What? When? Why?

As per our report, the global remote patient monitoring market size was valued at USD 4600 Million in 2021 and is forecasted to be growing at a CAGR of 13.7% from 2021 to 2026 and worth USD 8741 Million by 2026.

Equipment such as blood pressure monitors, glucose meters, and other portable devices that patients may utilize at a remote location are examples of remote patient monitoring technologies. As the popularity of smartphones grows, so does the development of applications linked to the monitoring device in use. These smartphone apps assist in the recording and transmission of patient health-related data to healthcare practitioners. Measure, record, disseminate, and display combinations of biometric values such as heart rate, blood oxygen saturation levels (SPO2), blood pressure, and temperature are utilized in patient monitoring systems. They're used to keep track of patients regularly, which can assist in preventing severe problems. Furthermore, more than four million people are expected to check their health problems remotely by 2020, according to the IHS (Information Handling Services). As a result, there has been a 35% increase in remote patient monitoring (RPM). Furthermore, technological companies like Google, Apple, and Amazon are pursuing the RPM market, resulting in significant changes in healthcare.

Impact of COVID-19 on the global remote patient monitoring market:

The COVID-19 pandemic has resulted in a shortage of hospital beds. Other than that, patients, particularly those with chronic conditions, are recommended to minimize physical trips to hospitals due to the risk of infection. To maintain track of a patient's health, hospitals have implemented a remote patient monitoring system. As a result, in the midst of the COVID-19 pandemic, a remote patient monitoring system is likely to play a critical role. Over the forecast period, alternate site monitoring, particularly in home healthcare, is expected to grow at a healthy rate. Aside from that, the recent COVID-19 has boosted the demand for remote patient monitoring systems by increasing the number of patients connecting with their doctors from home. The COVID-19 pandemic has shifted the healthcare environment in the United States, with a new focus on remote patient monitoring. These devices are being used in industrial and academic research projects to predict a variety of health outcomes and disease states, including surgical recovery, overall mortality, mental health, heart conditions, and other disease states.

KEY DRIVING FACTORS:

The rise in usage of remote patient monitoring devices and an increase in the senior population are two significant factors promoting the expansion of the global remote patient monitoring market.

The need for healthcare and long-term care services will rise as this population group grows, putting a more significant strain on governments and health systems. This will be beneficial to the remote patient monitoring market. Remote patient monitoring can expand healthcare's reach and accessibility while reducing unnecessary visits, hospital admissions, and readmissions, as well as the time and costs associated with traveling to see healthcare providers. Furthermore, increasing the prevalence of patients suffering from various lifestyle disorders such as diabetes, cancer, and atherosclerosis contributes to the market's positive growth. Collaborations between enterprises, hospitals, and academic institutions are also likely to result in the launch of innovative products, which is estimated to assist in raising the global remote patient monitoring market growth.

Remote monitoring systems aid in managing chronic diseases, including early warning signals and progress tracking, and are expected to see growing demand during the forecast period on a global scale. It can reduce the number of emergency room visits and hospitalizations, increasing remote monitoring systems in the coming years. Advancements in technology and communication systems are driving the global trend of telemedicine. Furthermore, telemedicine uses a remote patient monitoring system or gadgets to maintain track of patients' health. Companies are working on a toolkit to track a variety of chronic conditions. Portable and simple-to-use remote patient monitoring equipment are included in this toolkit. These toolkits are intended to provide real-time monitoring as well as quick and actionable feedback. Furthermore, the devices include sensors that aid in making the monitoring procedure convenient and straightforward.

RESTRAINING FACTORS:

Regulatory variances across regions, healthcare fraud, and informal social media activities are expected to restrain the market growth during the forecast period. Healthcare fraud is a critical consideration in the realm of telehealth and telemedicine. A patient or a physician can be exploited in a variety of ways. For instance, the physician's identity and accounts can be used to receive payments from the insurance company, or non-eligible or non-listed institutional providers can employ inaccurate coding and billing to submit false claims.

Behavioral hurdles may not be the most severe visible challenge to telehealth and telemedicine adoption, but they are significant. Physicians and patients are typically unfamiliar with new techniques and are hesitant to abandon their current (traditional) approaches. Because of their unfamiliarity with technology, older adults may also reject telehealth and telemedicine services. The high cost of this technology and a lack of patient knowledge are limiting the market's growth. Furthermore, government rules and payment challenges may stifle the market for patient monitoring equipment. Some of the challenges facing global remote patient monitoring devices include a lack of standardization among devices due to many companies in the market, and some monitoring apps are considered medical devices. Thus these devices require FDA approval to be used in healthcare situations.

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KEY MARKET INSIGHTS:

• Over the forecast period, the Multi-sign Monitors segment is expected to grow at a significant rate based on the product type. Multi-parameter monitors are devices that monitor multiple parameters with a single device, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography. These devices have grown popular because of their tiny size, portability, and ease of use.
• In 2020, the diabetic treatment segment had the most significant market share based on the application. In 2020, the hypertension application segment accounted for the second-largest market share. Hypertension raises the risk of heart disease and stroke. According to the World Health Organization (WHO), hypertension affects over 1 billion people globally. To control hypertension, remote patient monitoring can be beneficial.
• Due to the significant number of patients and tests performed in hospitals, the hospitals & clinics segment was the dominant end-user sector in 2020, accounting for 85.0 percent of the market.
• In 2020, North America surpassed all other regions in terms of market share. Chronic diseases spreading throughout the area due to bad eating habits, obesity rates, unhealthy lifestyles, and higher financing for such devices can be attributed to the worldwide patient monitoring devices market in this region. In addition, a surge in demand for portable and wireless solutions is another major factor driving the global patient monitoring devices market forward.
• Europe, mainly Western European countries, is predicted to remain the second-largest revenue-generating area over the forecast period, owing to higher mortality rates and rising demand for low-cost therapy. The high impact key drivers for regional growth are expanding need for in-house monitoring, supportive central data management systems, and increasing accuracy and efficiency of remote patient monitors.
• Welch Allyn, Bosch, Johnson & Johnson, Intel, Roche, Philips Healthcare, Healthanywhere Inc., Honeywell, American Telecare, Biotronik, and Covidien Plc are some notable companies in the global remote patient monitoring market.

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MARKET SEGMENTATION:

By Type: 

• Breath Monitors
• Physical Activity Monitors
• Heart Monitors
• Hematological Monitors
• Multi-Sign Monitors

By Application: 

• Cancer Treatment
• Cardiovascular Diseases
• Diabetes Treatment
• Sleep Disorder and Weight Management
• Fitness Monitoring

By End-Use: 

• Ambulatory Care Centers
• Hospitals
• Home Healthcare

By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

BROWSE REGIONAL REPORTS:

• North America Remote Patient Monitoring Market
• Europe Remote Patient Monitoring Market
• APAC Remote Patient Monitoring Market
• Latin America Remote Patient Monitoring Market
• MEA Remote Patient Monitoring Market