Remote Patient Monitoring Market Size Worth $188,952.22 Mn, Globally, by 2028 at 30.7% CAGR - Exclusive Report by The Insight Partners

- The Remote Patient Monitoring Market Size is driven by growing prevalence of chronic diseases, rising awareness regarding healthcare, and surging demand for home-based treatments. The devices segment accounted for more than 58.42% of the market share in 2021 and is expected to retain its dominance during 2021-2028 owing to high-volume demand for vital sign remote patient monitoring devices across various countries worldwide and surge in demand for respiratory and multifunctional monitoring devices due to the COVID-19 outbreak.

NEW YORK, Dec. 14, 2021 /PRNewswire/ -- According to the new market research report "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", published by The Insight Partners, the global remote patient monitoring market is expected to reach US$ 188,952.22 million by 2028 from US$ 29,062.30 million in 2021 to grow at a CAGR of 30.7% from 2021 to 2028. Get the Latest COVID-19 Analysis on remote patient monitoring market at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00022440

Remote Patient Monitoring Market: Competition Landscape and Key Developments

Koninklijke Philips N.V., NIHON KOHDEN CORPORATION, Medtronic, General Electric, Cerner Corporation, Siemens Healthineers AG, Boston Scientific Corporation, Omron Healthcare, Abbott, and VitalConnect  are among the key companies operating in the remote patient monitoring market. These players are focusing on the expansion and diversification of their market presence and the acquisition of a new customer base, thereby tapping prevailing business opportunities.

• In May 2021, CareGuidePro is a new mobile app and online platform from Medtronic that helps patients navigate their spinal cord stimulation journey.
• In May 2021, Medtronic has released a new pediatric monitor that alerts doctors about potential airway obstructions during ventilation.
• In November 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.

In the North America region, the market for the remote patient monitoring is largely held by the US among the countries in North America. The growth of the remote patient monitoring market in the United States is expected to grow because it has well-developed healthcare facility centres, rising awareness among populace with respect to importance of monitoring physiological parameters, favourable government regulations toward remote patient monitoring and telemedicine and well as high incidence of lifestyle diseases in the region. 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. The remote patient monitoring devices can help cut these direct and indirect costs.

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The government has taken several steps for the enhancement of IoT in private sector. Various government agencies are offering technical resources to support IoT by providing supervision on standards development and interoperability; strengthening cyber security; developing innovation-friendly regulations; supporting R&D etc. For the advancement and promotion on IoT in healthcare, Acts like 'The Health Information Technology for Economic and Clinical Health (HITECH) Act', to promote adoption and significant use of health IT was passed by the Office of the National Coordinator for Health Information Technology (ONC). The HITECH Act has widened the scope of privacy and security protections available under The Health Insurance Portability and Accountability Act (HIPPA). Adoption of IoT is thus expected to fuel the growth of remote patient monitoring market.

Asia Pacific accounted as the fastest growing region in the global remote patient monitoring market and was projected to grow at a faster pace over the forecasted period. The growth of the remote patient monitoring market in this region is primarily due to rising geriatric population, increasing prevalence of chronic diseases, and the growing government initiatives and reimbursement for diagnostic and monitoring devices. In addition, growing healthcare expenditure is likely to increase the growth opportunities during the coming years. The Asia Pacific remote patient monitoring market is expected to grow at highest rate during the forecast period owing higher number of research & development and increasing investments on remote patient monitoring devices. In addition, emergence of new local players with competitive product portfolio are expected to fuel the market growth in Asia Pacific region.

Rising Awareness Regarding Healthcare in  Remote Patient Monitoring Market:

With a rise in cases of chronic illnesses such as diabetes and hypertension, there has been a rise in health awareness among population. Also, in recent days, there has been a significant rise in the number of individuals suffering from heart related disorders. These factors have led to increase in the importance of maintaining health among the population in the developed and developing nations. The demand for various health monitoring devices for tracking health status has increased significantly in the recent years. Also, there has been a rise in number of specialty clinics and home healthcare business in countries such as the US, India, Canada. Asia Pacific, which is anticipated to propel the adoption of remote patient monitoring devices during the forecast period. Also, due to an increase in the disposable income as well as the rate of urbanization in the leading economies such as Japan, China, and India, the market is expected to experience growth opportunities.

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The use of handheld and wearable devices for monitoring vital signs has been increased among the old age population as well as millennial. Owing to the growth in awareness regarding health, the market for remote patient monitoring devices is anticipated to witness significant growth during the forecast period.

Remote Patient Monitoring Market: Segmental Overview

Based on type, is segmented software, devices, services. The devices segment accounted for more than 58.42% of the market share in 2021. In terms of end-user, 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.

The global impacts of COVID-19 are felt across several markets. While SARS, H1N1, and other outbreaks have occurred in the healthcare sector in the last few years, the severity of COVID-19 has made the situation more complicated due to its mode of transmission. 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 enrollment 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.

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