Market Research Report
Remote Patient Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027
|Remote Patient Monitoring Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027|
Published: February 12, 2022
IMARC Services Private Limited
Content info: 144 Pages
Delivery time: 2-3 business days
The global remote patient monitoring market reached a value of US$ 1.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 2.7 Billion by 2027, exhibiting a CAGR of 16.1% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
The global remote patient monitoring (RPM) is a subset of telehealth that utilizes digital technologies to collect medical and other forms of data about the patient outside the healthcare setting. This data generally comprises weight, blood pressure, blood sugar, blood oxygen levels, heart rate and electrocardiograms, which are transmitted to healthcare providers using a telehealth computer system and software that can be installed on a computer, smartphone and tablet. RPM aids health professionals in monitoring the condition and improving the quality of care given to patients from anywhere around the world.
One of the leading factors driving the RPM market is the coronavirus disease (COVID-19) pandemic. On account of the highly infectious nature of the virus, healthcare providers across the globe are utilizing RPM services for monitoring patients with mild symptoms of COVID-19 and providing hospital-based care on a timely basis. This will aid in freeing up hospital resources for treating existing and more critical patients. Additionally, the rising prevalence of cardiovascular diseases, in confluence with the growing geriatric population, which is more susceptible to chronic conditions, represents another key factor fueling the RPM market growth. In addition to this, improving healthcare infrastructure and rapid advancements in wireless technologies, along with the increasing penetration of smartphones, are shifting healthcare services from clinic-centric to patient-centric delivery models, such as RPM. This is escalating the demand for RPM systems across the globe. Other than this, several key players are offering RPM that allows real-time video interaction between the patient and the healthcare provider. They are also introducing product innovations, which are projected to drive the market in the upcoming years. For instance, Dexcom, Inc., a US-based medical device company, launched a G6 CGM device, which is a small sensor that measures glucose levels and sends the data wirelessly to a display device through a transmitter.