DUBLIN, Oct. 11, 2022 (GLOBE NEWSWIRE) — “Remote Patient Monitoring (RPM) Market 2022” Report Added of ResearchAndMarkets.com Recruitment.
The global remote patient monitoring market is projected to reach USD 175.2 billion by 2027 from USD 53.6 billion in 2022, at a CAGR of 26.7%.
Growing geriatric population and growing need for expanded access to healthcare; cost benefits of telemedicine and remote monitoring of patients; benefits of RPM in reducing strain on healthcare resources; advances in communications; Increasing investment in telemedicine and RPM are the main factors driving the growth of this market.
However, regulatory differences across regions, healthcare fraud, and informal use of social media practices are expected to restrain the market growth during the forecast period.
Software and services segment is expected to grow at the fastest rate during the forecast period
Based on product, remote patient monitoring is segmented into software and services and devices. The software and services segment is expected to register a higher CAGR during the forecast period. The high growth rate of this segment is mainly due to the increase in reimbursement of RPM programs and the increase in chronic diseases, resulting in increasing adoption of RPM services worldwide.
The cardiac monitoring device segment is estimated to hold the largest share of the RPM device market in 2022.
Based on type, the device market is further segmented into cardiac monitoring devices, blood glucose monitoring devices, neurological monitoring devices, respiratory monitoring devices, multi-parameter monitoring devices, fetal and neonatal monitoring devices, and other monitoring devices. In 2021, the cardiac monitoring devices segment accounted for the largest share of the market. Rising incidence of hypertension and cardiovascular disease will fuel the growth of this market.
North America is expected to dominate the remote patient monitoring market in 2022
In 2021, North America will account for the largest share of the remote patient monitoring market, followed by Europe. North America’s large share of the RPM market can be attributed to the rising prevalence of chronic diseases, the need to reduce healthcare costs, and the growing overall and geriatric population.
On the other hand, the Asia-Pacific market is projected to register the highest CAGR during the forecast period. Emerging economies in the Asia-Pacific region such as India and China offer lucrative growth opportunities for the market players, mainly due to rising geriatric population, improving healthcare infrastructure, rapid economic growth, and improving living standards.
Premium Insight
- Telemedicine and cost benefits of telemedicine, coupled with rising technological advancements in remote patient monitoring devices, are the major growth drivers for this market.
- Providers with Largest Share of Rpm Market in 2021
- The United States will hold the largest share of the North American market for remote patient monitoring in 2021
- Asia-Pacific Market to Record Highest Growth Rate During Forecast Period
market dynamics
driver
- Growing elderly population and increasing need for expanded access to healthcare
- Cost benefits of telemedicine and remote patient monitoring
- Benefits of RPM to Reduce Burden on Health Care Resources
- advances in telecommunications
- Increased investment in telemedicine and RPM
Restraint
- Regional differences in regulations
- healthcare fraud
- Informal use of social media practices
chance
- Role and Impact of AI in Remote Patient Monitoring
- High utility of Rpm in fighting infections and epidemics
- A significant opportunity in data monetization of patient data
Task
- Data privacy concerns, affordability of healthcare, and limited awareness
- Data accessibility issues
- Impact of COVID-19 on Remote Patient Monitoring Market
Key industry trends
Software and Services: Rpm’s convenience and high utility are key factors driving the demand for remote monitoring software and services
device
- Cardiac Monitoring Devices: Rising incidence of cardiovascular disease drives the demand for Ecg monitors, propelling the market growth of this segment.
- Blood Pressure Monitoring Devices: Convenience and growing demand for blood pressure monitors ensure high market growth in this segment
- Neurological monitoring devices: increasing prevalence of neurological disorders driving the growth of this segment
- Respiratory Monitoring Devices: Growing adoption of pulse oximeters for self-monitoring during the COVID-19 pandemic is a key factor driving the market growth of this segment.
- Multi-parameter monitoring devices: Increasing prevalence of chronic diseases is the major factor driving the market growth of this segment
- Blood Glucose Monitoring Devices: Growing Diabetic Population in the World Ensures Strong Demand for Blood Glucose Monitoring Devices
- Fetal and neonatal monitoring devices: to ensure a strong demand for RPM solutions in this segment due to the increasing number of premature births worldwide
- Weight Monitoring Devices: Rising obesity levels ensure strong demand for weight monitoring devices, driving the market growth of this segment
provider
- Hospitals & Clinics: Hospitals & Clinics contribute to the highest provider market share in the remote patient monitoring market in 2021.
- Home care facilities and long-term care centers: Growing global geriatric population requiring long-term care to support growth in this end-user segment
- Ambulatory Care Centers: A gradual transition of patient care from inpatient to outpatient care will drive the growth of this end-user segment
- Payers: Increased reimbursement for remote patient monitoring to drive segment growth
- Patients: Rise in demand for patient RPM devices due to cost-effectiveness and advent of advanced wearable monitors
Company Profile
- konninkleike philips
- medtronic
- Omron Healthcare Co., Ltd. (part of Omron Corporation)
- GE Healthcare
- Thurner Corporation
- Siemens Healthineers Ag
- Boston Scientific Corporation
- Abbott Laboratories
- Alten Calsoft Labs (Subsidiary of Alten Group)
- Resideo Life Care Solutions
- Bibify Health Co., Ltd.
- preventive solution
- bio beat technology
- vital connect
other players
- Welch Allyn (a subsidiary of Hill Rom Services, Inc.)
- Teledoc Health Co., Ltd.
- Dexcom Co., Ltd.
- iRhythm Technologies
- Viva Lunk Co., Ltd.
For more information on this report, please visit https://www.researchandmarkets.com/r/i37uvb.
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Global Remote Patient Monitoring (RPM) Market
