Market Research Report
Global Remote Patient Monitoring Market - 2021-2028
|Global Remote Patient Monitoring Market - 2021-2028|
Published: June 14, 2021
Content info: 180 Pages
Delivery time: 2 business days
The global Remote Patient Monitoring Market size was valued US$ XX billion in 2020 and is estimated to reach US$ XX billion by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).
Remote patient monitoring (RPM) is a method of healthcare delivery that uses advancements in information technology to gather patient data outside of traditional healthcare settings. RPM improves patient behavior by creating a system by which people are more engaged and accountable for their health. In addition, it is difficult for some patients to access caregivers in some regions; hence, remote patient monitoring increases the capacity for physicians to treat more patients.
The global remote patient monitoring (RPM) market growth is driven by rising geriatric population and the growing need to expand healthcare access, growing incidences of chronic diseases, benefits of RPM to reduce the burden on medical resource, and increasing investments in telehealth and RPM.
Growing geriatric population and rising demand to expand healthcare access
The growth of the geriatric population is driving the demand for healthcare and long-term care services and has increased the burden on governments and health systems. As per the World Health Organization (WHO) data, the geriatric population is expected to reach 16.0% in 2050. The rising geriatric population and high susceptibility towards chronic conditions such as cardiovascular disorder, diabetes, and sleep disorder are expected to influence the product demand in the forecast period positively. Aging is one of the most significant risk factors for chronic conditions. This factor will drive the market for remote patient monitoring.
Remote patient monitoring enhances the overall reach of and access to healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals.
As per the Centers for Disease Control and Prevention (CDC), over 100 million people have hypertension in the United States. Hypertension further raises the risk of heart disease. The American Heart Association (AHA) also recommends initiatives that improve access to Remote Patient Monitoring (RPM) technologies for more reliable health management.
Supportive government programs and innovation boosts the market growth
Increasing support in government programs and innovation are projected to drive the RPM market growth. For instance, the Centre for Technology and Aging based in California is devoted to rapid technological advancements in a remote patient monitoring system, leading to the maintenance of independent and healthier living. The demand for this equipment in post-acute care has increased the role of the patients in self-health management. This ability to augment self-management skills with advanced tools is expected to impact market growth. Efforts from equipment manufacturers to develop superior products are expected to drive market growth.
For instance, in July 2020, Philips and BioIntelliSense formed a vital collaboration to enhance remote patient monitoring products. Philips combined the latter's BioSticker device into its remote patient monitoring (RPM) portfolio. It is a wearable device that monitors chronic conditions and keeps track of COVID-19 symptoms as well.
Healthcare fraud is likely to hamper the RMP market growth in the forecast period
However, one of the factors hindering the market growth of RPM is healthcare fraud. It is an essential consideration in the area of telehealth and telemedicine practices. There are several ways a patient or a physician can be victimized by healthcare fraud.
For instance, the physician's details such as name and accounts can be used to receive payments from the insurance company, or non-listed institutional providers can practice improper coding and billing for false claims.
COVID-19 Impact Analysis
COVID-19 pandemic provides immense opportunities for remote patient monitoring solutions, considering that social distancing is the only existing solution developed so far that can minimize exposure. In line with this, remote patient monitoring represents an attractive, effective, and affordable option. In addition, this technology is of critical importance in keeping healthcare providers safe. The emergency need for social distancing among clinicians and patients has catalyzed the demand for telemedicine services. This is expected to drive the remote patient monitoring (RPM) market during the forecast period..
Devices segment is expected to grow at the fastest CAGR during the forecast period (2021-2028)
The devices, the particular monitor's segment, helps the largest market share owing to its ability to monitor clinical data pre and post-surgery, identify symptoms, and prevent complications. In addition, advanced features such as wireless communication and iPad connectivity allow early diagnosis and higher applicability of the products.
On the other hand, vital sign monitors are commonly used and expected to grow faster over the forecast period. Among these, the heart rate monitor dominates the product sub-segment due to the rising incidence of cardiac diseases globally. The surge in the number of individuals with heart disorders has led to the increased usage of these monitors.
