|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The remote patient monitoring systems market was valued at USD 1,031.67 million in 2020, and it is expected to reach USD 1,679.95 million by 2026, registering a CAGR of 8.51% during the forecast period, 2021-2026.
Globally, the COVID-19 pandemic put enormous pressure on hospitals and healthcare systems that were understaffed and overworked. Remote patient monitoring technology helped patients to remain safe within their homes while reducing stress on hospitals, emergency rooms, and front-line healthcare workers during the pandemic, which shows a positive impact on the market.
The major factors driving the market include the rising burden of chronic diseases due to lifestyle changes, the rising geriatric population, and the growing demand for home-based monitoring devices. Remote patient monitoring is ambulatory healthcare that allows patients to use a mobile medical device to accomplish a routine test and guide the test data to a healthcare expert in real-time. Globally, the rising chronic disease population, along with the increasing aging population and increasing demand for home-based monitoring devices, is boosting the market growth. For instance, according to a research article by Kimberly D. Miller et al., published in Cancer Journal for Clinicians 2019, the three most prevalent cancers in 2019 were prostate cancer (3,650,030), colon and rectal cancers (776,120), and melanoma of the skin (684,470) among males, and breast cancer (3,861,520), uterine corpus (807,860), and colon and rectal cancers (768,650) among females.
Worldwide, the use of home-based devices is increasing as these are simple and can be used by all age groups. Moreover, home-based devices are mainly utilized by the geriatric population as this population is more prone to chronic conditions. For instance, according to the World Population Ageing 2019 report, globally, in 2019, there were around 703 million people aged 65 years or over. This number is projected to double to 1.5 billion in 2050. Globally, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019, and this number is projected to rise further to 16% in 2050.
In addition, these devices are compact and portable, and patients can wear them all the time without unease. These devices also ensure that the patient’s condition is monitored all the time.
Resistance from the healthcare industry professionals regarding the adoption of monitoring systems, lack of proper reimbursement policies in developed markets, and the stringent regulatory framework are the factors impeding the market growth.
Scope of the Report
As per the scope of this report, remote patient monitoring technology comprises day-to-day monitoring devices, such as glucometers for patients with diabetes and heart or blood pressure monitors for patients getting cardiac care. Information can be sent to a physician's workplace using telehealth communication links by using a software application installed on the patient's internet-capable computer, smartphone, or tablet. The remote patient monitoring systems market is segmented by type of device (heart monitors, breath monitors, hematology monitors, multi-parameter monitors, and other types of devices), application (cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorder, weight management and fitness monitoring, and other applications), end user (home care settings, hospitals/clinics, and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments. The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally.
|By Type of Device|
|Other Types of Devices|
|Weight Management and Fitness Monitoring|
|By End User|
|Home Care Settings|
|Other End Users|
Key Market Trends
The Multi-parameter Monitors Segment is Expected to Register Significant Growth over the Forecast Period
Multi-parameter monitors are devices that monitor various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography, with a single device. These devices have become popular as they are small, portable, and user-friendly.
Many people with COVID-19 have low oxygen levels that can be an early warning sign that people need medical care. The impact of COVID-19 on the multi-parameter monitors segment was positive because this monitoring device helped patients monitor oxygen levels using oximeters, which had a positive impact on the market. For instance, according to a research article by Ingrid Torjesen published in BMJ Journal October 2020, during the COVID-19 pandemic, NHS England purchased around 200,000 pulse oximeters for the home scheme to monitor oxygen saturation levels for people who do not need immediate hospital attention.
These multi-parameter remote monitoring devices are used not only by medical professionals but also by the health-conscious population, as sleep and activity monitors fall in these categories. The increased death rate due to chronic diseases across the developed countries, such as the United States, and the developing countries, raises awareness among people to use early and easy monitoring devices.
As per the American Heart Association, 2020 Heart Disease and Stroke Statistical Update Fact Sheet, globally, in 2017, an estimated 126.5 million people had ischemic heart disease, and it was more prevalent in males than in females (68.5 and 57.9 million people, respectively). Furthermore, the high capability to monitor various chronic conditions, such as cardiovascular conditions, is expected to fuel the demand for remote patient monitoring systems.
The market players adopted various strategies such as product launches, product developments, collaborations, and expansions to increase their market revenue. For instance, in December 2019, Masimo Corporation received the United States FDA approval for the Neonatal RD SET Pulse Oximetry Sensors.
Therefore, rising focus on a healthy lifestyle, increasing concerns about the constant monitoring of health parameters of patients, and the growing trend of self-monitoring and preventive medicine are expected to drive the growth of the overall market.
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North America is Expected to be the Major Contributor to the Market over the Forecast Period
The major factors driving the market growth include the growing burden of chronic diseases, increasing geriatric population, demand for wireless and portable systems, and the presence of a sophisticated reimbursement structure.
The COVID-19 pandemic has changed the landscape of healthcare delivery in the United States, with a new shift toward remote patient monitoring. According to a research article by Darren Roblyer published in Journal of Biomedical Optics October 2020, industrial and academic research projects use these devices to predict a variety of health outcomes and disease states, including surgical recovery, overall mortality, mental health, heart conditions, and other diseases states. Adding to that, in April 2020, during the COVID-19 pandemic in the United States, telehealth claims accounted for 20% of submitted medical and dental claims in the northeastern United States.
In addition, there is a growing trend of shifting treatment from hospitals to homes to reduce hospital bills. The increasing economic burden on hospitals due to a large number of inpatients is resulting in the increased adoption of remote patient monitoring devices in the United States. Moreover, patients prefer home healthcare due to privacy, cost-effectiveness, and convenience, which shows a positive impact on the market growth.
