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The Global Remote Patient Monitoring Market is projected to reach a value of USD 1.73 billion at a CAGR of 22.22% during the forecast period. The RPM market refers to the technology and services that enable healthcare providers to monitor and manage patients health remotely. The prominent factors driving the market growth include the cost benefits of remote patient monitoring, the emergence of digital healthcare services and healthcare 4.0, and the need for healthcare facilities in remote areas. RPM has significantly impacted healthcare in hospital settings across Asia Pacific, Latin America, and other regions. The global RPM market is projected to experience significant growth due to increased demand for home-based healthcare and technological advancements. It can help in the early detection of health issues, reduce hospital readmissions, and improve overall patient outcomes.
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Healthcare technology is revolutionizing patient care with telemedicine, telehealth, and telemonitoring solutions. These digital tools enable remote access to medical services and continuous monitoring for chronic conditions. Wearable sensors provide real-time data, empowering providers to offer timely interventions. Remote patient monitoring devices can track vital signs, such as heart rate, blood pressure, and glucose levels. Telecommunication technologies facilitate seamless communication between patients and providers, improving access to care. Software platforms streamline data management and analysis, optimizing patient outcomes. As the market expands, innovative solutions are reshaping the delivery of medical services worldwide.
The market growth and trends are being propelled by the emergence of digital healthcare services and the advent of Healthcare 4.0. Digital healthcare involves utilizing electronic devices, smartphones, information and communications technology (ICT), and advanced medical devices in the healthcare sector. These services integrate cutting-edge IT solutions like analytics, cloud computing, IoT, and virtualization technology.
Providers are increasingly investing in advanced IT solutions to facilitate the implementation of healthcare 4.0 architecture, which creates a comprehensive IT ecosystem within hospitals and clinicians by incorporating the Internet of Medical Things (IoMT) and integrating artificial intelligence, big data analytics, and predictive analytics. The investments in the RPM market have helped overcome restraints associated with traditional healthcare delivery, allowing for proactive management of various health conditions in real times. The use of advanced technology supports advanced clinical research and enables effective data sharing, thereby enhancing healthcare provisions. Additionally, the widespread use of smartphones and tablets allows service providers and payers to leverage m-health technology for treatment and medical billing purposes.
The primary trend driving the is the growing popularity of m-health. M-health, which involves delivering healthcare through mobile devices like patient monitoring devices, mobile phones, and PDAs, is gaining traction due to various factors. These factors include the rising elderly population, the prevalence of chronic diseases, healthcare cost concerns, and regulatory requirements, all of which are fueling the adoption of mobile technologies.
Furthermore, the widespread penetration of mobile devices globally has provided significant support to the increasing adoption of m-health solutions. These technologies enable organizations to reduce medical expenses and facilitate efficient RPM. The convenience offered by mobile health devices has led to a surge in demand, thereby contributing to the overall growth of the telemedicine market.
The remote patient monitoring market faces challenges in ensuring proper system integration and data migration. Complexities in this process can lead to interoperability issues and potential patient safety risks. Implementing remote monitoring solutions involves customization, communication assessment, and dedicated expert teams. Integration issues must be addressed before deployment to minimize risks. However, the lack of clear requirements often results in improper deployment and frequent errors. Additional resources, including labor costs for dedicated teams, are required for deployment and maintenance. Other obstacles include data and model issues, workflow changes, financial limitations, and organizational changes.
This market analysis and report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Remote Patient Monitoring Market Customer Landscape
The market share growth of the vital signs providers segment will be significant during the market forecast period. Vital signs remote patient monitoring is used as external monitoring, including blood pressure monitoring, glucose monitoring, oxygen saturation monitoring, brain monitoring, temperature monitoring, respiratory monitoring, and fetal heart monitoring. They are mainly bedside equipment, which is used to monitor a patient in the presence of a technician. The demand for vital sign monitoring solutions, specifically for remotely determining oxygen saturation and temperature, and respiratory, and fetal heart attack monitoring equipment increased globally.
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The vital signs segment was valued at USD 508.99 million in 2017 and continued to grow by 2021. Advances in sensor technology, wearable devices, connectivity and networking, and data analysis have helped companies to offer innovative solutions that are capable of early recognition and timely prediction of abnormal physiological parameters. These advances, coupled with the growing penetration of smartphones, have heralded advances in wearable vital sign monitors. The availability of customized solutions and warranties on monitoring products is increasing the rate of adoption, which is expected to support the growth of the market during the forecast period.
