Remote Patient Monitoring System Market: Current Analysis and Forecast (2021-2027)

Report Description

Remote Patient Monitoring System Market was valued at more than US$ 900 million in 2020 and is expected to grow at a CAGR of 15% over the forecast period (2021-2027). The remote patient monitoring system is a subclass of telehealth that is designed to deliver healthcare services at the distance. These are typically medical devices deployed at home that transmits vital signs through a data hub, or a desktop console. The data is stored via server-side systems which are then eventually retrieved by caregivers and providers. The remote patient monitoring system enables the patients to manage various chronic diseases and infectious diseases. They support patient’s healthcare journey and provide patient’s health data to clinicians and caregivers enabling them to personalize their treatment and meet all the patient’s needs to avoid any complications. In addition to this, it also enables patients to take control of their care alongside the physicians and caregivers.

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The rising worldwide demand for remote patient monitoring systems is because of the changing traditional medical protocols and rising investments in telehealth solutions. Furthermore, the growing geriatric population coupled with the surge in chronic disease incidences is driving the growth of digital therapeutics across the world. For instance, according to the centers for disease control and prevention, 6 out of 10 people have a chronic disease and 4 out 10 adults have two or more. In addition to this, according to WHO, 41 million people die every year because of non-communicable diseases accounting for 71% of all deaths all over the world.

The worldwide adoption of virtual and home care health technologies owing to the number of canceled appointments and deferred care amidst the novel coronavirus outbreak has further augmented the worldwide demand for the remote patient monitoring system. For instance, according to the study conducted by American Hospital Association, 4 in 10 adults in the United States deferred their medical treatments and routine checkup due to the COVID-19 pandemic.

Another factor contributing to the growth of the global remote patient monitoring system market is the advancement in medical technology and the need to control the surging cost of medical treatments. From drugs to surgeries, to other medical procedures, nothing costs less than a few lakhs. For instance, In India, the average cost for cancer treatment is 10 lakhs. In addition to this, 1-3.5 lakhs is the average cost for angioplasty procedures in India. These factors are driving the worldwide demand for cost-effective healthcare solutions propelling the growth of the remote patient monitoring system market globally.

However, some of the restraints in the market include a lack of awareness and regulatory variations across countries. In addition to this, healthcare fraud and resistance from the conventional healthcare system are impeding the growth of this market all over the world.

Current and Projected Remote Patient Monitoring System Users, United States, 2020-2024 (in millions) 

F.Hoffmann-La Roche, Medtronic, GE Healthcare, Abbott Laboratories, Omron Corporation, Johnson & Johnson, American Telecare, Philips Healthcare, Boston Scientific Corporation, Biotelemetry, etc. are some of the prominent players operating in the global remote patient monitoring system market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with innovative products.

Insights Presented in the Report

“Amongst Products, Specialized monitors hold the major share”

Based on the product, the market is divided into vital sign monitors and specialized monitors. The vital sign monitors are further segmented into temperature monitor, blood pressure monitor, pulse oximeter, heart rate monitor, respiratory rate monitor, and brain monitor. In contrast, specialized monitors are sub-segmented into blood glucose monitor, cardiac rhythm monitor, anesthesia monitor, respiratory monitor, fetal heart monitor, multiparameter monitor, and others.

The specialized monitor segment holds a major share in the market owing to its ability to monitor important parameters to prevent complications before and after any surgical procedures. However, the vital sign monitors segment is anticipated to grow substantially in the projected timeframe due to the rising awareness of the benefits offered by their regular usage.

“Amongst Vital Sign Monitors, Heart rate monitor segment is anticipated to grow at the highest CAGR during the analyzed period”

Based on vital sign monitors market is further sub-segmented into temperature monitor, blood pressure monitor, pulse oximeter, heart rate monitor, respiratory rate monitor, and brain monitor. The heart rate monitor sub-segment is expected to witness major growth during the forecast period due to the increasing patient pool suffering from heart diseases all over the world. The growth of this segment is attributable to the surge in the number of people having cardiovascular disorders as they need regular monitoring of their heart rate. For instance, according to the centers for disease control and prevention. 1 out of 4 deaths in the United States is because of cardiovascular disease. In addition to this, the American Heart Association has predicted that more than 130 million U.S. adults will have some type of heart disease by 2035.

