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.
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.
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.
Market Segmentation
Services
and devices are the major types of Remote Patient
Monitoring Market .
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.
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