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.
Remote Patient Monitoring (RPM) market was a rapidly growing sector in the healthcare industry. RPM refers to the use of technology to monitor patients’ health status remotely and collect medical data without the need for in-person visits to healthcare facilities. This approach allows healthcare providers to keep track of patients’ conditions more efficiently, identify potential issues earlier, and deliver more personalized care.
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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.
Key factors driving the growth of the remote patient monitoring market included:
Technological Advancements: The continuous development of advanced healthcare technologies, such as wearable devices, mobile health apps, and telemedicine platforms, has significantly improved the capabilities and accessibility of remote patient monitoring solutions.
Rising Prevalence of Chronic Diseases: The increasing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and respiratory conditions, has heightened the demand for remote patient monitoring services.
Aging Population: As the global population ages, there is a growing need for remote patient monitoring services to manage the healthcare needs of elderly individuals and keep them independent while ensuring proper medical supervision.
Cost-Effectiveness: RPM can reduce healthcare costs by preventing hospitalizations, reducing the length of hospital stays, and optimizing healthcare resource utilization.
COVID-19 Pandemic: The COVID-19 pandemic further accelerated the adoption of telemedicine and remote patient monitoring, as it became essential to provide healthcare remotely and minimize unnecessary in-person interactions.
Supportive Government Initiatives: Many governments worldwide have been promoting the adoption of telehealth and remote patient monitoring technologies by offering incentives and easing regulations.
Patient Demand for Convenient Care: Patients increasingly value the convenience and accessibility of remote healthcare services, which has contributed to the adoption of RPM solutions.
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North America is the largest regional market for remote patient monitoring
North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the RPM 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 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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