PUBLISHER: DataM Intelligence | PRODUCT CODE: 1316299
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1316299
The global remote patient monitoring market reached US$ 48.2 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 338.9 billion by 2030. The global remote patient monitoring market is expected to exhibit a CAGR of 28.8% during the forecast period (2023-2030).
Remote patient monitoring (RPM) is the healthcare process that uses Internet of medical things (IoMT) advancements for collecting patient data outside the traditional hospital and healthcare setup. It improves patient behaviour by creating the surrounding by which people are accountable and responsible for their health.
Some of the applications of remote patient monitoring devices are Biometric Patient Monitors and Virtual Care Platforms. The recent trends that are seen in remote patient monitoring devices are the use of cloud-based patient monitoring platforms allowing healthcare providers to access patient data in real-time and providing them with the ability to better monitor patients from remote locations.
The global remote patient monitoring is driven by the factors such as increasing prevalance of chronic disease, increase in the geriatric population and growing demands expansion in healthcare service avaliability, improved patient outcomes, increased access to care, increased efficiency.
The remote patient monitoring market has seen a rise in technology-driven advancements that are driving the growth of remote patient monitoring systems. Remote patient monitoring has the ability to provide access to healthcare from remote locations and also it helps reduce costs improving the results.
Solutions for connected health have increased due to the advancements in technologies such as the Internet of Things (IoT), Cloud Computing, and artificial intelligence. For instance, Bluetooth-based headsets are being used to measure vital signs such as heart rate, body temperature, and blood pressure. It helps doctors and healthcare practitioners to monitor patients remotely from any location.
Furthermore, with the use of smartphone apps, remote patient monitoring is becoming efficient and easier. For instance, My medical app tracks health information from different sources which includes personal medical records and fitness tracking data. Thus, it is useful to provide a customized plan for the patient and thus technological advancements are driving the growth of the remote patient monitoring market.
Wearables in patient monitoring devices, smart implants and biosensors are used for monitoring chronic disease in the patient which includes continuous temperature monitoring, glucose monitoring, pulse oximetry and blood pressure monitoring. The wearables have next-generation advanced technologies such as the Internet of Things.
For instance, the Apple Watch Series 4, with its Fall Detection and ECG features, has recently been cleared by the FDA for use as an over-the-counter diagnostic tool for assessing cardiac health and detecting atrial fibrillation. Additionally, glucose monitoring devices such as the Dexcom G6 and FreeStyle Libre help diabetics to monitor their blood sugar levels without having to prick their fingers.
These devices often come with dedicated smartphone apps that allow users to conveniently view their data. Furthermore, these devices are connected to the Internet of Things, allowing physicians to remotely monitor and manage the conditions of their patients. Wearable biosensors collect important signs such as blood pressure, and electrocardiography. These are major factors which are driving the growth of the remote patient monitoring market.
The cost of installing an remote patient monitoring system includes the cost of training and installation, which can range from a few hundred dollars to several thousand dollars depending on the system's complexity. A basic system that just communicates vital signs, for instance, may cost approximately or less than $500, whereas an advanced system with a wide range of systems may cost more than $10,000.
In addition, the cost of maintaining and updating the RPM system should be incorporated into the overall expenses. Over time, regular maintenance, software upgrades, and technical support services may incur additional costs. Furthermore, the scalability and customization options of the system can influence its price range.
More advanced features, such as real-time data analysis and predictive maintenance capabilities, may contribute to a higher cost. It is worth mentioning that however, that investing in an extensive solid RPM system can result in substantial long-term benefits such as greater operational efficiency, decreased downtime, and improved asset management.
The COVID-19 pandemic has increased the demand for RPM systems. Healthcare providers have found ways to remotely monitor patients,reducing the need for hospital visits. It has thus led to the increase in demand and adoption of RPM technology, expansion of telehealthcare infrastructure and facilitated remote patient healthcare.
RPM systems enabled early detection and cure of COVID-19 cases, helping managethe chronic conditions remotely reducing the burden on healthcare systems, enhancing the safety of the patient and driving innovation in technology. As a result, RPM systems have significantly transformed the delivery of healthcare during the pandemic by continuity of care and reduction of exposure risks and positively impacting the global remote patient monitoring market.
The global remote patient monitoring market is segmented based on product type, application, end-user and region.
The device segment is expected to dominate the remote patient monitoring market with the market share of about 40.3% over the forecast period. The factors driving the device segment include increasing need for home healthcare, the increasing prevalence of chronic diseases and the growing adoption of connected devices.
For instance, in April, 26 2023, CardieX received FDA 510(K) clearance for a world-first vascular biometric monitor- the CONNEQT pulse, has received 510(k) clearance from the U.S. Food and Drug Administration (FDA). Pulse is the only vital signs monitor targated at home, clinician, and clinical trial use measurements of both brachial blood pressure (the pressure at your arm) and central blood pressure (the pressure at your aorta/heart) in addition to multiple other vascular health biomarkers.
Remote patient monitoring system is becoming increasingly popular in North America and the region is dominating the industry in a variety of ways with market share of about 41.1%. The North American region has dominated and is expected to dominate the remote patient monitoring system due to the increasing adoption of connected healthcare technology and the presence of top and leading market players in the region.
For instance, Medtronic recently announced the launch of its new Carelink Connected Remote Monitoring System which allows patients and healthcare providers to stay connected and collaborate in real-time. Similarly, Philips Healthcare has long been investing in services and technology related to remote monitoring systems.
The key drivers of market growth in the North American region include increasing demand for home healthcare services, increasing internet penetration, favourable government initiatives and the geriatric population. Moreover, the region has seen a rise in the no of hospitals introducing telehealth solutions, with the U.S. leading the way in the segment. For instance, Medicare and Medicaid Services (CMS) initiatives encourage doctors and other healthcare practitioners to embrace telehealth technologies.
Furthermore, the Department of Veterans Affairs in the United States has initiated a number of projects to boost the use of telehealth services, and the US government has provided incentives to institutions that use telehealth services. These measures have expanded telehealth usage in North America, adding to the overall growth of the market.
This has spurred the growth of the home healthcare services market, allowing the elderly to obtain quality healthcare services in the comfort of their own homes. With efforts such as the Department of Defence, the United States has been at the forefront of this expansion. Veterans Affairs and CMS are at the forefront of the telehealth sector.
The major global players include: Medtronic Plc, Koninklijke Philips N.V, GE Healthcare, Abbott Laboratories, BioTelemetry Inc., Siemens Healthineers AG Boston Scientific Corporation, Welch Allyn, OMRON Healthcare Co., Ltd., Transtek among others.
The global remote patient monitoring market report would provide approximately 61 tables, 61 figures and 185 Pages.
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