Remote Patient Monitoring Market Introduction:

Remote patient monitoring market is predicted to value over US$ 3.1 billion by the end of 2027 and record at a CAGR of over 12% during the forecast period of 2020-2027.

Remote patient monitoring (RPM) system also referred as home care telehealth is a type of ambulatory healthcare that allows a patient to use a remote (mobile) medical device to perform a routine test and send the test data to health care professional in real time. Data can be transfer to a physician’s office by using special telehealth computer system by using software application installed on the patient's remote devices (mobile/ PC’s). Remote monitoring techniques allow these patients and their physicians to closely monitor the medical condition and if need be intervene. These systems will be cost-effective, flexible and robust solution supporting a unique remote based computational platform.

Rising demand for home healthcare services for better management of patient fuelled the growth of the market. Remote patient monitoring increases patient compliance and decreases the out of pocket expenditure. Further, increasing the healthcare responsibility on government bodies led to the reformulation of existing healthcare policies to support the smart technologies to contain the burden of healthcare cost. It led to the rapid evolution of the remote patient monitoring market and boosted the growth of the market. Remote patient monitoring provides real-time data and it allows continuous monitoring of patient well being. All these factors led to the burgeoning growth of the market. Remote patient monitoring market is expected to witness strong growth throughout the forecast period. 

North America remained dominant in global remote patient monitoring market due to high adoption among the general population and end-user segment. It was followed by the European region due to high awareness. Further, changing lifestyle patterns in the Asia Pacific are expected to create opportunistic market space for international players. Latin America and Rest of World remained less significant market space for service providers. 

Remote Patient Monitoring market players include:

Boston Scientific Corporation, Medtronic Plc, Aerotel Medical Systems Ltd., Nihon Kohden Corporation, Biotronik SE & Co. KG, Masimo Corporation, General Electric Company,Abbott Laboratories, Johnson and Johnson, Omron Corporation. 

Impact of COVID-19 on Remote Patient Monitoring Market:

FDA has issued guidelines for utilizing remote monitoring devices for facilitating the management of patients whilst maintaining limited contact between physicians and patients. Devices used for monitoring respiration rate, blood pressure, body temperature and heart rate. According to FDA, the policies set up by them will aid in addressing the urgent concerns regarding public health. Furthermore, the advancements in the devices may result in the rising access to crucial physiological data of patients with no requirement for in-clinic visits thereby facilitating effective patient management whilst reducing the necessity of in-hospital or in-office services during the novel coronavirus emergency. 
Rise in the usage of remote patient monitoring devices that are non-invasive shall ease the burden on hospitals, clinics and other healthcare facilities thereby reducing the risk of patient exposure. These remote patient monitoring devices can be connected to wireless networks like Wi-Fi, cellular connection and Bluetooth which can directly transmit patient data to the required monitoring entity or their healthcare provider. The FDA has stated that they will have no objections during the course of the guideline in limiting the modifications to the claims, hardware, functionality, software and indications of remote monitoring devices cleared by FDA. Such factors shall contribute substantially to the proliferation of the market.       

                                       Remote Patient Monitoring Market

Remote Patient Monitoring Market Segmentation :

By Device Type

  • Cardiac Rhythm Monitoring Devices
  • Pulse Oximeter
  • Respiratory Monitoring Devices
  • Blood Pressure Measuring Devices
  • Others

By End User

  • Hospitals
  • Long Term Care Center
  • Homecare Settings

By Region

  • Europe  
  • North America  
  • APAC  
  • Latin America
  • Rest of World

Competitive Landscape:  

  • Tier 1 players- established companies in the market with a major market share  
  • Tier 2 players 
  • Emerging players which are growing rapidly 
  • New Entrants  

FutureWise Takeaways: 

  • Growth prospects  
  • SWOT analysis 
  • Key trends 
  • Key data-points affecting market growth  

Objectives of the Study:

  • To provide with an exhaustive analysis on global remote patient monitoring market by device type, end-user and region 
  • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
  • To evaluate and forecast micro-markets and the overall market  
  • To predict the market size, in key regions (along with countries)—North America, Europe, Asia Pacific, Latin America, and the Middle East 
  • To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions 
  • Profiling of companies to evaluate their market shares, strategies, financials and core competencies 

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  • Competitive Analysis

  • What’s Next

  • Market Data Forecast

  • Risks and Opportunity Assessment

  • Market Trends and Dynamics