Remote Patient Monitoring Market Size & Growth | Industry by 2028

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
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 234
Inquire Before Buy

PRICING

$4550

$2730

[Research Report] 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.

Market Insights and Analyst View:

Remote patient monitoring system, a technology used to collect patients medical and health information from health monitoring and diagnostic devices at one location and transfer it to the physician or doctor at another location. The most used remote patient monitoring technologies are accelerometers that can evaluate both measures of activity and sleep. Other remote patient monitoring technologies include mobile apps that track disease activity, electronic peak flow meters, continuous glucose monitoring, blood pressure and heart rhythm monitoring, and remote cough measurement devices. Due to which, it helps to reduce the patient hospitalization time and reduces hospital visits. This further improves patient's care and quality of life.

The increasing product launch in remote patient monitoring technologies is the major driving factor for the growth of the market. For instance, in March 2021, Medtronic officially confirmed its Medtronic Care Management Services (MCMS)(opens new window) business has released two new solutions created to assist, monitor, and triage support for patients who may be concerned about COVID-19 and their respiratory symptoms. This factor is bolstering the healthcare monitoring devices growth.

Growth Drivers and Challenges:

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 cardiac monitoring devices and other vital sign monitoring devices market, thus propelling the growth of global remote patient monitoring devices market during the forecast period.

The regulatory requirements for medical devices are well established worldwide, but advanced remotely monitored devices need some different guidelines to control and avoid the malpractices. Remote patient monitoring devices are designed to record patient’s data and transmit it to physician or doctor for diagnosis and also saved for analysis, but little has been established with respect to responsibility for when that information lands in the wrong hands. There has been rapid transformation in the technology during the recent years, leading to a greater need for the formation of regulatory guidelines ensuring proper use of the medical devices. Concerns regarding issues such as, privacy, security, data ownership, and consent are expected to offer obstacle to the adoption of remotely monitored medical devices, during the forecast period.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Remote Patient Monitoring Market: Strategic Insights

remote-patient-monitoring-market
Market Size Value inUS$ 29,062.30 Million in 2020
Market Size Value byUS$ 188,952.22 Million by 2028
Growth rateCAGR of 30.7% from 2021-2028
Forecast Period2021-2028
Base Year2021
Analyst Image

Akshay

Have a question?

Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

Report Segmentation and Scope:

The “Global Remote Patient Monitoring Market” is segmented based on type, end user, and geography. Based on type, the remote patient monitoring market is segmented into software, devices and services. The remote patient monitoring software segment is further bifurcated into on premises software and Cloud based software’s. The remote patient monitoring software device type segment is classified into cardiac monitoring devices, neurological monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, fetal and neonatal monitoring devices, weight monitoring devices and other monitoring devices. Based on End user, the remote patient monitoring market is segmented into providers, payers, patients and others. The remote patient monitoring service provider segment of end users are further classified into hospitals, homecare settings, ambulatory care centers and others. The remote patient monitoring service market based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Russia, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (South Africa, Saudi Arabia, UAE, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America)

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
Segmental Analysis:

Based on type, the remote patient monitoring market is segmented software, devices, and services. The remote patient monitoring devices segment held the largest share of the market in 2021, whereas the remote patient monitoring devices software segment is anticipated to register the highest CAGR of 31.9% in the market during the forecast period. Cloud computing refers to an application-based software infrastructure that stores the data on a remote server that can be accessed through internet. The front-end part of the interface enables the user to access the data stored in the cloud with the help of an internet browser or a cloud computing software. Cloud based remote patient monitoring software integrated in remote patient monitoring solutions enables virtual care through various real time data solutions. These solutions help to keep the patients connected with their healthcare providers allowing doctors to give more time to treat critical patients. These solutions further help in utilizing medical resources in an effective way. The cloud based remote patient monitoring software have advantages such as high-speed accessibility, cost-effectivity, reliability, mobility, and a significant data storage capability. Thus, the advantages offered by these solutions are likely responsible for the growth of the segment in the remote patient monitoring market during the forecast years.

