Remote Patient Monitoring Market Growth, Global Survey, Analysis, Share, Company Profiles and Forecast by 2027

An improvement in the healthcare sector in developing nations and advancement in technology, along with support from the government, has driven the demand for the market.
Market Size – USD 786.4 Million in 2019, Market Growth - CAGR of 14.1%, Market Trends –Surge in incidence of coronavirus.
The global Remote Patient Monitoring Market is forecast to reach USD 2.14 Billion by 2027, according to a new report by Reports and Data. The market in the past few years has witnessed an increase in demand owing to the growing penetration of the internet and the emergence of advanced technologies in the healthcare sector. Digital health has developed into a successful business, attracting several industries from the outside of healthcare.
Various factors have contributed to the growth of the industry. One of the major drivers for growing demand has been rapid technological advancements in different industries like artificial intelligence, which has, in turn, contributed to the growth of this industry. Apart from technological advancements, applicability, and convenience associated with the use of this service, have also acted as a significant contributing factor for this industry.
Remote patient monitoring provides the service users with the scope of using it from any location resulting in the elimination of geographic barriers associated with cardiac care and associated services. Such benefits related to the use of this service has promoted its rapid acceptance among the end-users as well as the care users.
Without artificial intelligence (AI), the industry can provide incremental improvements in efficiency. With AI's help, there can be an increase in efficiency by a huge magnitude. With AI, RPM has the potential to be a crucial part of the solution to the problem of skyrocketing healthcare costs caused by an aging population.

Leading companies operating in the market and profiled in the report include:
Abbott Laboratories, GE Healthcare, Omron Corporation, Medtronic PLC, Boston Scientific Corporation, Biotronik SE & Co. KG, Nihon Kohden Corporation, General Electric Company, Masimo Corporation, and Johnson and Johnson, among others.

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Further key findings from the report suggest
• The remote heart rate monitor gives information on heart rate and sends results to the webserver. From the web, anyone can monitor the physical status of the patient. The system can monitor heart rates from remote places. With tools like the Apple Watch and Fitbit, people are able to monitor vital health data from anywhere in the world.
• The expansion of remote cardiac monitoring has been boosted due to various driving factors. One of the significant reasons for the adoption of this system is the increase in the rate of obesity, which results in cardiovascular diseases [CVD]. Due to the rise in the rate of occurrence of CVD, remote cardiac monitoring services are becoming increasingly relevant for the healthcare sector, which is turning out to be a significant driving factor for this industry.
• A vast majority, approximately 88% of hospitals have invested in remote patient monitoring technologies as part of their transition to a value-based care model. The hospitals are unable to deal with the increasing number of patients suffering from coronavirus, and remote patient monitoring can help doctors monitor more patients as compared otherwise.
• Nearly 1800 hospitals use mobile applications to treat patients. Less than 25% of hospitals in the country currently leverage mobile applications to interact and monitor the patients, whereas more than 80% or 6400 hospitals report using patient portal software. North America dominated the market, with a share of 38.3% in the year 2019.

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Competitive Landscape:
Dominant key players in the market are adopting various strategies like mergers and acquisition, partnerships, collaborations, joint ventures and product launches to gain a robust footing in the market. Growing demand for various medical products, increasing adoption of home-care settings, point-of-care diagnosis, high demand for vaccines and medication for controlling COVID-19 is expected to benefit the key companies throughout the forecast period.

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Global Remote Patient Monitoring Market Segmentation:

Product Outlook (Revenue, USD Billion; 2017-2027)
• Vital Sign Monitors
o Pulse Oximeters
o Temperature Monitor
o Brain Monitoring (EEG)
o Blood Pressure Monitors
o Heart Rate Monitor (ECG)
o Respiratory Rate Monitor
• Special Monitors
o Blood Glucose Monitors
o Respiratory Monitor
o Anesthesia Monitors
o Cardiac Rhythm Monitor
o Fetal Heart Monitors
o Multi-Parameter Monitors (MPM)
o Prothrombin Monitors
o Others

Application Outlook (Revenue, USD Billion; 2017-2027)
• Cardiovascular Diseases
• Cancer
• Sleep Disorders
• Diabetes
• Weight management and Fitness Monitoring
• Infections
• Bronchitis
• Dehydration
• Virus
• Hypertension

End-Use Outlook (Revenue, USD Billion; 2017-2027)
• Hospital-based patients
• Home Healthcare
• Ambulatory Patients

The global Remote Patient Monitoring market is broadly divided into 5 major regions, viz. North America, Europe, Asia Pacific, Latin America and Middle East & Africa.

Regional Outlook:
• North America
o U.S.
o Canada
o Mexico
• Europe
o Germany
o U.K.
o Italy
o France
o BENELUX
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Rest of LATAM
• Middle East & Africa
o Saudi Arabia
o U.A.E.
o South Africa
o Rest of MEA

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