Market Overview
Market
Research Future (MRFR) expects the Remote Patient Monitoring Market to reach
USD 7.27 billion by 2030 and record a growth rate of 18.64% between 2023 and
2030.
Top Drivers and Major Challenges
The
COVID-19 outbreak has been quite favorable for the Remote Patient Monitoring
Market Size. Remote monitoring systems help efficiently manage chronic diseases
in various ways, including assessing early warning signs, progress tracking,
and more. These useful applications are bound to create a huge demand for these
systems in the years to come. Annually, chronic illnesses account for more than
90% of the total healthcare costs in the United States. These conditions can be
prevented if there is timely assistance available for patients, a feature that
is provided by remote monitoring systems. These delay visits to the emergency
room and also reduce hospitalization rates, with telemedicine apps automating
and digitizing critical tasks. This helps bring down hospital administrative
activities, thereby boosting the use of remote monitoring systems. The fact
that the pandemic has caused notable space constraints in hospitals will also
enhance the need for remote
patient monitoring systems Research.
Patients
dealing with chronic diseases are being advised not to visit hospitals, given
the threat of infections. This factor has accelerated the growth rate of the
remote patient monitoring market to a great extent. Also, massive investments
by firms as part of collaborations, acquisitions, and partnerships with new
startups will benefit the global market.
Personalized
telemedicine apps are in huge demand among people, as these offer a solid
communication platform for real-time, remote monitoring, acting as a link
between the patient and the caregiver. This borne out of necessity advanced
offering has transformed market dynamics of remote patient monitoring systems,
following the COVID-19 outbreak. This has not only sped up people’s recovery
rates but also helped providers enhance their revenue streams.
The
American Heart Association and similar other organizations come up with
different initiatives aimed at elevating access to remote patient monitoring
technologies for improved health management. Efforts by the top device
manufacturers in terms of developing advanced systems will augment market
demand in subsequent years. To cite a reference, in May 2022, Novant Health
formed an alliance with Health Recovery Solutions to launch a new remote
patient monitoring system. This system offers effective care and accurate
outcomes. The pilot program will be introduced and will focus majorly on
bariatric patients, before exploring spaces.
Market Segmentation
Services
and devices are the major types of Remote
Patient Monitoring Market Trends .
- The
various types of devices are Respiratory Monitoring, Blood
Glucose Monitoring, Multi-parameter Monitoring, Cardiac Monitoring,
and more.
- Applications of
remote patient monitoring systems are Diabetes, Cardiovascular Diseases,
Cancer, and more.
- Key
end-users in the market include Providers,
Patients, as well as Payers.
Regional Study
North
America is the most successful market for remote patient monitoring systems,
with its revenue share expected to continue to grow in the years to come. The
escalating cases of chronic diseases, the burgeoning use of portable and
wireless systems as well as the presence of advanced reimbursement structures
that bring down out-of-pocket expenditures benefit the regional industry.
Besides, the surging R&D for designing novel, efficient sensor-based
patient monitoring systems and the rising efforts by renowned companies in the
region, especially in the US, will further strengthen the market position.
The
Asia Pacific market could anticipate growth at the fastest pace in the given
period, thanks to various untapped opportunities in emerging nations like India
and China. However, Japan will be the highest revenue generator in the years to
come, due to the expansive population of old age patients.
Reputed Competitors
- Nihon Kohden Corporation (Japan),
- OSI Systems, Inc. (US),
- GE Healthcare (US),
- Cerner Corporation (US),
- Koninklijke
- Philips N.V. (Netherlands),
- Abbott Laboratories (US),
- Siemens Healthineers AG (Germany),
- Medtronic plc (Ireland),
- OMRON Healthcare (Japan), and
- Boston Scientific Corporation (US)
are the most affluent Remote Patient Monitoring Market Players.
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