Global Remote Patient Monitoring Market Forecasted to Value Over US$ 2 Billion by 2026 End

  • 06 Jun 2019

The global remote patient monitoring market is predicted to value over US$ 2 billion by the end of 2026 and record at a CAGR of over 12% during the forecast period of 2019-2026.
 
Remote patient monitoring (RPM) is a specific technology used to obtain individual medical and data related to health-care and transmit it electronically to an expert located in any part of the world. RPM is used to remotely monitor, as the name suggests as well as analyze physiological parameters to examine the health and wellbeing of the patient who is being examined. These parameters point out the deficiencies and thus help to improve quality of life through early diagnosis. The monitoring can be done anywhere, even at the patients comfort at their respective houses reducing the number of emergency department visits, and the length and costs of hospitalization, thus making it a viable option. Remote patient monitoring devices facilitate collection of medical health data digitally and sends it across to different locations to garner recommendations and assessments from experts. The data is made into a mainstream tool to assist and guide patients in healthcare related decisions.

RPM recognises the minute and smallest of physiological changes in a patient’s body and thus help prevent chronic heart diseases, diabetes, and respiratory diseases Early diagnosis helps make an informed decision as well as reduces multiple hospitalization and emergency costs. In the short- and long run, RPM technologies through efficient implementation can make quality healthcare quite accessible, and also employ fewer financial resources from both ends. 
 
The market would gain momentum in the developing regions mainly like Asia-Pacific, Africa, and Latin America. The large population consisting of a fair share of geriatric as well as undiagnosed patients due to industrialization and urbanization, considerable disposable incomes, all these factors play a role in the expanse of the RPM market. The government has also begun to recognise this cause and provided favourable initiatives through funds and thus the market holds lucrative business opportunities in the near future. Remote patient monitoring system, due to their capability to monitor and recognise almost all chronic conditions are expected to witness substantial growth. 

Global Remote Patient Monitoring Market: Restraints 
> Shortage of trained professionals and experts

> Maintenance of privacy and security threat of the medical data
> Lack of regulations and standardisation 
> Lack of general awareness about monitoring systems
 

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
The number of policies affecting the end user and the market thereafter have been implemented. The Patient Protection and Affordable Care Act, also known as Obamacare, was implemented under the Hospital Readmissions Reduction Program by U.S. The government was to impose penalties on hospitals. According to the Act,the government reduced medicare payment per patient by 1% for hospital readmission within 30 days after discharge, thereby, promoting the usage of remote patient monitoring devices by healthcare professionals. 
 

By Region

> Europe  
> North America  
> APAC  
> Latin America
> Rest of World
The market would gain and grow in the developing regions of Asia-Pacific, Africa, and Latin America. The untreated patient population, progress, increased disposable incomes, favourable government initiatives, and awareness about RPM benefits are major factors that will guide the steady market growth in these regions. However, the installation of high-end technologies, especially in third-world countries and in the developing countries, such as India and China would slow down the rate a little.

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  
Major market players such as Boston Scientific Corporation, Nihon Kohden, Medtronic Inc., Johnson & Johnson, and Omron Healthcare, have adopted collaboration with other firms as a strategy to expand. For reference, the firm of Medtronic collaborated with Qualcomm’s company in May 2016 to improve standards. To increase the technology’s usage and affordability was their aim. This can be achieved due to Medtronics market-leadership in diabetes management and Qualcomm Life’s expertise to develop reference designs for wireless and small integrated modules.
On July 27, 2016, further, Boston Scientific completed the acquisition of Cosman Medical, Inc. This acquisition helped expand their product’s reach. Companies such as Apple and Google launched HITs to assist in medical research patient enrollment and patient-centred disease self-management.

FutureWise Takeaways  
> Growth prospects  
> SWOT analysis 
> Key trends 
> Key data-points affecting market growth  
 

Objectives of the Study:

> To provide an exhaustive analysis on the 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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