“Amongst Specialized Monitors, Multiparameter monitor segment holds the major share”

The Specialized monitors are sub-segmented into blood glucose monitor, cardiac rhythm monitor, anesthesia monitor, respiratory monitor, fetal heart monitor, multiparameter monitor, and others. The multiparameter monitor emerged as a dominant sub-segment and is expected to grow at a higher rate during the projected timeframe due to its ability to monitor different vital parameters (blood pressure, heart rate, temperature, SpO2) by using a single device. Furthermore, these monitors are gaining worldwide popularity as they are compact, portable, and very user-friendly. The increasing concern for regular monitoring is propelling the demand for these devices among health-conscious people and medical professionals

“Amongst Applications, Diabetes segment holds the major share”

The application segment is fragmented into diabetes, cardiovascular diseases, sleep disorders, weight management & fitness tracking, and other applications. The diabetes segment held the largest market share of Remote Patient Monitoring System owing to the growing prevalence of the diabetic population all over the world. For instance, according to a report published in the Journal of American Medical Association, Diabetes affects over 9% of Americans with medical expenses totaling over US$ 100 billion per year. In addition to this, as per World Health Organization, nearly 422 million people across the globe have diabetes, particularly in low and middle-income countries.

“Amongst End-User, Hospitals/clinics segment is anticipated to grow at the highest CAGR during the analyzed period”

Based on end-user, the remote patient monitoring system market is divided into Hospitals/clinics, home care settings, and others. The Hospitals/clinics segment holds a major share in the market and is expected to grow at the highest CAGR of the remote patient monitoring system market owing to the increasing adoption of remote monitoring systems and the presence of a large number of patients in hospitals/clinics. However, the home-care settings segment is also anticipated to grow significantly during the projected timeframe due to the increased deferred care incidences due to the COVID-19 pandemic increasing the need for remote healthcare systems.

“North America signifies one of the largest markets of digital therapeutics market”

For a better understanding of the market dynamics of the remote patient monitoring system market, a detailed analysis was conducted for different regions across the globe including 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), and Rest of World. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the government support for advanced research and development in the field of telehealth solutions and increasing awareness regarding the benefits offered by them. Furthermore, The surging demand for remote patient monitoring systems is due to the growing geriatric population and rise in chronic disease incidences across the region. For instance, 133 million Americans i.e., 45% of the population have at least one chronic disease. In addition to this, Chronic diseases are responsible for seven out of every 10 deaths in the U.S., killing more than 1.7 million Americans every year. However, Asia-pacific regions are identified as emerging markets offering significant growth opportunities for key players owing to the increase in demand for better disease management systems.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global remote patient monitoring system market were the three major steps undertaken to create and analyze the adoption of the remote patient monitoring system for different applications across major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the remote patient monitoring system sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the remote patient monitoring system market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the remote patient monitoring system market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are product, application and end-user. Further country-level analyses were conducted to evaluate the overall demand of remote patient monitoring system in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of remote patient monitoring system. Further, we conducted factor analysis using dependent and independent variables such as increasing chronic disease incidence and growing geriatric population. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the remote patient monitoring system industry across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the remote patient monitoring system market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e. top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of remote patient monitoring system across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the remote patient monitoring system market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the remote patient monitoring system market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of applications and sales channels of the remote patient monitoring system market.

Main Objective of the Remote Patient Monitoring System Market Study

The current & future market trends of remote patient monitoring system were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of remote patient monitoring system in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of products, applications and end-users
• Define and analysis of the regulatory framework for the remote patient monitoring system industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the remote patient monitoring system market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan and India), and the Rest of World
• Company profiles of the remote patient monitoring system market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry