The global remote patient monitoring market is projected to reach USD 175.2 Billion by 2027 from USD 53.6 Billion in 2022, at a CAGR of 26.7% during the forecast period. 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.
RPM has gained significant attention and growth in recent years, driven by advancements in technology, the need for more efficient and cost-effective healthcare delivery, and the increasing prevalence of chronic diseases.
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Key factors and trends in the remote patient monitoring market include:
Rise in Chronic Diseases: The increasing prevalence of chronic conditions like diabetes, hypertension, and heart disease has driven the adoption of remote patient monitoring.
Technological Advancements: Advancements in wearable devices, sensors, mobile apps, and telehealth platforms have made it easier to collect and transmit patient data.
Aging Population: The aging global population is more prone to chronic diseases and requires more frequent healthcare monitoring.
Cost-Efficiency: Remote patient monitoring can reduce healthcare costs by preventing hospital readmissions, lowering the number of emergency room visits, and improving overall patient outcomes.
Telehealth Integration: RPM is often integrated with telehealth services, allowing for real-time communication between patients and healthcare professionals.
Regulatory Changes: Regulatory bodies, such as the U.S. FDA, have been adapting to accommodate the growth of RPM, making it easier for companies to get approval for their devices and services.
Remote Monitoring for COVID-19: During the COVID-19 pandemic, remote patient monitoring played a crucial role in monitoring and managing patients with the virus, as well as in providing ongoing care for non-COVID-19 patients while reducing infection risk.
Data Security and Privacy: As remote patient monitoring involves the collection and transmission of sensitive health data, ensuring robust security and privacy measures is a top priority.
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Key Market Players:
The prominent players operating in the remote patient monitoring market 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), VitalConnect (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), iRhythm Technologies, Inc. (US), and VivaLNK Inc. (US)., among others.
Koninklijke Philips N.V. (Netherlands) is the leading player in the remote patient monitoring market. The company’s expertise, experience, and comprehensive capabilities in various industries and business functions enable it to maintain its leading position in the market. The company has a wide global presence with North America, the Asia Pacific, the Middle East, Africa, Latin America, and Europe.
Medtronic (Ireland) held the second position in the global remote patient monitoring market. The company has a wide geographic base—it operates in more than 350 locations in over 150 countries, with subsidiaries in Ireland, Israel, and the US. The company markets many products and care management services, including remote monitoring platforms and patient-centered software.
North America is the largest regional market for remote patient monitoring
North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the market can be attributed to the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing overall & geriatric population.
Remote Patient Monitoring Market Dynamics
Driver: rising geriatric population and growing need to expand healthcare access
Opportunity: high utility of remote patient monitoring in combating infectious diseases and epidemics
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