Remote Patient Monitoring Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (Software, Devices, and Services) and End User (Providers, Payers, Patients, and Others) and Geography
Publication Month: Sep 2021 | Report Code: TIPRE00022440 | No. of Pages: 234 | Category: Medical Device | Status: Published
The remote patient monitoring market is expected to reach US$ 188,952.22 million by 2028 from US$ 29,062.30 million in 2021. The market is estimated to grow at a CAGR of 30.7% from 2021 to 2028.
The key factors that are driving the growth of Remote Patient Monitoring market are the growing prevalence of chronic diseases, rising awareness regarding healthcare, and surging demand for home-based treatments. However, security and privacy issues, and unaddressed regulatory concerns restrain the market growth.
Lucrative Regions for Remote Patient Monitoring Market
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Market Insights
Growing Prevalence of Chronic Diseases
Chronic diseases such as heart disease, diabetes, stroke, and obesity are the leading causes of death across the world and these diseases account for the largest share of the country's health care cost. According to CDC, in 2018, ~9% of the total population had diabetes, and it is the major cause of lower-limb amputation and kidney failure in the US. Further, the report also suggests that more than 1.5 million American population are diagnosed with diabetes in the US every year. Similar scenario of higher prevalence of diabetes persists in other regions such as Europe, Asia Pacific, and Middle East and Africa. According to International Diabetes Federation's published IDF Diabetes Atlas, in 2017, south-east part of Asia had ~19% of the total diabetes population globally.
According to the American College of Cardiology Foundation, in 2018, CHD was the major cause of death, owing to cardiovascular disease (CVD), followed by stroke, high BP, heart failure, and other CVDs contribution share of 16.8%, 9.4%, 9.0%, and 17.9% respectively. By 2035, nearly 130 million adults in the US are feared to have CVD. Thus, rising geriatric population and related chronic disorders are expected to push the sales of remote patient monitoring devices, thus propelling the growth of global remote patient monitoring devices market during the forecast period.
The rate of obesity among population is growing rapidly in developed as well as developing countries across the world. Unhealthy lifestyle and sedentary life are the factors driving the number of obese individuals. According to the Organization for Economic Co-operation, (OECD), in 2020, more than 1.9 billion adults of 18 years and above were overweight, of these over 650 million were obese. The number has grown rapidly in Canada, Australia, Chile, the UK, and South Africa. Obese population is expected to be high in the US, Mexico, and England, consisting of around 47%, 39% and 35% respectively by next 2 decades.
Diabetes is caused by the body’s inability to secret insulin and is considered a life-threatening disorder with no ensured cure. This inability prevents body from adequately regulating blood glucose levels. Diabetes is one of the largest diseases of the 21st century. According to the International Diabetes Federation (IDF), in 2017, the total number of diabetic populations in North America was 46 million and by 2045, it is expected to rise to 62 million. The increase in number of people suffering from various lifestyle and chronic diseases creates a need for efficient devices and solutions to monitor individual’s physiological parameters, under a physician’s consultation, thereby increasing the demand for remote patient monitoring devices. This is likely to promote the market growth during the forecast years.
Type-Based Insights
The global remote patient monitoring market, based on type, is segmented into software, devices, and services. In 2021, the devices segment accounted for the largest share in the market and is expected to retain its dominance during the forecast years. The market growth for this segment is attributed to the high-volume demand for vital sign remote patient monitoring devices across various countries worldwide. In addition, the surge in demand for respiratory and multifunctional monitoring devices due to the COVID-19 outbreak also contributes to the market growth for this segment. Furthermore, medical device manufacturers are constantly focusing on the improvement of the quality and innovations in these devices, which would help the segment to hold a dominant share in the remote patient monitoring market during the forecast years.
Remote Patient Monitoring Market, by Type – 2021 and 2028
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End User-Based Insights
By end-user, the remote patient monitoring market is segmented into providers, payers, patients, and others. The providers segment held the largest share of the market in 2021, whereas the patient segment is estimated to register the highest CAGR in the market during the forecast period.
Strategic Insights
The key market players, such as Koninklijke Philips N.V., NIHON KOHDEN CORPORATION, Medtronic, General Electric, Cerner Corporation, Siemens Healthineers AG, Boston Scientific Corporation, Omron Healthcare, Abbott, and VitalConnect, adopt several organic and inorganic strategies to enhance their revenue and market standings. For instance, in May 2021, Medtronic introduced a new pediatric monitor that alerts doctors about potential airway obstructions during ventilation. Furthermore, in June 2020, Koninklijke Philips N.V. launched the Avalon CL Fetal and Maternal Pod and Patch in the US, Europe, Australia, New Zealand, and Singapore for remote monitoring.
Remote Patient Monitoring Market – by Type
- Software
- Cloud
- On-Premise
- Devices
- Cardiac Monitoring Devices
- Neurological Monitoring Devices
- Respiratory Monitoring Devices
- Multiparameter Monitoring Devices
- Blood Glucose Monitoring Devices
- Fetal and Neonatal Monitoring Devices
- Weight Monitoring Devices
- Other Monitoring Devices
- Services
Remote Patient Monitoring Market – by End User
- Providers
- Hospitals
- Home Care Settings
- Ambulatory Care Centers
- Others
- Payers
- Patients
- Others
Remote Patient Monitoring Market – by Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- UK
- Russia
- Rest of Europe
- Asia Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East and Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
- Rest of Middle East & Africa
- South and Central America (SCAM)
- Brazil
- Argentina
- Rest of South and Central America
Company Profiles
- Cerner Corporation
- Medtronic
- Koninklijke Philips N.V.
- VitalConnect
- Boston Scientific Corporation
- Siemens Healthineers AG
- GE Healthcare
- Abbott
- Nihon Kohden Corporation
- OMRON Corporation
Frequently Asked Questions
The List of Companies - Remote Patient Monitoring Market
- Cerner Corporation
- Medtronic
- Koninklijke Philips N.V.
- VitalConnect
- Boston Scientific Corporation
- Siemens Healthineers AG
- GE Healthcare
- Abbott
- Nihon Kohden Corporation
- OMRON Corporation
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the remote patient monitoring market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global remote patient monitoring market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
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