In today's healthcare landscape, location plays a crucial role in determining industry trends and where attention needs to be focused for improved healthcare access. Whether in California or regions like Africa and the Middle East, understanding regional variations is essential for tailoring healthcare solutions.
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North America is estimated to contribute 46% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
North America is a dominating region in the market, with the US and Canada as the leading revenue-generating countries. Growing awareness of the benefits of remote digital patient monitoring solutions, increasing work pressure across healthcare facilities, growing advances in patient data collection technologies, and the rising prevalence of chronic diseases are propelling the growth of the market in the region.RPM devices play a pivotal role in managing chronic conditions like blood pressure, diabetes, and hypertension. Physicians use RPM services to enhance efficiency and reduce in-person visits in countries such as Spain and the Netherlands.
Moreover, digitization across the industry is increasing owing to growing government support and the high purchasing power of individuals who do not hesitate to spend extra for efficient home-based care. As a result, the demand forRPM is increasing in the region.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence. Key players in the market include companies specializing in medical devices, telecommunication solutions, and healthcare-IT systems.
The MphRx Inc. The company offers remote patient monitors such as Vital Sync Virtual Patient Monitoring Platform. They develop products and solutions such as Inoperability, Care Coordination, Patient Engagement, Remote Patient Monitoring, Multi-EMR Inoperability, Legacy Data Management, Image Exchange and Video Conferencing and Collaboration, as well as Miner va Platform.
The Abbott company offers remote patient monitors such as the FreeStyle LibreLink App and LibreView. Established pharmaceuticals products, under this segment, the company manufactures branded generic pharmaceuticals for established and emerging markets.
Companies like Omron-Healthcare have brought forth innovative devices that focus on the utility of health monitoring, allowing individuals to track their vitals comfortably from home. Additionally, the market has experienced significant growth and innovation, particularly with the emergence of cutting-edge technologies and solutions offered by companies such as VitalConnect, iRhythm Technologies, and BioIntelliSense. Moreover, these devices have the potential to prevent and manage epidemics by facilitating early detection of anomalies in health metrics. The market growth analysis report also includes detailed analyses of the competitive landscape of the market report and information about 15 market companies, including:
The RPM (Remote Patient Monitoring) market is witnessing rapid growth, driven by the increasing demand for patient-centered care and personalized medicine. With healthcare-related cost advantages and a focus on chronically ill patients and old aged patients, RPM solutions offer virtual visits and continuous monitoring for various conditions like diabetes, oncology, cardiovascular diseases, sleep disorders, weight management, and fitness monitoring.
However, challenges such as regulatory variations, data breaches, and fraudulent activities highlight the importance of robust authentication and authorization processes to ensure patient information security and privacy. It involves the use of technology to monitor patients' health remotely, outside of traditional healthcare settings. To overcome behavioral barriers and enhance healthcare affordability, transparency in billing practices and increased awareness are crucial.
This market caters to the increasing demand for telecare solutions, especially amidst the rising prevalence of chronic diseases. Wearables and remote monitors play a pivotal role in enabling telemedicine and providing access to healthcare for a broader population. Healthcare providers utilize these devices to monitor patients remotely, enabling proactive care management and early intervention. With the adoption of telehealth technologies on the rise, particularly in North America, there's a growing emphasis on digital solutions for remote patient monitoring. The market report highlights key trends and factors driving market growth, including the need for better healthcare access, improved disease management, and the rising demand for solutions like wearable sensors and remote monitoring devices.
The market research and growth report forecasts growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Remote Patient Monitoring Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 22.22% |
Market growth 2023-2027 |
USD 1.73 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
21.01 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 46% |
Key countries |
US, Canada, Germany, UK, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Abbott Laboratories, Advantech Co. Ltd., Alten SA, Boston Scientific Corp., Caretaker Medical NA, Draegerwerk AG and Co. KGaA, Honeywell International Inc., Koninklijke Philips NV, Masimo Corp., Medtronic Plc, MphRx Inc., Napier Healthcare-Solutions Pte Ltd., Nihon Kohden Corp., OMRON Corp., OSI Systems Inc., OSP Labs, Shenzhen Mindray BioMedical Electronics, Siemens AG, Smiths Group Plc, and General Electric Co. |
Market dynamics |
Market Trends and Analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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