence of the disease. RPM technologies come into role play and identify small changes in the patient’s physiological data and promote self-monitoring. Thus, it reduces readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease the number of unnecessary trips to the doctor’s office and reduce travel-related expenses that are necessary to receive quality medical care.
Remote Patient Monitoring (RPM) Market: Market Dynamics
Drivers
Rising Burden of Chronic Diseases
Chronic heart diseases, diabetes, and chronic respiratory diseases are the leading cause of mortality and morbidity in the world. Chronic care management accounts for 75% of the healthcare costs. The increase in the prevalence of chronic conditions places an enormous financial burden on the caregivers. Thus, it reduces readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease the number of unnecessary trips to the doctor’s office and reduce travel-related expenses that are necessary to receive quality medical care. Hence, the increasing focus on a healthy lifestyle, the growing trend of self-monitoring and preventive medicine, and increasing concern for the constant monitoring of health parameters of patients are expected to drive the growth of the overall market.
Rising Geriatric Population
The growing geriatric population and their rising demand for a better lifestyle along with quality care and cost-effective treatment are anticipated to fuel market growth. The growth of this population segment will boost the demand for healthcare and long-term care services and greatly increase the burden on governments and health systems. This will prove favorable to the market for remote patient monitoring. Remote patient monitoring can enhance the overall reach of and access healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals
Restrain
Stringent Regulatory Framework
The major factors, such as lack of awareness and issues pertaining to price constraints, restrain the growth of the RPM market. Despite significant factors driving the wider adoption of remote patient monitoring systems, resistance from the healthcare industry professionals toward the adoption of the patient monitoring system, lack of proper reimbursement policies, and stringent regulatory framework are the challenges faced by the market.
Remote Patient Monitoring (RPM) Market: Key Players
Abbott Laboratories
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, and SWOT Analysis.
Aerotel Medical Systems
AMD Global Telemedicine
Baxter International Inc.
Boston Scientific Corporation
GE Healthcare
Masimo Corporation
Medtronic PLC
Omron Corporation
Remote Patient Monitoring (RPM) Market: Regions
Remote Patient Monitoring (RPM) Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Remote Patient Monitoring (RPM) Market in North America led the market in 2019. The increasing geriatric population, the incidence of chronic diseases, demand for wireless and portable systems coupled with the presence of sophisticated reimbursement structure aimed at cutting out-of-pocket expenditure levels are the major factors attributed to the regional growth. Europe, especially the Western European countries, due to a higher mortality rate and rising demand for low-cost treatment, is expected to remain the second most profit-generating region over the forecast period. Rising demand for in-house monitoring, supportive central data management systems, and rising accuracy and efficiency of remote patient monitors are the high impact rendering drivers for the regional growth.
Competitive Landscape:
Remote Patient Monitoring (RPM) market, which is highly competitive, consists of several major players such as Honeywell; American Telecare; Roche holds a substantial market share in the Remote Patient Monitoring (RPM) market. Other players analyzed in this report are Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; and Covidien Plc among others.
Key players are adopting inorganic growth strategies such as product launches in the global nutritional supplement market. For instance, In 2020, Philips, Launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring.
Remote Patient Monitoring (RPM) Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America.
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe.
APAC Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC.
MENA Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA.
Remote Patient Monitoring (RPM) Market report also contains analysis on:
Remote Patient Monitoring (RPM) Market Segments:
By Type:
Heart Monitors
Breath Monitors
Hematology Monitors
Multi-parameter Monitors
Other
By Application:
Cancer Treatment
Cardiovascular Diseases
Diabetes Treatment
Sleep Disorder
Weight Management and Fitness Monitoring
Other Applications
By End User:
Home Care Settings
Hospital/Clinics
Other
Remote Patient Monitoring (RPM) Market Dynamics
Remote Patient Monitoring (RPM) Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
FAQs on Remote Patient Monitoring (RPM) Market
Which segment is anticipated to hold the largest market share?
At what CAGR is the market anticipated to grow between 2020 and 2030?
Who are the key players in the Remote Patient Monitoring (RPM) Market?
What could be the challenging factors in the growth of the Remote Patient Monitoring (RPM) Market?
What are the growth drivers for the Remote Patient Monitoring (RPM) Market?
