Global Remote Patient Monitoring Market is Forecasted to reach a Market Size of ~ US$ 75 Billion by 2028: Ken Research

Global Remote Patient Monitoring Market was valued at ~US$ 20 billion in 2017. Furthermore, it is estimated to be ~ US$ 35 Billion in 2022 and is forecasted to reach a market size of ~ US$ 75 Billion by 2028 at a CAGR of ~12%, owing to the rising usage of digital technologies in the healthcare sector.

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Key Growth Drivers

Remote patient monitoring services are predicted to become more prominent as the occurrence of chronic diseases such as diabetes, cancer, heart disease, and hypertension rises, among other conditions. By providing early warning signs and progress indicators, remote monitoring systems support medics in initiating treatment as soon as feasible for chronic diseases.
Patients and doctors frequently struggle with inexperience with new procedures and are reluctant to abandon their current (traditional) procedures. The inexperience with technology that elderly persons may have hinders them from using telehealth and telemedicine services.
The COVID-19 pandemic put a massive strain on overburdened and understaffed hospitals and healthcare systems around the world. The use of remote patient monitoring technologies during the pandemic allowed patients to stay safe in their own homes while easing the burden on hospitals, emergency rooms, and front-line medical staff. It had a positive effect on the market.

Key Trends by Market Segment

By Component Type- The device segment dominated the market in 2021, the high growth rate is attributed to the rise in chronic diseases like diabetes, Chronic Obstructive Pulmonary Disease (COPD), blood pressure, and mental health along with the rising need for home monitoring devices.

The versatility of the devices, specifically the monitor's section, to track clinical data prior to and following surgery, diagnose symptoms, and prevent complications, contributes to their dominance of the market.
Advanced features additionally enable early diagnosis and broader applicability of the devices, such as wireless communication and iPad compatibility.

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By Product Type- The vital sign monitors witnessed the highest market share in 2021, due to the extensive adoption of these monitors in recent years.

With the help of a vital sign monitor, a patient's Electrocardiogram (ECG), non-invasive blood pressure, body temperature, respiration rate, and brain activity can be properly monitored. This product's popularity is anticipated to expand throughout the forecast period as a result of the integration of many vital sign monitors into a single system, which will result in higher adoption.
Since devices are frequently used, vital sign monitors are predicted to expand at the fastest rate during the projected period. Due to the rising prevalence of cardiac disorders worldwide, the heart rate monitor product sub-segment has been designated as the market leader. The rising use of these monitors is a result of the rise in the number of people with heart conditions.

By Application Type- Cardiovascular diseases are likely to witness the highest growth during the forecast period, owing to the rising incidence of chronic diseases and growing patient visits.

Cardiovascular disease has emerged as the main application category as a result of the disease's increased occurrence. During the projected period, it is anticipated that the aging population and the prevalence of chronic diseases will have a substantial impact on growth globally.
According to the World Health Organization, in 2019 estimates that there were 17.9 million deaths worldwide which were directly related to cardiovascular illnesses. This is only explained by the increased frequency of CVD in the general population and the rising number of CVD-related deaths worldwide.

By End-user- Hospitals and Clinics segment accounted for the highest market share in 2021, owing to advancements in RPM monitoring technology, and an increase in the number of RPM services offered by hospitals and clinics.

This is primarily due to medical facilities that can utilize remote monitoring to cut back on the use of expensive services like the Emergency Department (ED) and to lower expenditures associated with healthcare 
The solutions may also contribute to broadening the range of hospital services, which will increase demand for them in the upcoming years.

By Geography- North America dominated the market during the forecast period owing to the demand for remote patient monitoring devices from hospitals and clinics, the rising prevalence of cardiovascular disease and home healthcare in the USA, and an increase in the country's elderly population. 

With a renewed perspective on remote patient monitoring, the COVID-19 epidemic has transformed the landscape of healthcare delivery in the North American region.
The main drivers of the RPM market's growth in North America are the rising geriatric population, rising prevalence of various chronic diseases among the populace, increased consumer disposable income, increased adoption rates of cutting-edge technologies in the healthcare sector, presence of developed healthcare infrastructure, and increased awareness of RPM systems.