The market players in the country adopted various strategies such as product launches, product developments, collaborations, and expansions to increase their market revenue. For instance, in 2020, Masimo Corporation acquired the connected care business from NantHealth, which helped strengthen its position in the connected care market in the United States. Therefore, considering the aforementioned factors, the market is expected to register growth over the forecast period.
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The remote patient monitoring market is moderately fragmented. Various medical device manufacturers are operating in the market, along with several specialized remote patient monitoring equipment manufacturers. The industry is highly competitive, and there is a growing trend of partnerships and agreements between the industry participants and other medical device manufacturers to incorporate remote patient monitoring functionalities in their devices. Some of the key market players include Abbott Laboratories, Aerotel Medical Systems, AMD Global Telemedicine, Baxter International Inc., Boston Scientific Corporation, GE Healthcare, Masimo Corporation, Medtronic PLC, F. Hoffmann-La Roche AG, and Omron Corporation.
In July 2020, Philips and BioIntelliSense entered a strategic collaboration to enhance remote patient monitoring solutions. Philips integrated the latter’s BioSticker device into its remote patient monitoring (RPM) portfolio that monitors chronic conditions.
In July 2020, BioTelemetry acquired the On.Demand remote patient monitoring (RPM) platform operated by Envolve People Care Inc., which is a Centene Corporation subsidiary. This acquisition expands chronic remote patient monitoring solutions to BioTelemetry’s current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Chronic Diseases Due to Lifestyle Changes and Increasing Geriatric Population
4.2.2 Growing Demand for Home-based Monitoring Devices
4.2.3 Technological Advancements in Remote Patient Monitoring (RPM) Devices
4.3 Market Restraints
4.3.1 Resistance from Healthcare Industry Professionals
4.3.2 Stringent Regulatory Framework
4.3.3 Lack of Proper Reimbursement
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type of Device
5.1.1 Heart Monitors
5.1.2 Breath Monitors
5.1.3 Hematology Monitors
5.1.4 Multi-parameter Monitors
5.1.5 Other Types of Devices
5.2 By Application
5.2.1 Cancer Treatment
5.2.2 Cardiovascular Diseases
5.2.3 Diabetes Treatment
5.2.4 Sleep Disorder
5.2.5 Weight Management and Fitness Monitoring
5.2.6 Other Applications
5.3 By End User
5.3.1 Home Care Settings
5.3.3 Other End Users
5.4.1 North America
22.214.171.124 United States (By Type of Device, Application, and End User)
126.96.36.199 Canada (By Type of Device, Application, and End User)
188.8.131.52 Mexico (By Type of Device, Application, and End User)
184.108.40.206 Germany (By Type of Device, Application, and End User)
220.127.116.11 United Kingdom (By Type of Device, Application, and End User)
18.104.22.168 France (By Type of Device, Application, and End User)
22.214.171.124 Italy (By Type of Device, Application, and End User)
126.96.36.199 Spain (By Type of Device, Application, and End User)
188.8.131.52 Rest of Europe (By Type of Device, Application, and End User)
184.108.40.206 China (By Type of Device, Application, and End User)
220.127.116.11 Japan (By Type of Device, Application, and End User)
18.104.22.168 India (By Type of Device, Application, and End User)
22.214.171.124 Australia (By Type of Device, Application, and End User)
126.96.36.199 South Korea (By Type of Device, Application, and End User)
188.8.131.52 Rest of Asia-Pacific (By Type of Device, Application, and End User)
5.4.4 Middle-East and Africa
184.108.40.206 GCC (By Type of Device, Application, and End User)
220.127.116.11 South Africa (By Type of Device, Application, and End User)
18.104.22.168 Rest of Middle-East and Africa (By Type of Device, Application, and End User)
5.4.5 South America
22.214.171.124 Brazil (By Type of Device, Application, and End User)
126.96.36.199 Argentina (By Type of Device, Application, and End User)
188.8.131.52 Rest of South America (By Type of Device, Application, and End User)
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Aerotel Medical Systems
6.1.3 AMD Global Telemedicine
6.1.4 Baxter International Inc.
6.1.5 Boston Scientific Corporation
6.1.6 GE Healthcare
6.1.7 Masimo Corporation
6.1.8 Medtronic PLC
6.1.9 Omron Corporation
6.1.10 Philips Healthcare
6.1.11 OSI Systems Inc.
6.1.12 Hill-Rom Holdings Inc.
6.1.13 Dragerwerk AG & Co. KGaA
6.1.14 Compumedics Limited
6.1.15 Nihon Kohden Corporation
6.1.16 F. Hoffmann-La Roche AG
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Remote Patient Monitoring Systems Market market is studied from 2018 - 2026.
What is the growth rate of Global Remote Patient Monitoring Systems Market?
The Global Remote Patient Monitoring Systems Market is growing at a CAGR of 8.51% over the next 5 years.
What is Global Remote Patient Monitoring Systems Market size in 2018?
The Global Remote Patient Monitoring Systems Market is valued at 1031 Million USD in 2018.
What is Global Remote Patient Monitoring Systems Market size in 2026?
The Global Remote Patient Monitoring Systems Market is valued at 1679 Million USD in 2026.
Which region has highest growth rate in Global Remote Patient Monitoring Systems Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Remote Patient Monitoring Systems Market?
North America holds highest share in 2020.
Who are the key players in Global Remote Patient Monitoring Systems Market?
Abbott Laboratories, Medtronic PLC, GE Healthcare, Boston Scientific Corporation, Omron Corporation are the major companies operating in Global Remote Patient Monitoring Systems Market.