Remote Patient Monitoring Market By Component (Services & Software, and Devices), By End-use (Providers, Payers, Patients, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East and America – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data and Forecasts 2021 – 2028

Global Remote Patient Monitoring Market Overview

Patients and clinicians connect using digital technology through remote patient monitoring equipment. In the healing and rehabilitation process, communication between the patient and the healthcare team is critical. Remote patient monitoring equipment aids in the development of trust and openness. They provide consumers with a better grasp of diseases and therapies, allowing them to exert greater control over their treatment regimens. Healthcare professionals and owners are placing a greater emphasis on prevention and wellness, creating opportunities for leading businesses to expand their market position in the global Remote patient monitoring devices market. Moreover, the need for healthcare and long-term care services will rise as this demographic group grows, putting a greater strain on governments and health systems. This will be beneficial to the remote patient monitoring business. Remote patient monitoring can improve the reach and accessibility of healthcare while minimising unnecessary visits, hospital admissions and readmissions, as well as the time and costs associated with travelling to meet with healthcare experts.

However, in the field of Remote Patient Monitoring, healthcare fraud is an essential consideration. A patient or a physician can be exploited in a variety of ways. For example, the physician's identity and accounts can be used to receive money from the insurance company, or non-eligible or non-listed institutional providers can employ inaccurate coding and billing to submit bogus claims.

Market Size

According to Business Intelligence Insights “Global Remote Patient Monitoring Market" is expected to grow from USD 51.80 billion in 2021 to USD 206.29 billion by 2028, at a CAGR of 25.90% during the forecast period 2022-2028.

Covid -19 Impact Analysis

The COVID-19 pandemic has accelerated the implementation of telemedicine strategies, allowing remote patient monitoring services to spread across multiple countries. RPM devices, according to research, can be a useful tool for giving therapy to individuals with suspected or confirmed coronavirus diagnosis. The solutions are expected to have a high potential for assisting in the successful management of suspected COVID cases, resulting in increased product demand during the pandemic phase.

Market Dynamics

•    Drivers

o    Rising geriatric population and growing need to expand healthcare access.

•    Restraints

o    Shift of consumers towards adoption of sophisticated devices to surge product demand.

Segmentation Insights

By Providers:

Providers category dominated the market with more than 79% of the market share

In 2021, Providers segment was the most popular end-use segment, accounting for 79.4 percent of revenue. In addition to inpatients, hospitals serve a considerable number of outpatients. They have a larger technical staff to attend to the demands of the patients and offer a wider number of diagnostic tests. The important drivers for category expansion include a wide patient pool and a rising number of tests done. Hospital patients are admitted to facilities in need of immediate attention, so it is critical to monitor their vital signs at all times. The high cost of hospital admissions, as well as the lengthy reimbursement procedures, are projected to limit market expansion.

By Professional Services:

Professional Services category dominated the market with major share of the market.

On the basis of component, the segment Devices is expected to grow in the forecast period. This growth is in response to increased demand for remote patient monitoring devices from hospitals and clinics as well as home healthcare in the United States, as well as the rise in the geriatric population and the rising prevalence of cardiovascular disease in the country. The growing popularity of home-based care in the United States has spurred the demand for remote patient monitoring devices. Due of the recent COVID-19 pandemic, vendors are focusing more on improving technical equipment to fulfil the needs, which is leading to the present surge in RPM devices sales.

By Component
•    Services & Software
•    Devices

By End-use
•    Providers
•    Payers
•    Patients
•    Others

By Region
•    North America
o    U.S.
o    Canada
•    Europe 
o    Germany
o    U.K.
o    France
o    Italy
o    Spain
o    Rest of Europe
•    Asia Pacific 
o    China
o    India
o    Japan
o    Rest of Asia Pacific
•    Latin America 
o    Brazil
o    Mexico
o    Rest of Latin America
•    Middle East and Africa 
o    UAE
o    South Africa
o    Rest of Middle East and Africa (MEA)

Key Players

•    Koninklijke Philips N.V. (Netherlands)
•    Medtronic (Ireland)
•    GE Healthcare (US)
•    Cerner Corporation (US)
•    Siemens Healthineers AG (Germany)
•    OMRON Healthcare (Japan)
•    Boston Scientific Corporation (US)
•    Abbott Laboratories (US)
•    Resideo Life Care Solutions (US)
•    Vivify Health, Inc. (US)
•    ALTEN Calsoft Labs (France)
•    Preventice Solutions (US)
•    Bio-Beat Technologies (Israel)
•    VitalConnect (US)
•    Welch Allyn (US)
•    Teladoc Health Inc. (US)
•    Dexcom Inc. (US)
•    iRhythm Technologies Inc. (US)
•    VivaLNK Inc. (US).

Regional Insights

North America dominated the market with more than 40% of the market share

North America dominated the remote patient monitoring system market in 2021, accounting for 41.6 percent of total revenue. The regional development is due to an increase in the incidence of chronic diseases, desire for wireless and portable devices, and the availability of sophisticated reimbursement arrangements aimed at reducing out-of-pocket spending. In addition, the market in the region is being driven by increased R&D to build novel sensor-based patient monitoring systems. Furthermore, the majority of the major players in the market have their headquarters in the region, which is fueling market expansion.

However, due to higher mortality rates and rising demand for low-cost treatment, Europe, particularly Western European countries, is predicted to remain the second most revenue-generating area over the forecast period. The high impact key drivers for regional growth are increased need for in-house monitoring, supported central data management systems, and rising accuracy and efficiency of remote patient monitors. Furthermore, due to the presence of unexplored potential in growing markets such as India and China, the market in Asia Pacific is predicted to grow at the quickest rate throughout the forecast period. Because of its large elderly population (65 and up), Japan is likely to be a major revenue generator.

Table

Report Attributes	Details
Market Size Value in 2021	USD 51.80 billion
Market Size Value in 2028	USD 206.29 billion
Growth Rate	+25.90%
Base Year	2021
Forecast Period	2022-2028
Historical Data	2018-2020
Forecast Units	USD Billion
Countries Covered	North America: U.S., Canada, Europe: Germany, U.K., France, Italy, Spain, Rest of Europe, Asia Pacific: China, India, Japan, Rest of Asia Pacific, Latin America: Brazil, Mexico, Rest of Latin America, Middle East and Africa: UAE, South Africa, Rest of Middle East and Africa (MEA)
Segments Covered	By Component, By End-use, By Region
Competitive landscape	Leading companies, Competitive strategies and Consumer engagement scope
Customization is available	If our report does not contain the information you require, you can contact our experts to have segments created for you. Please contact us at sales@businessintelligence-insights.com if you have any questions

 

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