In 2020, BioTelemetry acquired the On.Demand remote patient monitoring (RPM) and coaching platform, operated by Envolve People Care, Inc., which is a Centene Corporation subsidiary. This acquisition expands chronic RPM and coaching solutions to BioTelemetry's current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.
Cardiovascular disease treatment is expected to dominate the remote patient monitoring market, by application, during the forecast period
The cardiovascular disease emerged as the leading application segment due to the increasing prevalence of the disease. Globally, the rising geriatric population and the crisis of chronic diseases are expected to be the high impact rendering drivers for the growth over the forecast period. Cardiovascular disease (CVD) is estimated to cause the annual deaths of 25 million people globally by 2030, and patients can often deteriorate rapidly after the onset of symptoms. A preventative approach to the CVD treatment could see implantable RPMs used in at-risk patients, alerting medical centers to early warning signs of cardiac arrest.
Providers' segment is expected to dominate the remote patient monitoring market, by end-user, during the forecast period
The providers' segment accounted for the largest share of the global market in 2019. This can be attributed to the increased adoption of remote monitoring in chronically ill and old aged patients, advancements in RPM monitoring devices, and the increasing number of RPM services offered by providers. For instance, In 2020, Koninklijke Philips collaborated with American Telemedicine Association (ATA) to increase the adoption of telehealth across acute, post-acute, and home care settings.
North America region holds the largest market share in the Global Remote Patient Monitoring Market
North America accounted for the largest market share of the global remote patient monitoring (RPM) market owing to the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing geriatric population. The U.S. is projected to have diabetes prevalence rise to 29.6% by 2030, and the cost of heart disease treatment triple. These chronic health problems will provide significant demand for RPM devices in the future, and the availability of reimbursement is expected to continue to drive future growth. The increasing technological advancements in remote monitoring due to the recent outbreak of COVID-19 lead to growth of the market in this region.
For instance, in August 2020, Validic, a Durham, NC-based provider of health data platforms and solutions for scaling remote patient monitoring (RPM), has launched its remote patient monitoring solution, Validic Impact, which offers the ability to deploy an end-to-end technology solution for chronic and acute condition monitoring, rapidly. The Validic Impact solutions can support the management of acute and chronic conditions, such as diabetes, hypertension, heart failure, and COVID-19 (coronavirus). This new version of Validic Impact requires no EHR integration and can be used as a fully standalone solution.
In 2020, Philips, launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring
The remote patient monitoring market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Koninklijke Philips N.V. , Medtronic, GE Healthcare, Abbott Laboratories, BioTelemetry Inc., Siemens Healthineers AG, Boston Scientific Corporation, OMRON Healthcare, Teladoc Health Inc., Welch Allyn, Wellue Health, Transtekmong others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the remote patient monitoring market globally.
Remote Patient Monitoring Market Key Companies to Watch
Overview: Medtronic plc, founded in 1949, is a global medical device company. Its headquarters are in Dublin, Ireland. Medtronic has four operating segments: Cardiac and Vascular, Minimally Invasive Therapies, Restorative Therapies, and Diabetes, and each group is separated into business divisions that deliver a wide range of medical technologies, therapies, services, and solutions. Medtronic operates in more than 140 countries. It employs over 85,000 people and has more than 53,000 patents.
Key Development: n October 2020, Medtronic launched the world's first pacemaker, Azure™ pacemaker with BlueSync™ technology that can communicate directly with patients' smartphones and tablets.
The global remote patient monitoring market report would provide an access to an approx. 61 market data table, 47 figures and 200 pages.
Global Remote Patient Monitoring Market - By Product Type
Vital Sign Monitors
Global Remote Patient Monitoring Market - By Application
Weight management and Fitness Monitoring
Global Remote Patient Monitoring Market - By End User
Global Remote Patient Monitoring Market - By Region
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