Remote Patient Monitoring Market

Remote Patient Monitoring Market is accounted for USD 1,987 Million in 2020, growing at a robust CAGR of 17% during forecast period.

Remote Patient Monitoring Market Overview

Remote patient monitoring is referred to as use of digital technologies to monitor and capture health data from patients and electronically transmit the information to healthcare service providers for assessment and recommendation if needed. Remote patient monitoring is for patient comfort and engagement for providing assurance that someone is watching out their health and well-being on a daily basis.

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Major Patient Monitoring Market Drivers

The factors driving the global remote patient monitoring market include several factors such as need for better access to healthcare, improved quality of care and daily assurance to provide improved support, education, and feedback. Moreover, the high generality and incidence rate of chronic diseases such as cardiovascular disease, diabetes, cancer, obesity, and others is a significant concern across the globe. This has increased the acceptance of remote patient monitoring applications across various medical fields, such as mental health, substance abuse disorder, opioid-induced disorders, metabolic disorders, and inflammatory diseases, among others. In addition, infectious diseases are more complex to treat in hospitals for both patients and health workers as there is an equal risk of spreading the infection. Telemedicine has great benefits in the early detection of disease, and virtual visits can help in the treatment process and can slow down the spread of infection. It reduces the certain number of person’s visits and travel to the hospital, which is likely to drive the market share for the remote patient monitoring.

Restraint in the Remote Patient Monitoring Market

However, the high price of remote patient monitoring and fraud in telehealth and telemedicine practices such as reimbursement claims, billings cycle, and others can hamper the market growth. Sometimes, healthcare professionals’ advice against the device or system can also restrict market growth.

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Application – Segment Analysis

Based on the application, the hypertension is anticipated to grow at the fastest rate in the global remote patient monitoring market over the forecast period. Remote patient monitoring has helped to collect data on each patient’s updates as hypertension can lead to heart disease and stroke. In 2019, According to the Centers for Disease Control and Prevention (CDC), more than half a million deaths in the US had hypertension as a major contributing cause. Omron blood pressure device are pre-set and does not require wi-fi. Patients can safely share their data with their healthcare assistance.

Product – Segment Analysis

Based on the product, the vital sign monitors segment is projected to witness the fastest growth over the forecast period. Vital sign monitors allow to keep track or monitor blood pressure, pulse oximeter, heart rate monitor, temperature monitor, respiratory rate monitor, and brain monitor. The surge in the number of individuals with heart diseases has led to the increased usage of vital sign monitors. For instance, Nihon Kohden manufactures a vital signs monitor featured with a seamless two-touch, wireless send-to-EMR function to spend more time with patients. Streamlined bar code-reading functionality to ensure the correct information goes to the right patient chart every time. It allows monitoring of multiple patients and easy movement from room to room.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to capture a significant market share in the global Remote Patient Monitoring market due to an increase in chronic disease, demand for portable and wireless systems aiming to cut out pocket expenditure. For instance, US based company, Boston Scientific offers a Latitude Patient Management System product. It helps to monitor weight and blood pressure for heart failure patients by reducing hospital follow-up and monitoring patients between scheduled follow-ups.

Top Market Players

Various notable players operating in the market include Abbott Laboratories, Medtronic Plc., Boston Scientific Corporation, Omron Corporation, GE Healthcare, Koninklijke Philips N.V., Biobeat Technologies, Resideo Life Care Solutions, Teladoc Health Inc., Siemens Healthcare GmbH, and among others.

Key Developments:

• • In 2020, Philips announced a collaboration with American Telemedicine Association to further its commitment to telehealth. Philips is creating a proactive, AI-powered solution to improve patient monitoring, precision diagnosis, and clinical workflow at every point along the continuum.
  • In 2020, Statis Labs launched app-connected remote patient monitoring platform in the US. The statis system comprises a smart device, traditional vital sign sensors, a bedside monitor, and a supporting cloud platform.

Segments covered in the Report:

The global Remote Patient Monitoring market has been segmented on the basis of Application, Product, End-User, and regions. Based on Application, the market is segmented into Cancer, Cardiovascular Disease, Diabetes, Sleep Disorder, Weight Management, Infections, Hypertension, and Others. Based on product, the market is segmented into Vital Sign Monitors, Specialized Monitors. Based on end-user, the market is segmented into Hospital, Ambulatory, Home Healthcare.

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Market Segmentation

Global Remote Patient Monitoring Market by Application

• • Cancer
  • Cardiovascular Disease
  • Diabetes
  • Sleep Disorder
  • Weight Management
  • Infections
  • Hypertension
  • Others

Global Remote Patient Monitoring Market by Product

• • Vital Sign Monitors
  • Specialized Monitors

Global Remote Patient Monitoring Market by End-User

• • Hospital
  • Ambulatory
  • Home Healthcare

Global Remote Patient Monitoring Market by Region

• • North America Remote Patient Monitoring Market (Option 1: As a part of the free 25% customization)

    • North America Remote Patient Monitoring Market by Application
    • North America Remote Patient Monitoring Market by Product
    • North America Remote Patient Monitoring Market by End-User
    • US Remote Patient Monitoring Market All-Up
    • Canada Remote Patient Monitoring Market All-Up

  • Europe Remote Patient Monitoring Market (Option 2: As a part of the free 25% customization)

    • Europe Remote Patient Monitoring Market by Application
    • Europe Remote Patient Monitoring Market by Product
    • Europe Remote Patient Monitoring Market by End-User
    • UK Remote Patient Monitoring Market All-Up
    • Germany Remote Patient Monitoring Market All-Up
    • France Remote Patient Monitoring Market All-Up
    • Spain Remote Patient Monitoring Market All-Up
    • Rest of Europe Remote Patient Monitoring Market All-Up

  • Asia-Pacific Remote Patient Monitoring Market (Option 3: As a part of the free 25% customization)

    • Asia-Pacific Remote Patient Monitoring Market by Application
    • Asia-Pacific Remote Patient Monitoring Market by Product
    • Asia-Pacific Remote Patient Monitoring Market by End-User
    • China Remote Patient Monitoring Market All-Up
    • India Remote Patient Monitoring Market All-Up
    • Japan Remote Patient Monitoring Market All-Up
    • Rest of APAC Remote Patient Monitoring Market All-Up

  • RoW Remote Patient Monitoring Market (Option 4: As a part of the free 25% customization)

    • RoW Remote Patient Monitoring Market by Application
    • RoW Remote Patient Monitoring Market by Product
    • RoW Remote Patient Monitoring Market by End-User
    • Brazil Remote Patient Monitoring Market All-Up
    • South Africa Remote Patient Monitoring Market All-Up
    • Saudi Arabia Remote Patient Monitoring Market All-Up
    • UAE Remote Patient Monitoring Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Remote Patient Monitoring Market All-Up

Major Players Operating in the Remote Patient Monitoring (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Abbott Laboratories
  • Medtronic Plc.
  • Boston Scientific Corporation
  • Omron Corporation
  • GE Healthcare
  • Koninklijke Philips N.V.
  • Biobeat Technologies
  • Resideo Life Care Solutions
  • Teladoc Health Inc.
  • Siemens Healthcare GmbH