Remote Patient Monitoring Market Size : Key Players, Competitive Landscape, Growth Strategies and Forecast 2022-2027

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.

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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.

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.

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North America is the largest regional market for remote patient monitoring in 2021.

In 2021, 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.

Key Market Players

Prominent players in the RPM Market are 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).

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