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The global remote patient monitoring market is projected to reach USD 117.1 billion by 2025 from USD 23.2 billion in 2020, at a CAGR of 38.2% between 2020 and 2025. The rising geriatric population and the growing need to expand healthcare access, cost benefits of telehealth and remote patient monitoring, benefits of RPM to reduce the burden on medical resources, advancements in telecommunications, growing incidences of chronic diseases, and increasing investments in telehealth and RPM are the major factors driving the growth of this market.
However, the regulatory variations across regions, healthcare fraud, and informal usage of social media practices is expected to restrain the market growth during the forecast period.
“Software and services segment is expected to grow at the highest rate during the forecast period”
Based on product, remote patient monitoring is segmented into software & services and devices. The software & services segment is projected to register a higher CAGR during the forecast period. The high growth rate of this segment is mainly due to the increasing reimbursement for RPM programs and the rising number of chronic illnesses, thus leading to the growing adoption of RPM services across the globe.
“Cardiac monitoring devices segment is estimated to account for the largest share of the RPM devices market in 2020”
On the basis of type, the devices market is further segmented into cardiac monitoring devices, blood glucose monitoring devices, neurological monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, fetal & neonatal monitoring devices, and other monitoring devices. In 2019, the cardiac monitoring devices segment accounted for the largest share of the market. The rising incidence of hypertension and cardiovascular diseases will give an impetus to the growth of this market.
“North America is expected to dominate the remote patient monitoring market in 2020”
In 2019, North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the RPM market can be attributed to the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing overall & geriatric population.
The market in the Asia Pacific region, on the other hand, is projected to register the highest CAGR during the forecast period. Emerging countries in the APAC region, such as India and China, offer lucrative growth opportunities for market players, primarily due to increasing the geriatric population, improving healthcare infrastructure, rapid economic growth, and rising living standards.
Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1 (37%), Tier 2 (41%), and Tier 3 (22%)
- By Designation: C-level (30%), Director-level (20%), and Others (50%)
- By Region: North America (40%), Europe (30%), Asia Pacific (23%), and RoW (7%)
The key players operating in this market include BioTelemetry Inc. (US), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG Germany, OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care Solutions (US), Vivify Health, Inc. (US), ALTEN Calsoft Labs (France), Preventice Solutions (US), Bio-Beat Technologies (Israel), VitalConnect (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), iRhythm Technologies, Inc. (US), and VivaLNK Inc. (US). Product launches, expansions, collaborations, agreements, partnerships, and acquisitions are the key growth strategies followed by a majority of players in this market.
- The report studies the remote patient monitoring market based on product, end user, and region
- The report analyzes factors (such as drivers, restraints, opportunities, and challenges) affecting the market growth
- The report evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders
- The report studies micro-markets with respect to their growth trends, prospects, and contributions to the total remote patient monitoring market
- The report forecasts the revenue of market segments with respect to five major regions
Reasons To Buy the Report:
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the remote patient monitoring offered by the key 20 players in the remote patient monitoring market. The report analyzes the remote patient monitoring market by product, end user, and region.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various remote patient monitoring, their adoption, and usage across key geographic regions.
- Market Diversification: Exhaustive information about new product launches, untapped geographies, recent developments, and investments in the remote patient monitoring market
- Competitive Assessment: In-depth assessment of market ranking and strategies of the leading players in the remote patient monitoring market.