About This Report

Remote Patient Monitoring Market, by Product Type (Software & Services, Devices, and Special Monitors), by Application (Cancer, Diabetes, Cardiovascular Diseases, Neurological Disorders, Respiratory Disorders, Sleep Disorder, Infections, Virus, Weight management and Fitness Monitoring), by End-User (Payers, Providers, and Patients), and by Region (North America, South America, Europe, Asia Pacific, The Middle East and Africa) - Size, Share, COVID Impact Analysis, Growth, Outlook, and Opportunity Analysis, 2020 - 2028

Medical professionals can monitor patients virtually with the help of a technology called remote patient monitoring (RPM), which eliminates the need for patients to spend time at a facility to get care. RPM typically entails the use of medical sensors and devices that are attached to the patient and convey health information to medical personnel.
Healthcare professionals may keep an eye on patients in real-time utilising RPM and respond as soon as they need to, if necessary. For instance, RPM can be used to watch patients' blood pressure and adherence to medicine while keeping an eye out for any changes in their health status. This is especially useful for patients with chronic disorders like diabetes or hypertension. After a patient has been released from the hospital, RPM can be used to check on them to make sure they are recuperating well and to look for any potential issues. RPM can help healthcare professionals by enabling them to offer more proactive and individualised care, which can improve patient outcomes and save costs.
In 2020, the Remote Patient Monitoring market was valued at US$ YY million, and it is anticipated to be around US$ YY million by 2027. Over the forecast period, the market is expected to grow at a CAGR of YY%.

Advancement in technologies, and increasing healthcare costs are the drivers, while Data security and privacy is a restraint

Remote patient monitoring (RPM) has become increasingly practical and available for patients and healthcare professionals as a result of technological advancements. In order to readily access their health information and communicate with their healthcare providers, patients can also use mobile apps and web-based platforms. For instance, Patients with long-term diseases, such as diabetes or hypertension, may utilise wearable technology to constantly track their blood pressure or blood sugar levels, respectively. Their healthcare practitioners can receive real-time data from these devices and analyse it to spot any potential health risks. Additionally, websites and mobile applications have made it simpler for patients to access their health information and get in touch with their medical professionals. These platforms let patients to make appointments, inquire for prescription refills, and inquire about their medical issues.
Moreover, one of the main factors influencing the adoption of remote patient monitoring (RPM) is its ability to reduce hospitalisations, which can significantly increase healthcare costs. In order to prevent expensive hospital stays, RPM assists in identifying potential issues early and enables healthcare professionals to respond before the patient's condition worsens. For instance, 2017 research by the American Medical Association (AMA) found that remote patient monitoring significantly decreased the number of patients with heart failure, chronic obstructive pulmonary disease (COPD), and pneumonia who needed to return to the hospital. Similar to this, a 2019 report by the U.S. Department of Health and Human Services discovered that the use of RPM in post-discharge care led to a 9% decrease in hospital return visits within 30 days after discharge.
However, the transmission of patient health information during remote patient monitoring takes place online, where it is possible for cyberattacks to take place. Both patients and healthcare professionals may become concerned about data security and privacy as a result. For instance, if a patient is concerned about the security of their medical information, they might be unwilling about using a remote monitoring system.

Cardiovascular diseases segment is expected to account for significant market share by Application segment

The global Remote Patient Monitoring market is mainly classified based on Product Type, Application and End-User. By product type, the market is segmented into software & services, devices, and special monitors. Devices is further divided into vital sign monitors, blood pressure monitors, pulse oximeters, heart rate monitor (ECG), brain monitoring (EEG), temperature monitor, and respiratory rate monitor. Special monitors segment is sub-divided into anaesthesia monitors, blood glucose monitors, cardiac rhythm monitor, foetal heart monitors, prothrombin monitors, respiratory monitor, and others. Based on the application, the market is organized into cancer, cardiovascular diseases, neurological disorders, respiratory disorders, sleep disorder, infections, virus, weight management and fitness monitoring, and others. On the basis of end-user, the market is categorized into payers, providers, and patients.
Based on the application, the cardiovascular diseases segment dominated the worldwide RPM market as the most popular application sector, and this trend is anticipated to continue throughout the forecast period. The increasing need for RPM solutions for improved disease management is being driven by the rising prevalence of cardiovascular disorders such hypertension, coronary artery disease, and stroke. RPM offers early diagnosis of potential issues and swift responses by allowing healthcare professionals to remotely monitor patients' blood pressure, heart rate, and other critical indicators. Major companies are getting into partnerships to develop the RPM solutions. For instance, An RPM solution for treating hypertension was created in February 2021 by Omron Healthcare, a top producer of blood pressure monitors and other health monitoring tools, in collaboration with PhyIQ, a company that offers remote patient monitoring platforms.

