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 remote patient monitoring system market.
According to the new market research report the remote patient monitoring market size is projected to reach USD 117.1 billion by 2025 from USD 23.2 billion in 2020, at a CAGR of 38.2% between 2020 and 2025.
Based
on the product, the RPM Market is segmented into software &
services and devices. The software and services segment accounted for
the largest share of the global remote patient monitoring devices market
in 2019. 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.
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Based
on end users, the global 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 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.
The prominent players operating in the remote patient monitoring services market
include BioTelemetry Inc. (US), Koninklijke Philips N.V. (Netherlands),
Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US),
Siemens Healthineers AG Germany, OMRON Healthcare (Japan), ALTEN Calsoft
Labs (France), Preventice Solutions (US), VitalConnect (US), Welch
Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), Boston
Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care
Solutions (US), Vivify Health, Inc. (US), Bio-Beat Technologies
(Israel), iRhythm Technologies, Inc. (US), and VivaLNK Inc. (US)., among
others. Players in this market focused on partnerships, collaborations,
agreements, acquisitions, mergers, expansions, and product launches
& approvals to expand their market presence between January 2017 and
July 2020.
KONINKLIJKE PHILIPS N.V. (NETHERLANDS)
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)
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.
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North America accounted for the largest share of the remote patient monitoring market,
followed by Europe. The large share of North America in the remote
patient monitoring market can be attributed to the rising prevalence of
chronic conditions, the need to reduce healthcare expenditure, and the
increasing overall & geriatric population.
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