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[ 176 + Pages Research Report ] Remote Patient Monitoring Market to surpass USD 77.7 billion by 2031 from USD 14.20 billion in 2021 at a CAGR of 18.49% in the coming years, i.e., 2021-31
Product Overview
Remote patient monitoring(RPM) Market is a device to permit monitoring of patients outside of conservative clinical settings, like within the home or during a remote area, which can surge access to worry and reduce health care delivery charges. RPM includes the constant remote care of patients by their physicians, often to trace physical symptoms, chronic circumstances, or post-hospitalization rehab.
Market Highlights
The global Remote Patient Monitoring market is expected to project a notable CAGR of 18.49% in 2031.
Global Remote Patient Monitoring Market to surpass USD 77.7 billion by 2031 from USD 14.20 billion in 2021 at a CAGR of 18.49% in the coming years, i.e., 2021-31. The increasing geriatric population and the growing need to enlarge healthcare access, cost advantages of telehealth and remote patient monitoring, benefits of RPM to decrease the burden on medical resources, improvements in telecommunications, rising occurrences of chronic diseases, and increasing investments in telehealth and RPM are the major aspects driving the growth of this market.
Global Remote Patient Monitoring Market: Segments
Providers segment to grow with the highest CAGR during 2021-31
The global Remote Patient Monitoring market is classified on the basis of End-Users into Providers, Hospitals, Clinics, Home Care, Patients. The providers' segment accounted for the maximum share of the global market. This can be due to the increased implementation of remote monitoring in chronically ill and old aged patients, advancements in RPM monitoring devices, and the growing number of RPM services offered by suppliers.
Specialized Monitors segment to grow with the highest CAGR during 2021-31
Based on Product, the global Remote Patient Monitoring Market fragmented into Vital Sign Monitors, Specialized Monitors. The specialized monitor's segment led the market with a share owing to its ability to monitor clinically important data pre-post-surgery, classify symptoms, and avert complications. Advanced factors such as wireless communication and iPad connectivity allow early diagnosis and higher usage of the products.
Market Dynamics
Drivers
Rising Geriatric population
The growth of this population sector will surge the demand for healthcare and long-run care services and greatly increase the burden on governments and administrations and health systems. This will prove favorable to the market for remote patient monitoring. Remote patient monitoring can improve the overall reach of and access healthcare while dipping unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals.
High utility of RPM in combating infectious diseases and epidemic
Infectious diseases are among the toughest conditions to treat in hospital facilities, as both patients and healthcare workers are at equal risk of contracting the infection. In such cases, telemedicine has great potential to bound the spread of epidemics and healthcare-associated infections due to its inherent benefits, such as the early detection of diseases and virtual visits, therefore reducing overall patient exposure. It certainly decreases the entire number of in-person visits and travel included in the process of treatment. It is a safer mode of care delivery and reduces the spread of infectious diseases.
Restraint
Healthcare Fraud
Healthcare fraud is a paramount consideration in the area of telehealth and telemedicine practices. There are several ways a patient or a physician can be victimizedfor instance, the physician's name and accounts can be used to receive payments from the insurance company, or non-eligible or non-listed institutional suppliers can practice improper coding and billing for false claims.
Global Remote Patient Monitoring: Key Players
BioTelemetry Inc. (US)
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Koninklijke Philips N.V. (Netherlands)
Medtronic (Ireland)
GE Healthcare (US)
Cerner Corporation (US)
Siemens Healthineers AG Germany
OMRON Healthcare (Japan)
Boston Scientific Corporation (US)
Abbott Laboratories (US)
Resideo Life Care Solutions (US)
Vivify Health, Inc. (US)
ALTEN Calsoft Labs (France)
Preventice Solutions (US)
Bio-Beat Technologies (Israel)
Other Prominent Players
Global Remote Patient Monitoring: Regions
The global Remote Patient Monitoring market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. North America accounted for the maximum share of the remote patient monitoring market, followed by Europe. The maximum share of North America in the Remote Patient Monitoring market can be attributed to the increasing prevalence of chronic conditions, the need to decrease healthcare expenditure, and the increasing overall & geriatric population.
Global Remote Patient Monitoring is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - the 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
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
the Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa and Rest of MENA
Global Remote Patient Monitoring report also contains analysis on:
Remote Patient Monitoring Segments:
By Product
Vital Sign Monitors
Specialized Monitors
By End User
Providers
Hospitals
Clinics
Home Care
Remote Patient Monitoring Dynamics
Remote Patient Monitoring Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Remote Patient Monitoring Market Report Scope and Segmentation
Report Attribute Details
Market size value in 2021 USD 9.96 billion
Revenue forecast in 2031 USD 77.7 billion
Growth Rate
CAGR of 18.49% from 2021 to 2031
Base year for estimation 2020
Quantitative units Revenue in USD million and CAGR from 2021 to 2030
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Type, Application and Region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
Key companies profiled BioTelemetry Inc. (US), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG Germany, OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care Solutions (US), Vivify Health, Inc. (US), ALTEN Calsoft Labs (France), Preventice Solutions (US), Bio-Beat Technologies (Israel) and Other Prominent Players