Global Remote Patient Monitoring System Market Is Expected To Foresee Significant Growth During The Forecast Period. North America To Witness The Highest Growth
Global Remote Patient Monitoring System Market is expected to reach the market valuation of USD XX billion by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from USD XX billion in 2019. A remote patient monitoring system is a healthcare delivery method that uses technology to monitor a patient’s vital body state remotely.
The various factors driving the growth of the remopte patient monitoring system market include the rise in chronic disease incidences, technological advancements, and the increased awareness among end-users led by adopting digital health solutions for monitoring these diseases. Also, nearly half of the country’s population are suffering from chronic illness, including cancer, heart disease, or diabetes which makes the situation more grave. As a result, many more people are inclining towards preventive healthcare increasing the worldwide adoption rates of remote monitoring solutions. For instance, 1.8 million deaths were recorded due to lung cancer across the world in 2020, accounting for the highest number of deaths due to cancer. In addition to this, it is estimated that 700 million people will be living with diabetes by 2045 all over the world.
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Furthermore, the rising health concerns among the geriatric population coupled with the surging cost of healthcare procedures is the major reason for the shift towards digital health solutions. For instance, according to the Peterson-KFF health system tracker, the general cost of inpatient hospital admission rose steeply by 85% over the decade. In addition to this, medical costs for surgical and medical care nearly doubled from 2008 to 2018. In view of these facts, the demand for more accessible, personalized, and cost-effective health solutions propelling the growth of the remote patient monitoring system market all over the world.
However, some of the restraints in the market include a lack of awareness and stringent regulations across countries. In addition to this, healthcare fraud and Improper reimbursement policies in developed countries are impeding the growth of this market all over the world.
The COVID-19 pandemic has disrupted the entire world and many industries. This worldwide disruption has affected the healthcare industry like never before and has greatly impacted the way healthcare is delivered across the world. With the lockdown restrictions all over the world, there is surging demand for remote healthcare technologies enabling patients to get assistance for maintaining their physical and mental health. In addition to this, deferred and canceled treatment for chronic diseases has further increased the worldwide demand for the remote patient monitoring system.
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The remote patient monitoring system market is boosting owing to numerous startups and new product innovations driving its worldwide popularity. For example, In January 2021, Biobeat, a global leader in continuous remote patient monitoring solutions for the healthcare continuum, has launched a new home-based remote patient monitoring kit. The solution allows healthcare providers to remotely monitor patient’s vital parameters and receive alerts about the patient’s health, helping to alleviate hospital overload, reduce costs and improve patient care. In addition to this, In Europe, Latvian healthtech startup UPOlife launched its remote health monitoring solution that helps in tackling Heart Diseases.
Based on Product, the market has been segmented into vital sign monitors and specialized monitors. The specialized monitors segment held the major market share and is anticipated to maintain its dominance over the projected timeframe. Further, the vital-sign monitors are sub-segmented into temperature monitor, blood pressure monitor, pulse oximeters, heart rate monitor (ECG), respiratory rate monitor, and brain monitor (EEG). Specialized monitors are also sub-segmented into blood glucose monitor, cardiac rhythm monitor, anesthesia monitor, respiratory monitor, fetal heart monitor, multiparameter monitor, and others.
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Amongst specialized monitors and vital sign monitors, multiparameter monitor and heart rate monitor segments dominated the market during the forecast period respectively, owing to the growing incidences of diseases across the world which requires regular monitoring of the patient. Thus, reducing the risk of patient mortality and emergency hospital visits. For instance, according to the survey conducted by a well-known research organization, 38% of healthcare organizations running Remote patient monitoring programs focused on chronic disease reported reduced admissions, while 17% cited cost reductions.
Based on end-user, the market is divided into hospitals/Clinics, home-care settings, and others. The largest market share has been acquired by the hospitals/clinics segment and is expected to grow at XX% CAGR during the forecast period. However, a segment of the home-care settings is also expected to grow at the highest CAGR during the period of analysis and is expected to account for a revenue share of almost XX% by the year 2027.
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Additionally, the report provides detailed report also provides insights of global remote patient monitoring system market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD xx billion in 2020 owing to the higher healthcare expenditure per capita and growing demand to control the surging medical costs. For instance, Health spending per person in the U.S. was $10,966 in 2019, which was 42% higher than Switzerland, the country with the next highest per capita health spending, according to Peterson-KFF Health System Tracker. At the same time, Asia-pacific regions are identified as potential markets offering significant growth opportunities for several startups and other major players in the field of the remote patient monitoring system.
F. Hoffmann-La Roche, Medtronic, GE Healthcare, Abbott Laboratories, Omron Corporation, Johnson & Johnson, American Telecare, Philips Healthcare, Boston Scientific Corporation, Biotelemetry are some of the key players operating in the global remote patient monitoring system market. Several M&As along with partnerships have been undertaken by these players to develop the remote patient monitoring system.
Global Remote Patient Monitoring System Market Segmentation
Market Insight, by Product
- Vital Sign Monitors
- Temperature Monitor
- Blood Pressure Monitor
- Pulse Oximeters
- Heart Rate Monitor (ECG)
- Respiratory Rate Monitor
- Brain Monitor (EEG)
- Specialized Monitors
- Blood Glucose Monitor
- Cardiac Rhythm Monitor
- Anesthesia Monitor
- Respiratory Monitor
- Fetal Heart Monitor
- Multiparameter Monitor
Market Insight, by Application
- Cardiovascular Diseases
- Sleep Disorders
- Weight Management & Fitness Tracking
- Other Applications
Market Insight, by End-User
- Home-care Settings
Market Insight, by Region
- North America
- United States
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- F. Hoffmann-La Roche
- GE Healthcare
- Abbott Laboratories
- Omron Corporation
- Johnson & Johnson
- American Telecare
- Philips Healthcare
- Boston Scientific Corporation
- Biotelemetry, Inc.