Remote Patient Monitoring Market, by Type – 2021 and 2028

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities
Based on end use, the remote patient monitoring market has been 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 of 31.8% in the market during the forecast period. A Patient is a person who required medical health care or treatment under the physician's care for a particular disease or condition. A patient receives the medical services that are directed by a licensed physician of the healing arts towards improvement, maintenance or protection of health or decreasing of disability, illness, or pain. The remote patient monitoring service provides self-management and caregiver support for patients that includes public health and health care services. Remote patient monitoring help to assist in the diagnosis, treatment, care management, education, and self-management of a patient. The remote patient monitoring system supports long-distance clinical health care, patient & professional health-related education and public health & health administration by using the information and communication technologies. The remote patient monitoring platform is designed depending on the variability of the patient’s adherence and activity.

Moreover, increasing number of hospitals and growing accessibility in emerging nations are also estimated to offer lucrative opportunity for growth of the remote patient monitoring market in hospital segment during the forecast period.

Regional Analysis:

Based on geography, the remote patient monitoring market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. In 2021, North America remote patient monitoring market is the largest market with the US holding the largest market share followed by Canada. The growth in North America remote patient monitoring market is characterized by increase in the demand of remote patient monitoring devices and services from hospitals & clinics and home healthcare in the US, the rise in the geriatric population in U.S., rising adoption of vital signs monitoring devices due to COVID-19 pandemic. In addition, the increasing prevalence of the cardiovascular disease population in U.S. and Mexico are likely to boost the growth of the remote patient monitoring devices in the region during the forecast period. In addition, the recently published report by the American Heart Association in 2018 states that one of every three deaths are caused due to cardiovascular diseases. Approximately 2,300 Americans die of cardiovascular disease per year and an average of one death is recorded in every 38 seconds. In US nearly 92.1 million adults are suffering from some form of the cardiovascular disease. The indirect and direct cost associated with the total cardiovascular diseases and stroke are anticipated to entire more than US$ 329.7 billion which includes both health expenditures and productivity loss.

Whereas Asia Pacific remote patient monitoring market is fastest growing market for in a global scenario. China, India and Japan are three major contributors to the growth of the market that is driven by growing emphasis on cost optimization, focus on streamlining of clinical processes, supportive government policies, and increasing number of clinical trials. During the COVID-19 outbreak, the China’s National Health Commission (NHC) encouraged people to use internet-based medical services to limit population movement and infection risk. As a result, the number of users and participation on China's online medical platforms has skyrocketed.

Industry Developments and Future Opportunities:

Various initiatives taken by global remote patient monitoring product providers are listed below:

  1. In May 2021, CareGuidePro is a new mobile app and online platform from Medtronic that helps patients navigate their spinal cord stimulation journey.
  2. In Feb 2021, BioTelemetry, Inc., a leading provider of remote cardiac diagnostics and monitoring in the United States, was acquired by Philips. As of February 9, 2021, BioTelemetry's financial results will be consolidated as part of Philips' Connected Care business segment.
  3. In May 2021, Medtronic has released a new pediatric monitor that alerts doctors about potential airway obstructions during ventilation.
  4. In Nov 2020, VitalConnect, a leader in remote and in-hospital wearable biosensor technology, announced today that its VitalPatch RTM cardiac monitoring solution is now available for patients who need extended Holter monitoring.
  5. In June 2020, Philips launched the Avalon CL Fetal and Maternal Pod and Patch in the US, Europe, Australia, New Zealand, and Singapore for remote monitoring.
  6. In March 2020, Medtronic officially confirmed its Medtronic Care Management Services (MCMS)(opens new window) business has released two new solutions created to assist, monitor, and triage support for patients who may be concerned about COVID-19 and their respiratory symptoms.