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Competitive Landscape

The global remote patient monitoring market is highly competitive with ~300 players, which include globally diversified players, regional players as well as a large number of country-niche players that have their niche in digital technologies in the healthcare industry for multiple end-users.

Country-niche players hold the largest market share, while regional players hold the second largest share. Some of the major players in the market include Aerotel Medical Systems (1998) Ltd, Koninklijke Philips N.V., Boston Scientific Corporation, General Electric Company, Nihon Kohden Corporation, Medtronic Plc, Masimo, Abbott, Johnson & Johnson Services, Inc, OMRON Healthcare, Inc., and others.

The leading global specialist companies such as Aerotel Medical Systems (1998) Ltd, Boston Scientific Corporation, Nihon Kohden Corporation, Medtronic Plc, Masimo, and Abbott are highly focused on providing significant digital technologies in the healthcare industry for various applications that can be used across multiple industries.

Recent Developments Related to Major Players

In 2020, Koninklijke Philips and the American Telemedicine Association (ATA) announced a partnership (US). The usage of telehealth in acute, post-acute, and home care settings has expanded as a result of this collaboration.
In August 2022, Medtronic Plc announced a strategic partnership with BioIntelliSense. Through the partnership, the Medtronic Patient Monitoring division will be able to give general care patients with access to a medical-grade device that continuously monitors vital signs both during their stay in the hospital and after discharge.

Conclusion

The market for remote patient monitoring is anticipated to continue growing at a substantial rate of ~12% owing to the advantages of RPM to lessen the strain on medical resources, monitoring advantages of telehealth and remote patient monitoring services, technological advancements in telecommunications, rising geriatric population, and the growing need to increase healthcare access are the main factors influencing the market growth. The demand for the latest advancements in the healthcare sector is escalating as a result of growing government initiatives and investments to create a strong and advanced healthcare infrastructure. The adoption of RPM systems across various market is also being driven by rising investments in the digitalization and automation of healthcare units in order to improve the operational efficiency of the healthcare units.

Though the market is highly competitive with ~300 participants, few global players control the dominant share and regional players also hold a significant share.

Note: This is an upcoming/planned report, so the figures quoted here for a market size estimate, forecast, growth, segment share, and competitive landscape are based on initial findings and might vary slightly in the actual report. Also, any required customizations can be covered to the best feasible extent for Pre-booking clients and the report delivered within a maximum of 2 working weeks.

Market Taxonomy

Ken Research has recently published report titled Global Remote Patient Monitoring Market Size, Segments, Outlook, and Revenue Forecast 2022-2028 is segmented by Component Type, Product, Condition, Application, and End-user. In addition, the report also covers market size and forecasts for the four regions. The revenue used to size and forecast the market for each segment is US$ Billion.

Market Taxonomy

By Component Type

Devices
Software & Services

By Product

Vital Sign Monitors
Special Monitors

By Application

Cancer
Cardiovascular Diseases (CVD)
Diabetes
Sleep Disorder
Weight Management & Fitness Monitoring
Bronchitis
Infections
Virus
Dehydration
Hypertension
Others 

By End-user

Hospitals and Clinics
Home Care Settings & Long Term Care Centers
Ambulatory Care Centers
Passive Exoskeletons
Payers
Patients
Others

By Geography

North America
USA
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe
Asia Pacific
China
Japan
South Korea
India
Indonesia
AustraliaRest of Asia Pacific
LAMEA
Latin America
Middle East
Africa

Key Players

Aerotel Medical Systems (1998) Ltd
Koninklijke Philips N.V.
Boston Scientific Corporation
General Electric Company
Nihon Kohden Corporation
Medtronic Plc
Masimo
Abbott
Johnson & Johnson Services, Inc
OMRON Healthcare, Inc.

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