Interesting Facts of Remote Patient Monitoring Market

• On the basis of end-user, the provider sector is anticipated to dominate the RPM market over the forecast period due to the growing acceptance of RPM solutions by healthcare facilities for improved disease control and patient care.
• By devices, the devices segment is expected to hold the largest market share due to the increasing adoption of wearable devices and other monitoring devices for remote patient monitoring.
• North America is anticipated to hold the biggest market share in the RPM industry due to the presence of important RPM service providers and growing government initiatives to encourage the adoption of RPM solutions.
• The rising frequency of chronic diseases and the ageing population in Europe are likely to drive market growth for RPM. In order to encourage the use of RPM solutions and enhance patient outcomes, the European Commission has also started a number of initiatives.
• The RPM market is anticipated to expand because of rising healthcare costs and increased mHealth technology usage in Asia Pacific. A number of significant RPM solution suppliers, including Omron Healthcare and ResMed, are based in the area.
• Some of the key players in the RPM market include Philips Healthcare, Medtronic, GE Healthcare, Honeywell International, and Welch Allyn, among others.

North America will account for the largest share of the Remote Patient Monitoring industry

The remote patient monitoring (RPM) market is anticipated to be dominated by North America. This is caused by the rise in chronic disease prevalence, the ageing of the population, and a supportive regulatory framework. The United States is the largest market for RPM solutions in North America due to the growing use of mHealth technologies, government measures to encourage the use of RPM solutions, and a well-established healthcare system. The COVID-19 pandemic has additionally pushed the uptake of RPM solutions in North America as medical professionals tried to cut back on in-person visits and lower the risk of viral exposure. For instance, in 2020, BioIntelliSense, a provider of RPM solutions, partnered with the American Medical Association (AMA) to offer an RPM program for COVID-19 patients. The program provides patients with a wearable device that can monitor their vital signs and symptoms, and enables healthcare providers to remotely monitor patients' health data. Adding to thus, Philips introduced the Philips Medical Tablet in 2020. The solution is made to make it possible for medical professionals to treat patients remotely, hence lowering the chance of COVID-19 exposure.

Global Remote Patient Monitoring Market key Players:

Some of the major competitors in the global Remote Patient Monitoring market include Abbott Laboratories, Biotronik SE & Co. KG, Dragerwerk AG & Co. KGaA, Boston Scientific Corporation, F. Hoffmann-La Roche AG, General Electric Company, Nihon Kohden Corporation, Medtornic Plc, Masimo Corporation, Johnson and Johnson, Omron Corporation, OSI Systems Inc., Philips Healthcare, Baxter International Inc., and IRHYTHM Technologies.
The Remote Patient Monitoring is extremely competitive with aggressive market strategies of global and regional companies looking to strengthen market position through new product launches and facility expansions. The following are some recent market developments:

• The InPen system, a new RPM option for managing diabetes, was introduced in 2021 by Medtronic, a leading provider of medical technology worldwide. A smartphone app and a smart insulin pen are combined in the solution to let people track their insulin dosages and communicate that information to their healthcare providers.
• Geneva Healthcare, a provider of remote patient monitoring services, was purchased by BioTelemetry, a top supplier of RPM solutions, for $65 million in 2021. The acquisition is anticipated to improve BioTelemetry's standing in the RPM industry and broaden its service offering.
• In 2021, Holmusk, a Singapore-based medical technology startup, and Ping an Healthcare and Technology startup, China's largest online healthcare platform, collectively announced the official launch of a new remote patient monitoring service.
• A local hospital network, Life Healthcare, and a South African digital health startup, HealthQ Technologies, announced their collaboration to introduce a new remote patient monitoring service in 2021.

Frequently asked questions about global Remote Patient Monitoring market

Q: What is the current size of the global Remote Patient Monitoring market?
Ans: The Remote Patient Monitoring market was valued at YY million US$ in 2020 and is projected to reach YY million US$ by 2027, at a CAGR of YY% during the forecast period.

Q: What are the major opportunities in Remote Patient Monitoring industry?
Ans: Major opportunities in the Remote Patient Monitoring industry include expanding applications in chronic disease management and increasing demand for home-based healthcare.

Q: What is major growth driving factor for Remote Patient Monitoring industry?
Ans: The major growth driving factor is the rising prevalence of chronic diseases and the need to reduce healthcare costs.

Q: Which region is expected to have the largest share of the Remote Patient Monitoring market?
Ans: North America region is expected to have the largest share of the Remote Patient Monitoring market

Q: Which product type will dominate the Remote Patient Monitoring market?
Ans: Devices product type will dominate the Remote Patient Monitoring market.