Published Date : 24 Feb 2023
The global remote patient monitoring systems market size is expected to touch USD 5,101 million by 2030, growing at a CAGR of 20% between 2022 and 2030.
Remote patient monitoring is the monitoring of patients by using digital technologies. It captures medical and other health data from patients. It electronically transmits this patient's details to healthcare providers for diagnosis and recommendations. The hospitals are launching RPM programs to deliver more effective care and get significant financial benefits.
It helps to allow disabled individuals to live at home and avoid being moved into hospitals for checkups. It reduces the number of hospitalizations and duration of stay in the hospital. It helps improve quality of life and contain costs. Remote patient monitoring gained prominence in Covid 19 pandemic. When the pandemic hit, the demand for remote patient monitoring systems increased.
The outbreak of COVID-19 positively impacted the remote patient monitoring system market. These systems improved chronic disease management. It offered early warning signs, thus significantly contributing to the market growth. There has been a rise in the prevalence of chronic diseases. These diseases can be managed on time with remote patient monitoring systems. It decreases hospital administrative tasks and the number of people visiting the hospital.
The COVID-19 pandemic has led to more patients visiting the hospital and a shortage of space. Patients suffering from chronic diseases were advised not to visit hospitals and go for remote monitoring systems due to the danger of getting infected. The market players are making heavy investments by collaborating, acquiring, and partnering. The telemedicine app helps patients to communicate with healthcare providers. It offers a platform for the remote monitoring of patients.
The healthcare providers willingly used the app. Rapid technological advancements create a positive outlook for the market. In line with this, the benefits of remote patient monitoring create a positive outlook for the market. Rapid advancements in telecommunication catalyze market growth. The increasing geriatric population and escalating need to expand healthcare access propel the market growth.
Remote Patient Monitoring Systems Market Report Scope
|Market Size in 2023||USD 1,377.11 Million|
|Projected Forecast Value in 2030||USD 5,101 Million|
|Growth Rate||20% from 2022 to 2030|
|Fastest Growing Market||Asia Pacific|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Segments Covered||By Product, By Application, By End User|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America and Middle East & Africa|
Based on the product, the special monitors' dominated the market and accounted for the largest revenue share. It can identify symptoms, monitor essential data, and prevent complications. Advanced features allow higher applicability of the products. Vital sign monitors can track a patient's brain activity, respiration rate, blood pressure, body temperature, and Electrocardiograph (ECG). Vital sign monitors are in high demand and are expected to witness a promising CAGR in the coming years.
On the basis of application, diabetes dominated the market and accounted for the largest revenue share. It is the leading cause of death. It needs continuous monitoring of diabetes. It affects various functions of the body. Routine monitoring is required. It can be done using remote patient monitoring devices. Hypertension is expected to witness a promising CAGR in the coming years. It leads to cardiovascular diseases.
Based on end use, hospital-based patients dominated the market and accounted for the largest revenue share. Hospitals have many outpatients as well as inpatients. They have more extensive technical staff and offer diagnostic tests. The increasing number of patients and tests being performed are growth-inducing factors. Alternate site monitoring is expected to witness a good CAGR in the coming years. This is due to its cost-efficiency and the availability of expert resources. Remote patient monitoring offers lucrative opportunities to the market players. Due to the pandemic, there has been a surging number of people interacting with their doctors from home, propelling the segment's growth.
Based on region, North America dominated the remote patient monitoring system market and accounted for the largest revenue share. It's expected to maintain its dominance in the coming years. This is due to the increasing incidence of chronic diseases and the development of wireless and portable systems. The advanced reimbursement structures significantly contribute to the market growth across the region. Europe is the second most revenue-generating region.
This is due to the rising demand for low-cost treatment. Higher mortality rates and escalating demand for in-house monitoring positively influence market growth. The efficiency of remote patient monitors catalyzes market growth across the region. Asia Pacific is expected to witness a promising CAGR in the coming years. This is due to the presence of many players and growing digitalization.
Driver: Increasing geriatric population
The increasing geriatric population significantly contributes to market growth across the globe. In line with this, the rising need to expand healthcare access positively influences market growth. Furthermore, the growing incidence of chronic conditions catalyzes market growth. Moreover, the high demand for long-term care services catalyzes market growth. Besides, the benefits offered by remote patient monitoring systems, such as enhancing healthcare access, increasing cost-effectiveness, and reducing unnecessary patient visits, propel the market growth. The senior population who find it difficult to go to the hospital can easily access remote patient monitoring systems.
Opportunity: Increasing demand for RPM in fighting infectious diseases
The increasing demand for remote patient monitoring in fighting infectious diseases offers numerous market growth opportunities. Infectious diseases are challenging to get treated in the hospital. In hospitals, healthcare providers are at risk of getting infected. In these cases, a remote patient monitoring system comes to the rescue. It has the potential to stop the spread of infections. RPM also helps in the early detection of diseases. It reduces the visits to hospitals and travel costs. Remote patient monitoring is safe and easy to access.
Restraint: Healthcare fraud
Healthcare fund is essential to deliver remote patient monitoring services to the patients. There are many ways how a person can fall prey to healthcare fraud. There can be healthcare fraud in remote patient monitoring systems. All these factors restrict the market growth.
Challenge: Behavioral barriers
The behavioral barrier is challenging for the market of remote patient monitoring systems. It hampers the adoption of the remote patient monitoring system. Healthcare providers and patients don't readily give up the old practice of visiting the hospital to get doctor consultations. They need to be better acquainted with the remote patient monitoring system. Hence, they find the conventional practice to be easier. All these factors challenge the market growth. Moreover, many people need to be aware of remote patient monitoring. It hampers the market growth.
Major Key Players:
By End Use
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