According to the new market research report “Remote Patient Monitoring Market
by Product (Software, Services, Devices, Cardiology, Neurological,
Blood Glucose, Neonatal, Weight, Temperature, Neuro) End User
(Providers, Hospitals, Clinics, Home Care, Patients, Payers) – Global
Forecast to 2025″, published by MarketsandMarkets™, the global RPM
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.
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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. However, 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.
Software and services to dominate the remote patient monitoring market in 2019
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 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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Providers segment accounted for the largest share of the remote patient monitoring market, by end user, in 2019
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.
North America is the largest regional market for remote patient monitoring in 2019
In
2019, 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.
Prominent players in the remote patient monitoring market
are BioTelemetry Inc. (US), 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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