Market Trends of Europe Remote Patient Monitoring Systems Industry
This section covers the major market trends shaping the Europe Remote Patient Monitoring Systems Market according to our research experts:
Home Care Settings Segment is Estimated to Dominate among the End Users in the Market
Technological improvements, expanding diagnostic applications in various diseases such as cancer and cardiovascular diseases, expansion of product portfolio, and increasing healthcare costs are all factors driving the market's growth. In Germany rising incidence of chronic diseases such as cardiovascular diseases which are the primary leading cause of death followed by cancer and respiratory diseases. Federal Statistical Office (Destatis) reports 2021, in 2019, roughly 231,000 people died from cancer in Germany: 125,000 men and 106,000 women. Hence increasing the prevalence of cancer and the application of remote monitoring of cancer diseases for timely diagnosis and treatment are expected to drive the RPM market. The collaborations among the market players to strengthen their position are also boosting the growth of the market. For instance, in June 2021, eDevice SA, a health technology company focused on telemedicine and remote patient monitoring solutions has taken over the commercialization of TwoCan Pulse from Boston Scientific in France. This is an innovative telecardiology monitoring system and eDevice has been the developer of this innovation in the French market. TwoCan Pulse was specifically designed to allow cardiologists to remotely monitor patients who exhibit symptoms of potential congestive heart failure. Such launches and collaboration is propelling the growth of the market segment. Similarly, monitoring technology such as wearables to track body temperature and heart rate can help people do more at home, reduce the need for doctors' visits, and save costs. The launch of new products enabling the healthcare providers and caretakers in remote patient monitoring is expected to drive the telemedicine market in the region. For instance, in June 2021, MicroPort CRM launched Alizea and Borea pacemakers in Europe which are equipped with Bluetooth technology for streamlined remote monitoring when paired with the SmartView Connect home monitor. These pacemakers will allow cardiologists to monitor the devices remotely, saving patients the need to travel to the hospital for a simple routine examination and thus reducing the burden on the healthcare system.
Therefore, due to the aforementioned factors, the RPM market is expected to record significant growth during the forecast period.
United Kingdom is Expected to Dominate the Market Over the Forecast Period
The United Kingdom remote patient monitoring (RPM) market is expected to grow owing to the factors such as improving healthcare infrastructure, the prevalence of diseases, and innovation in technology are key reasons for the growth in the market. The increasing healthcare spending in the United Kingdom is fueling the demand for telemedicine in the country, thereby contributing to the market growth. For instance, as per the 2020 Office for National Statistics, Healthcare expenditure, UK Health Accounts provisional estimates: 2020 released in June 2021, the total current healthcare expenditure in 2020 is estimated at GBP 269 billion, a nominal-terms increase of 20% on spending in 2019. The share of GDP attributed to healthcare rose to around 12.8% in 2020, from 10.2% in 2019. The increasing expenditure is anticipated to fuel the adoption of RPM in the country. According to the estimates of the Global Cancer Observatory, in 2020, there were an estimated 457,960 new cancer cases diagnosed and 179,648 cancer deaths in the United Kingdom. Similarly, there were 457,960 new cancer cases and 179,64 cancer deaths in the United Kingdom. Cancer patients require constant monitoring during the therapy as well as post-therapy as they require both medication and nutritional support. Hence, with the increase in cancer cases the RPM market would also show growth. Similarly, product launches are another factor in market growth. For instance, in April 2021, Smith+Nephew and Huma collaborated to develop their remote patient monitoring service for orthopedic surgery in the United Kingdom. Due to COVID-19, there were many patients which were waiting for their orthopedic operations in the country. Therefore, the above companies have launched a solution that will enable surgeons to better prepare patients before operations, and improve their outcomes afterward, while reducing the need for in-person appointments through innovative remote patient monitoring. Such, technological innovation in the field of remote patient monitoring will drive the market.
Thus, due to the above-mentioned factors, market is expected to grow significantly within the country during the forecast period.
