Global Remote Patient Monitoring Marketis expected to growsteadily at a CAGR of 38.3% from 2020 to 2027. The growth in the geriatric population will boost the demand for healthcare and long-term care services will prove favorable to the market for remote patient monitoring. Remote patient monitoring can enhance the overall reach of patients and while reducing unnecessary visits to hospitals or clinics.The major role of remote monitoring systems includes an early warning system, confidence and capacity builder, care integrator, and progress tracker.
The growing need to expand healthcare access and growth in the geriatric population are fueling the market demand. Additionally, growing incidences of chronic diseases, advancements in telecommunications, and increasing investments in telehealth and RPM are the other factors driving the growth of this market. The rise in demand for a better lifestyle along with cost-effective and quality care treatment has also led to a surge in demand for remote patient monitoring. On the other way, healthcare fraud is an important consideration limiting market growth.
The global remote patient monitoring marketis segmentedbytype and end-user. Bytype, the market is segmented intoservices & software, and devices. The devices segment is categorizedintorespiratory monitoring devices, fetal & neonatal monitoring devices, multiparameter monitoring devices, cardiac monitoring devices, neurological monitoring devices, blood glucose monitoring devices, and weight monitoring devices. The end user segment is divided into providers, patients, and payers. The providers segment is categorized into hospitals and clinics, home care settings and long term care centers, and ambulatory care centers.
The leading market players in the remote patient monitoring market are Cerner Corporation, Siemens Healthineers AG Germany, OMRON Healthcare, Boston Scientific Corporation, Abbott Laboratories, are BioTelemetry Inc., Koninklijke Philips N.V., Medtronic, GE Healthcare, Resideo Life Care Solutions, Vivify Health, Inc., ALTEN Calsoft Labs, Preventice Solutions, Welch Allyn, Teladoc Health Inc., Dexcom Inc., iRhythm Technologies, Inc., Bio-Beat Technologies, VitalConnect,and VivaLNK Inc., among others.
Remote Patient Monitoring Market Key Segments:
• Services and Software
o Cardiac Monitoring Devices
o Neurological Monitoring Devices
o Respiratory Monitoring Devices
o Multiparameter Monitoring Devices
o Blood Glucose Monitoring Devices
o Fetal & Neonatal Monitoring Devices
o Weight Monitoring Devices
o Other Monitoring Devices
o Hospitals and Clinics
o Home Care Settings and Long Term Care Centers
o Ambulatory Care Centers
o Other End Users
• Other End-Users
• North America
• Asia Pacific
o South Korea
o Latin America
o The Middle East
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