Remote Patient Monitoring (RPM) Market is Expected to Reach $175.2 billion | Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG (Germany), OMRON Healthcare (Japan),

The Remote Patient Monitoring (RPM) industry is expected to experience significant growth in the near future due to the increasing demand for better patient care and the rising cost of traditional health care. RPM is a type of telemedicine that uses various technological tools to monitor patients remotely. This technology allows doctors and other healthcare professionals to monitor their patients' health in real-time, without the need for in-person visits. This technology also allows healthcare providers to better track their patients' health over time and make more informed decisions. The increasing demand for better healthcare services, along with the rising cost of traditional health care, is expected to drive the growth of the Remote Patient Monitoring (RPM) industry in the near future. Additionally, the increasing use of smartphones and other mobile devices, as well as the growing availability of broadband internet and wireless networks, is expected to contribute to the growth of the industry. Furthermore, the increasing use of artificial intelligence and machine learning, as well as the development of new monitoring technologies, is likely to drive the growth of the RPM industry in the near future.

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Remote Patient Monitoring (RPM) market in terms of revenue was estimated to be worth $53.6 billion in 2022 and is poised to reach $175.2 billion by 2027, growing at a CAGR of 26.7% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. 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. However, the regulatory variations across regions, healthcare fraud, and informal usage of social media practices is expected to restrain the market growth during the forecast period.

Notable Remote Patient Monitoring (RPM) mergers and acquisitions for 2021 - 2022 include:

Fitbit and Google Health: In January 2021, Google announced plans to acquire Fitbit for $2.1 billion. The transaction is expected to close in 2022 and will bring together two of the biggest players in the remote patient monitoring market.

AliveCor and Apple: In April 2021, Apple announced it would acquire AliveCor, a leader in remote monitoring of heart rhythms, for an undisclosed amount. The deal is expected to close in 2022 and will help Apple expand its healthcare offerings.

Philips and ResMed: In October 2021, Philips announced plans to acquire ResMed, a provider of digital health solutions and remote patient monitoring services, for $3.3 billion. The transaction is expected to close in 2022 and will expand Philips' reach in the global healthcare market.

Cerner and Change Healthcare: In November 2021, Cerner announced plans to acquire Change Healthcare, a provider of remote patient monitoring solutions, for $13 billion. The transaction is expected to close in 2022 and will combine two of the largest healthcare technology companies.

Growth Drivers of Remote Patient Monitoring (RPM) Market from Macro to Micro:

Increasing Awareness about Remote Patient Monitoring (RPM): Due to increasing awareness about remote patient monitoring (RPM), people have become more aware of its benefits and are more inclined to use it. This is boosting the market demand for RPM, as more people are getting access to this technology.

Growing Prevalence of Chronic Diseases: The prevalence of chronic diseases has been increasing globally, which has led to an increased demand for RPM. This is because RPM can help in monitoring and managing chronic diseases more effectively and efficiently.

Growing Adoption of Technology in Healthcare: Increasing adoption of technology in healthcare, such as mHealth and telemedicine, has helped to improve the services offered to patients, which is boosting the demand for RPM.

Government Support for Remote Patient Monitoring: Governments around the world are taking initiatives to support RPM by providing financial incentives and regulations to promote its adoption. This is helping to increase the demand for RPM.

Growing Demand for Cost-Effective Solutions: As healthcare costs are rising, there is a growing demand for cost-effective solutions that can help to reduce healthcare costs. RPM provides a cost-effective solution for monitoring and managing chronic diseases, which is increasing its demand.

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Top 3 Use Cases of Remote Patient Monitoring (RPM) Market:

Chronic Disease Management: RPM systems can be used to monitor the vital signs and symptoms of chronic diseases such as diabetes, heart disease, hypertension, and asthma in real time. Regular monitoring of these conditions allows for timely intervention and can help prevent any medical complications before they become serious.

Medication Adherence: RPM systems can be used to monitor patient's adherence to medications, including dosage and frequency. This helps reduce the risk of non-adherence and improves the effectiveness of treatment.

Post-operative Care: RPM systems can be used to monitor post-operative patients on an ongoing basis, ensuring that any potential complications can be addressed quickly and effectively. This can reduce the need for readmission and ultimately save on healthcare costs.

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