Remote Patient Monitoring Market thrives amidst pandemic
Remote Patient Monitoring Market growth is driven by the rising geriatric population and the growing need to expand healthcare access, cost benefits of telehealth and remote patient monitoring, benefits of RPM to reduce the burden on medical resources, advancements in telecommunications, growing incidences of chronic diseases, and increasing investments in telehealth and RPM are the major factors driving the growth of this market.
Currently, Remote Patient Monitoring Market is growing at a Compound Annual Growth Rate (CAGR) of 26.7% to reach USD 175.2 Billion by 2027. The predominant factors influencing the growth of the market include the benefits of RPM to reduce the burden on medical resources, the monitoring benefits of telehealth and remote patient monitoring services, advancements in telecommunications, an increasing geriatric population, and the growing need to expand healthcare access. However, the regulatory differences and challenges among various regions, combined with informal usage of social media practices and related healthcare fraud, are some factors that are anticipated to negatively affect market growth during the forecast period.
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- Rising geriatric population and the growing need to expand healthcare access
- Cost benefits of telehealth and remote patient monitoring
- Benefits of RPM to reduce the burden on medical resources
- Advancements in telecommunications
- Increasing investments in telehealth & RPM
- Role and impact of AI in remote patient monitoring
- High utility of RPM in combating infectious diseases & epidemics
- Data privacy concerns, healthcare affordability, and limited awareness
- Data accessibility issues
- Regulatory variations across regions
- Healthcare fraud
- Informal usage of social media practices
The prominent players operating in the Remote Patient Monitoring Market are
Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG (Germany), OMRON Healthcare (Japan), Boston Scientific Corporation (US)
Koninklijke Philips N.V. (Netherlands) is the leading player in the remote patient monitoring market. The company’s expertise, experience, and comprehensive capabilities in various industries and business functions enable it to maintain its leading position in the market. The company has a wide global presence with North America, the Asia Pacific, the Middle East, Africa, Latin America, and Europe. The company focuses on achieving sustainable growth by enhancing its operating base and launching competitive technologies. In 2020, Philips launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal & maternal monitoring. in 2020, the company launched data-driven personalized connected care solutions for oral health, mother & childcare, and sleep care—Sonicare oral healthcare ecosystem, Avent mother and childcare ecosystem, and SmartSleep ecosystem in the remote patient monitoring market.
Medtronic (Ireland) held the second position in the global remote patient monitoring market in 2019. The company has a wide geographic base—it operates in more than 350 locations in over 150 countries, with subsidiaries in Ireland, Israel, and the US. The company markets many products and care management services, including remote monitoring platforms and patient-centered software. Medtronic focuses on long-term growth strategies of therapy innovation, globalization, and economic value to increase its market share. The company has also demonstrated a commitment to inorganic growth strategies by adopting partnerships, agreements, and collaborations to strengthen its remote patient monitoring market position.
North America is the largest market
- Rising Prevalence Of Chronic Conditions
- Need To Reduce Healthcare Expenditure
- Increasing Overall & Geriatric Population
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- In 2020, Philips, Launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring
- In 2020, Koninklijke Philips formed collaboration with American Telemedicine Association (ATA) (US). This collaboration helped increase the adoption of telehealth across acute, post-acute, and home care settings.
- In 2020, BioTelemetry acquired the On.Demand remote patient monitoring (RPM) and coaching platform, operated by Envolve People Care, Inc., which is a Centene Corporation subsidiary. This acquisition expands chronic RPM and coaching solutions to BioTelemetry’s current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.