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Remote Patient Monitoring (RPM) Market: Market Segments: By Type (Heart Monitors, Breath Monitors, Hematology Monitors, Multi-parameter Monitors, and Other);
By Application (Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Management and Fitness Monitoring and Other); By End User (Home Care Settings, Hospital/Clinics and Other); and Region - Global Analysis by Market Size, Share & Trends for 2014 - 2020 and Forecasts t- 2030
Product Overview
Remote patient monitoring (RPM) is a technology used t- collect medical and health-related data from individuals at one location and electronically transmit it t- a healthcare provider at another location. RPM is used t- 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.
Market Highlights
Remote Patient Monitoring (RPM) Market is expected t- project a notable CAGR of 38.6% in 2030.
Remote Patient Monitoring (RPM) Market t- 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 t- expand healthcare access, cost benefits of telehealth and remote patient monitoring, benefits of RPM t- 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.
Remote Patient Monitoring (RPM) Market: Segments
Heart Monitor Segment t- 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 other. The Heart Monitor segment is estimated t- lead the market with a share of over 80.0% of remote patience monitoring market in 2019 and this trend is expected t- continue during the forecast period. Heart rate monitor is identified as the dominating product sub-segment due t- the increasing incidence of cardiac conditions globally.
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 prevalence of chronic conditions places an enormous financial burden on the caregivers. Thus, it reduces the readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease a number of unnecessary trips t- the doctor's office and reduce travel-related expenses that are necessary t- receive quality medical care.
Restrain
Stringent Regulatory Framework
The major factors, such as lack of awareness and issues pertaining t- price constraints, restrain the growth of 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
Masim- Corporation
Medtronic PLC
Omron Corporation
Remote Patient Monitoring (RPM) Market: Regions
Remote Patient Monitoring (RPM) Market is segmented based on regional analysis int- 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. 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 t- the regional growth. Europe, especially the Western European countries, due t- a higher mortality rate and rising demand for low-cost treatment, is expected t- 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.
Remote Patient Monitoring (RPM) Market report als- 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 t- hold the largest market share?
At what CAGR is the market anticipated t- grow between 2020 and 2030?
Wh- are the key players in the Remote Patient Monitoring (RPM) Market?
What could be the challenging factors in the growth of Remote Patient Monitoring (RPM) Market?
What are the growth drivers for the Remote Patient Monitoring (RPM) Market?