Covid-19 Impact:

The COVID-19 pandemic affected economies and industries in various countries across the globe. Lockdowns, travel restrictions, and business shutdowns in North America, Europe, Asia Pacific (APAC), South & Central America (SAM), and the Middle East & Africa (MEA) hampered the growth of several industries, including the Healthcare IT industry. North America has experienced a rising number of cases of COVID-19 since its outbreak. The clinical and product development engine has experienced profound disruption as colleagues adjust to remote work environments and lab capacity is reduced. Clinical trials are also severely affected by disruptions in both new enrolment and in keeping existing patients on therapies. The impact of COVID-19 has placed many biomedical sensors companies under pressure. However, it also has had a positive impact on the medical device industry, wherein the demand for R&D activity is increasing, leading to a rise in medical device assistance for the detection of COVID-19. For instance, the researchers of the University of Illinois Grainger College of Engineering developed an ultrasensitive test using a paper-based electrochemical sensor that can detect the presence of the coronavirus in five minutes.

The pulse oximeter is among the essential medical devices used to monitor the patients' oxygen level and heart rate. During the pandemic, there has been a rise in the application of pulse oximeter devices at hospitals and homes. During this COVID-19 pandemic, the pulse oximeter has proven helpful to patients with chronic lung diseases to monitor blood oxygen levels. For instance, as per a press release on American Lung Association in April 2020, it was suggested to use an oximeter for at-home use in cases of a chronic lung or heart condition that regularly affect your oxygen saturation level.

Due to the pandemic international trade and supply chain are disrupted, it has affected the sales and manufacturing of remote patient monitoring products for a short period. However, overall prospects for market growth are considered positive.

Competitive Landscape and Key Companies:

Some of the prominent players holding the global remote patient monitoring market share are Cerner Corporation, Medtronic, Koninklijke Philips N.V., VitalConnect, Boston Scientific Corporation, Siemens Healthineers , AGGE Healthcare, Abbott, Nihon Kohden Corporation, OMRON Corporation amongst others. These companies focus on new product launches and geographical expansions to meet the growing consumer demand worldwide and increase their product range in specialty portfolios. They have a widespread global presence, which provides them to serve a large set of customers and subsequently increases their market share.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, End User, and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoE, RoMEA, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

Frequently Asked Questions


What are the driving factors for the remote patient monitoring market across the globe?

Key factors that are driving growth of the market are growing prevalence of chronic diseases, rising awareness regarding healthcare, and growing demand for home-based treatments. However, security and privacy issues and unaddressed regulatory concerns are expected to hamper the market during the forecast period.

What is remote patient monitoring?

Remote Patient Monitoring (RPM), a technology used to collect patients medical and health information from health monitoring and diagnostic devices at one location and transfer it to the physician or doctor at another location. Remote patient monitoring (RPM) remotely monitors and analyzes physiological parameters such as heart rate, pulse rate, blood pressure, blood oxygen levels, blood sugar, vital signs. Due to which, it helps to reduce the patient hospitalization time and reduces hospital visits. This further improves patient's care and quality of life.

What is the regional market scenario of remote patient monitoring?

Global remote patient monitoring market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. North America is expected to hold a dominant share in the market for remote patient monitoring. This market is expected to reach to US$ 188,952.22 Million in 2028 from US$ 29,062.30 Mn in 2021. The remote patient monitoring market is estimated to have a larger share in the United States. The growth of the remote patient monitoring market in the United States is expected to grow due to well-developed healthcare facility centers equipped with modern-age equipment and instruments as well as rising adoption of telemedicine and telehealth services in the region. On the other hand, Asia-Pacific is expected to account for a significant rate of growth in the remote patient monitoring market. This attributes to huge patient population, and rising government investment in healthcare infrastructure.

The List of Companies - Remote Patient Monitoring Market

  1. Cerner Corporation
  2. Medtronic
  3. Koninklijke Philips N.V.
  4. VitalConnect
  5. Boston Scientific Corporation
  6. Siemens Healthineers AG
  7. GE Healthcare
  8. Abbott
  9. Nihon Kohden Corporation
  10. OMRON Corporation

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Remote Patient Monitoring Market