Chicago, March 02, 2023 (GLOBE NEWSWIRE) -- The Remote Patient Monitoring (RPM) industry is expected to experience significant growth in the near future due to the increasing demand for better patient care and the rising cost of traditional health care. RPM is a type of telemedicine that uses various technological tools to monitor patients remotely. This technology allows doctors and other healthcare professionals to monitor their patients’ health in real-time, without the need for in-person visits. This technology also allows healthcare providers to better track their patients’ health over time and make more informed decisions. The increasing demand for better healthcare services, along with the rising cost of traditional health care, is expected to drive the growth of the Remote Patient Monitoring (RPM) industry in the near future. Additionally, the increasing use of smartphones and other mobile devices, as well as the growing availability of broadband internet and wireless networks, is expected to contribute to the growth of the industry. Furthermore, the increasing use of artificial intelligence and machine learning, as well as the development of new monitoring technologies, is likely to drive the growth of the RPM industry in the near future.
Remote Patient Monitoring (RPM) market in terms of revenue was estimated to be worth $53.6 billion in 2022 and is poised to reach $175.2 billion by 2027, growing at a CAGR of 26.7% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. 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.
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Remote Patient Monitoring (RPM) Market Scope:
| Report Coverage | Details |
| Market Revenue in 2022 | $53.6 billion |
| Estimated Value by 2027 | $175.2 billion |
| Growth Rate | Poised to grow at a CAGR of 26.7% |
| Market Size Available for | 2020-2027 |
| Forecast Period | 2022–2027 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, End User, and Region |
| Geographies Covered | North America (US, and Canada), Europe (Germany, France, UK, Italy, Spain, and the RoE), Asia Pacific (Japan, China, India, and RoAPAC), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa) |
| Report Highlights | Updated financial information / product portfolio of players |
| Key Market Opportunity | high utility of RPM in combating infectious diseases and epidemics |
| Key Market Drivers | Rising geriatric population and growing need to expand healthcare access |
Notable Remote Patient Monitoring (RPM) mergers and acquisitions for 2021 – 2022 include:
- Fitbit and Google Health: In January 2021, Google announced plans to acquire Fitbit for $2.1 billion. The transaction is expected to close in 2022 and will bring together two of the biggest players in the remote patient monitoring market.
- AliveCor and Apple: In April 2021, Apple announced it would acquire AliveCor, a leader in remote monitoring of heart rhythms, for an undisclosed amount. The deal is expected to close in 2022 and will help Apple expand its healthcare offerings.
- Philips and ResMed: In October 2021, Philips announced plans to acquire ResMed, a provider of digital health solutions and remote patient monitoring services, for $3.3 billion. The transaction is expected to close in 2022 and will expand Philips’ reach in the global healthcare market.
- Cerner and Change Healthcare: In November 2021, Cerner announced plans to acquire Change Healthcare, a provider of remote patient monitoring solutions, for $13 billion. The transaction is expected to close in 2022 and will combine two of the largest healthcare technology companies.
Growth Drivers of Remote Patient Monitoring (RPM) Market from Macro to Micro:
- Increasing Awareness about Remote Patient Monitoring (RPM): Due to increasing awareness about remote patient monitoring (RPM), people have become more aware of its benefits and are more inclined to use it. This is boosting the market demand for RPM, as more people are getting access to this technology.
- Growing Prevalence of Chronic Diseases: The prevalence of chronic diseases has been increasing globally, which has led to an increased demand for RPM. This is because RPM can help in monitoring and managing chronic diseases more effectively and efficiently.
- Growing Adoption of Technology in Healthcare: Increasing adoption of technology in healthcare, such as mHealth and telemedicine, has helped to improve the services offered to patients, which is boosting the demand for RPM.
- Government Support for Remote Patient Monitoring: Governments around the world are taking initiatives to support RPM by providing financial incentives and regulations to promote its adoption. This is helping to increase the demand for RPM.
- Growing Demand for Cost-Effective Solutions: As healthcare costs are rising, there is a growing demand for cost-effective solutions that can help to reduce healthcare costs. RPM provides a cost-effective solution for monitoring and managing chronic diseases, which is increasing its demand.
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Hypothetic Challenges of Remote Patient Monitoring (RPM) Market in Near Future:
- Patient Privacy and Security: Ensuring patient privacy and data security is a major challenge for the remote patient monitoring market. With the increasing use of mobile and cloud technology, patient data is vulnerable to cyber threats and potential breaches. Companies must make sure that patient data is secure and comply with the necessary regulations and privacy standards.
- Physician Acceptance: Physician acceptance is another challenge faced by the remote patient monitoring market. Physicians must become comfortable and confident in the technology before they can begin to use it on their patients. Companies must focus on educating physicians on the benefits of remote patient monitoring, and making sure that the technology is easy to use and reliable.
- Cost Implications: As with any new technology, the cost of remote patient monitoring is a barrier to market penetration. Companies must make sure that their solutions are cost-effective in order to attract customers. Companies should also focus on providing value-added services, such as analytics and predictive modeling, to justify the cost of their solutions.
- Lack of Standardization: The lack of standardization is another challenge faced by the remote patient monitoring market. Companies must ensure that their solutions are compatible with various health IT standards, and that their data is interoperable and can be shared with other healthcare providers. This will help to ensure that different systems can communicate with each other, and that patient data is securely stored and easily accessible.
Top 3 Use Cases of Remote Patient Monitoring (RPM) Market:
- Chronic Disease Management: RPM systems can be used to monitor the vital signs and symptoms of chronic diseases such as diabetes, heart disease, hypertension, and asthma in real time. Regular monitoring of these conditions allows for timely intervention and can help prevent any medical complications before they become serious.
- Medication Adherence: RPM systems can be used to monitor patient’s adherence to medications, including dosage and frequency. This helps reduce the risk of non-adherence and improves the effectiveness of treatment.
- Post-operative Care: RPM systems can be used to monitor post-operative patients on an ongoing basis, ensuring that any potential complications can be addressed quickly and effectively. This can reduce the need for readmission and ultimately save on healthcare costs.
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