The Global Remote Patient Monitoring Market- Growth, Trends, COVID-19 impact and Forecast (2021-2025)
The Remote Patient Monitoring Market is segmented by Product type (Specialized Monitors and Vital Sign Monitors); Application; End-users (Hospital-based Patients, Home Healthcare and Ambulatory Patients); Geography (North America, Europe, APAC and ROW).
Introduction
Remote patient monitoring (RPM) technology includes devices such as blood pressure monitoring system, glucose meters, and other portable devices that can be used by patients at a remote location. Increasing use of smartphones is leading to the rise in the development of applications that are connected to the monitoring device being used.
The major factors driving the market growth include the rising burden of chronic diseases due to lifestyle changes, the rising geriatric population, and the growing demand for home-based monitoring devices.
On the other hand, the shortage of sustaining the data’s safety and secrecy is obstructing the growth of global remote patient monitoring market
The COVID-19 pandemic has severely impacted healthcare industry. But the demand for remote patient monitoring market is likely to increase during this pandemic period. These technologies are mainly helpful in safely tracking the COVID-19 patients and suspected cases.
Table of Contents
Market Overview
The global remote patient monitoring market is expected to grow to $5,030.60 million by 2025
Growth momentum is expected to accelerate during the forecast period with a 23.51% CAGR.
The rising geriatric population, cost benefits of telehealth and remote patient monitoring, advancements in telecommunications, growing incidences of chronic diseases are boosting the market growth.
North America is dominating due to factors such as incidence of chronic diseases, demand for wireless and portable systems, and improved network infrastructure.
Key Trends
Increasing utilization of RPM solutions for personalized patient engagement
High utility of RPM in combating infectious diseases and epidemics
Growing application of AI in remote patient monitoring
Wearable health sensors and growing need for urgent care apps
Key Market Players
Some of the key players in the market are Abbott Laboratories, Philips Healthcare, Cerner Corporation, Honeywell, Biotronik, Medtronic.
The market is highly competitive owing to the rise in demand for remote patient monitoring solutions and services coupled with technological advancements, which is likely to boost the entry of new companies. Mergers & acquisitions, strategic alliances, collaborations and extensive R&D in this area are some of the initiatives being undertaken by key companies to increase their market shares.
Growth Drivers and Challenges
Evolving industrialization in growing economies are resulting in the prevalence and early onset of chronic diseases. To overcome this situation, increasing utilization of connected devices and telehealth apps for the management of chronic diseases
Significant cost savings in healthcare delivery is another crucial driving factor.
Robust penetration of 3G and 4G networks for uninterrupted healthcare services.
Data security and privacy concerns are some of the factors that may hinder the adoption of RPM platforms, thereby limiting the market growth. Data breaches, configuration changes, or accessibility issues to sensitive information are impeding the growth of the market
Lack of standards and regulations as well as paucity of reimbursements