The global remote patient monitoring market is projected to reach USD 175.2 Billion by 2027 from USD 53.6 Billion in 2022, at a CAGR of 26.7% during the forecast period. The new research study provides the company evaluation quadrant for 25 companies operating in the remote patient monitoring market. The predominant factors influencing the growth of the market include the benefits of remote patient monitoring to reduce the burden on medical resources, the monitoring benefits of telehealth and remote patient monitoring services, advancements in telecommunications, an increasing geriatric population, and the growing need to expand healthcare access. However, the regulatory differences and challenges among various regions, combined with the informal usage of social media practises and related healthcare fraud, are some factors that are anticipated to negatively affect market growth during the forecast period.
Prominent players in the 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).
Koninklijke Philips N.V. (Netherlands) is the leading player in the remote patient monitoring market. The company’s expertise, experience, and comprehensive capabilities in various industries and business functions enable it to maintain its leading position in the market. The company has a wide global presence with North America, the Asia Pacific, the Middle East, Africa, Latin America, and Europe. The company focuses on achieving sustainable growth by enhancing its operating base and launching competitive technologies. 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 & maternal monitoring. Also, in 2020, the company launched data-driven personalized connected care solutions for oral health, mother & childcare, and sleep care—Sonicare oral healthcare ecosystem, Avent mother and childcare ecosystem, and SmartSleep ecosystem in the remote patient monitoring market.
Medtronic (Ireland) held the second position in the global remote patient monitoring market in 2019. The company has a wide geographic base—it operates in more than 350 locations in over 150 countries, with subsidiaries in Ireland, Israel, and the US. The company markets many products and care management services, including remote monitoring platforms and patient-centered software. Medtronic focuses on long-term growth strategies of therapy innovation, globalization, and economic value to increase its market share. The company has also demonstrated a commitment to inorganic growth strategies by adopting partnerships, agreements, and collaborations to strengthen its remote patient monitoring market position.
Software and services to dominated the remote patient monitoring market in 2021.
Based on the product, the remote patient monitoring market is segmented into software & services and devices. The software and services segment accounted for the largest share of the global remote patient monitoring market in 2021. The large share of this segment is mainly due to the increasing reimbursement for RPM programs and the rising number of chronic illnesses, thus leading to the growing adoption of RPM services across the globe.
Providers segment accounted for the largest share of the remote patient monitoring market, by end user, in 2021.
Based on end users, the global remote patient monitoring market is broadly segmented into providers, payers, patients, and other end users. The providers segment accounted for the largest share of the global market in 2021. 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.
Opportunities: high utility of remote patient monitoring in combating infectious diseases and epidemics
Remote patient monitoring (RPM) is a rapidly growing technology that has the potential to revolutionize healthcare delivery. Remote patient monitoring allows healthcare providers to monitor a patient’s health from a distance, typically using wireless technology. By collecting data such as vital signs, physical activity, and sleep patterns, remote patient monitoring can provide medical professionals with a real-time view of a patient’s health and alert them to any changes or potential problems. The utility of remote patient monitoring is particularly high in the context of infectious diseases and epidemics. By allowing healthcare providers to monitor patients from a distance, remote patient monitoring can help them identify symptoms of a disease before they become severe, allowing for early diagnosis and treatment. Additionally, remote patient monitoring can help healthcare providers monitor the health of individuals in quarantine or isolation, reducing the risk of the disease spreading to other individuals or communities. In this way, remote patient monitoring can help reduce the spread of infectious diseases and limit their impact.
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https://www.marketsandmarkets.com/Market-Reports/remote-patient-monitoring-market-77155492.html
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