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 Share. 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 Insights.
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.
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 Outlook.
·
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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