Ottawa, Jan. 04, 2022 (GLOBE NEWSWIRE) -- The global remote patient monitoring systems market size was valued at USD 896 million in 2020. The global remote patient monitoring systems market is primarily driven by the growing geriatric population across the globe. The old age people are vulnerable to various diseases and needs healthcare support. According to the Unite Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050.
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Furthermore, the growing prevalence of various chronic diseases such as cancer, diabetes, and cardiovascular diseases is expected to foster the demand for the remote monitoring systems. The rising incidences of road accidents is propelling the hospital admissions an emergency room visits across the globe, which drive the growth of the remote patient monitoring systems market. The RPM systems can increase the operational efficiency of the hospitals and can enhance the patient care services. The increasing government investments to develop the healthcare sector by installing latest and advanced technologies is one of the crucial factors that boosts the growth of the global remote patient monitoring systems market. The RPM systems helps in early identification of warning signals an can enhance the health management.
Scope of the Remote Patient Monitoring Systems Market
| Report Coverage | Details |
| Market Size in 2021 | USD 965 Million |
| Growth Rate From 2021 to 2030 | CAGR 20% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Companies Covered | Abbott Laboratories, GE Healthcare, Aerotel Medical Systems, AMD Global Telemedicine, F. Hoffmann-La Roche AG, Baxter International Inc., Boston Scientific Corporation, Masimo Corporation, Medtronic PLC, Omron Corporation |
North America dominated the global remote patient monitoring systems market in 2020. The increased consumer awareness regarding the availability of advanced healthcare devices, increased consumer expenditure on healthcare, high disposable income, and developed healthcare infrastructure are the major factors that influences the demand for the RPM systems in the region. Moreover, the increased prevalence of chronic diseases among the population and growing geriatric population in US is the significant contributor to the RPM systems market. According to a study, around 60% of the US population is suffering from at least one chronic disease. According to the CDC, around 100 million people in US have hypertension, which increases the risk of various heart diseases. Hence, the rising prevalence of various diseases is the major contributor to the market growth in North America.
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Asia Pacific is estimated to be the most opportunistic market during the forecast period. Asia Pacific is witnessing increased pollution levels owing to rapid urbanization and rapid industrialization, which is resulting in the rising prevalence of asthma and other respiratory diseases. Moreover, the presence of huge population, rising disposable income, rising awareness regarding various advanced healthcare technologies, and increased consumer expenditure on the healthcare and the rising government investments to develop the healthcare infrastructure are the major factors that presents a lucrative growth opportunities to the market players.
The rapid growth of the telehealth and telemedicine is the major driver of the market. The telehealth and telemedicine includes various devices and software that helps to remotely monitor the patients and it improves the patient care at reduced costs. This factor is expected to drive the growth of the global RPM systems market.
The major threat associated with the new digital technologies is the cybersecurity and data breach that may hamper the growth of the market. The telehealth platforms uses internet and digital devices which makes it vulnerable to cyberattacks.
The introduction of latest technologies like wireless communications and smartphones connectivity is the trending feature in the latest remote patient monitoring systems.
Based on the product, the specialized monitors segment dominated the market, garnering around 81% of the market share in 2020. The specialized monitors efficiently analyzes the clinical data of patient’s health conditions in the pre and post-surgery situation. Technological advancements in the specialized monitors has fueled the demand and is expected to remain dominant segment during the forecast period.
Based on the application, the cardiovascular disease is estimated to be the most opportunistic segment during the forecast period. The rising prevalence of cardiovascular diseases among the global population is projected to drive the growth of this segment. According to the World Health Organization, around 17.9 million deaths were directly linked with the cardiovascular diseases in 2019, globally. Further, the rising prevalence of hypertension, which increases the risk of CVD is also a driving force of the segment.According to the CDC, around 100 million people in US have hypertension, which increases the risk of various heart diseases.
Based on the end use, the hospital patients segment dominated the market, accounting for over 79% of the market share in 2020. The increased incidences of road traffic accidents, increasing number of emergency room visits, and increased penetration of hospitals across the globe are the major drivers of this segment. Moreover, the rising number of private hospitals and ambulatory services is expected to further augment the demand for the RPM systems.
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In August 2020, Johnson & Johnson invested in Thirty Madison, a telehealth company to participate in the digital health or e-health industry.In July 2020, Philips and BioIntelliSense collaborated to improve its RPM solutions by integrating the RPM system of BioIntelliSense to its product portfolio. The various developmental strategies like collaborations, acquisitions and mergers fosters market growth and offers lucrative growth opportunities to the market players.
Segments Covered in the Report
By Product
- Specialized Monitors
- Vital Sign Monitors
By Application
- Diabetes
- Cancer
- Cardiovascular Diseases
- Weight Management
- Bronchitis
- Sleep Disorder
- Dehydration
- Virus
- Hypertension
By End Use
- Hospital Patients
- Ambulatory Patients
- Home Healthcare
By Geography
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of the World
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