The Global Remote Patient Monitoring System Market Size is valued at 5.74 billion in 2023 and is predicted to reach 21.29 billion by the year 2031 at a 17.94% CAGR during the forecast period for 2024-2031.
COVID-19 has significantly impacted the Remote Patient Monitoring System industry. The enhanced chronic disease management provided by remote monitoring systems, including early warning indications and progress trackers, has increased demand for these systems on a global scale. 90% of yearly healthcare costs in the United States are attributable to chronic illnesses. This can be avoided if patients receive prompt assistance through a remote monitoring system.
Telemedicine software aids in digitizing and automating crucial tasks, which decreases hospital administrative tasks and increases product consumption; it can delay ER visits and hospitalizations. There is a space crunch in hospitals due to the COVID-19 pandemic. In addition, patients are cautioned against physically visiting hospitals due to the risk of contracting an infection, especially those with chronic illnesses. The global market was subsequently developed as a result. Businesses make significant investments by partnering, buying, and cooperating with newly emerging startups.
Recent Developments:
- In September 2022, Watertown Regional Medical Center (WRMC) introduced a new remote care management service for patients with long-term diseases like heart failure and hypertension.
Competitive Landscape:
Some of the Remote Patient Monitoring System market players are:
- Abbott Laboratories
- Alten Calsoft Labs (A Subsidiary Of Alten Group)
- American Telecare; Roche;
- Bio-Beat Technologies
- Biotronik;
- Bosch;
- Boston Scientific Corporation
- Cerner Corporation
- Covidien Plc.,
- Dexcom, Inc.
- GE Healthcare
- Health Anywhere Inc.;
- Honeywell;
- Intel;
- Irhythm Technologies
- Johnson & Johnson;
- Medtronic
- Omron Healthcare Inc.
- Philips Healthcare;
- Preventice Solutions
- Resideo Life Care Solutions
- Siemens Healthineers Ag
- Teledoc Health Inc.
- Vitalconnect
- Vivalnk Inc
- Vivify Health, Inc.
- Welch Allyn (A Subsidiary Of Hill Rom Services, Inc.
Market Segmentation:
The Remote Patient Monitoring System market is segmented based on product, application, and end-user. Based on product, the market is segmented as Vital Sign Monitors, Blood Pressure Monitors, Pulse Oximeters, Heart Rate Monitors (ECG), Temperature Monitor, Respiratory Rate Monitor, Brain Monitoring (EEG), Special Monitors, Anesthesia Monitors, Blood Glucose Monitors, Cardiac Rhythm Monitor, Respiratory Monitor, Fetal Heart Monitors, Prothrombin Monitors, Multi-Parameter Monitors (MPM), and Others. The application segment includes Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorders, Weight management and Fitness Monitoring, Bronchitis, Infections, viruses, Dehydration, and Hypertension. By end-user, the market is segmented into Hospital-based Patients, Ambulatory Patients, and Home Healthcare.
Based On Product, The Special Monitor Segment Is Accounted As A Major Contributor In The Remote Patient Monitoring System Market
Due to its capacity to track clinically significant data prior to and after surgery, diagnose symptoms, and avoid complications, the special monitor sector led the industry and accounted for the highest portion of total revenue. Additional features, like wireless connection and iPad compatibility, enable early diagnosis and broaden the product's applicability. A patient's ECG, noninvasive blood pressure, body temperature, respiration rate, and brain activity can all be efficiently monitored with vital sign monitors.
The Diabetes Segment Witnessed Growth At A Rapid Rate
Diabetes became the dominant application segment, contributing to about 13.10% of total revenue. Diabetes is one of the main reasons for death. Thus, blood glucose levels must be monitored constantly. It is known to impact several bodily processes, including kidney, liver, cardiac, and visual activities. As a result, routine and continuous monitoring is needed, which can be conveniently done with the help of RPM devices.
The North America Remote Patient Monitoring System Market Holds A Significant Revenue Share In The Region
North America dominated the market globally and generated multiple substantial proportions of total revenue. The leading causes of the regional market growth are the rise in the prevalence of chronic diseases, the need for wireless and portable systems, and the availability of complex reimbursement schemes designed to reduce out-of-pocket expenses. Over the projected period, Europe, particularly the Western European nations, is anticipated to continue to rank second in terms of income generation.
Remote Patient Monitoring System Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 5.74 Bn |
|
Revenue forecast in 2031 |
USD 21.29 Bn |
|
Growth rate CAGR |
CAGR of 17.94 % from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Million, Volume (units), and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
|
Segments covered |
Product, Application, And End-User |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; Covidien Plc. |
|
Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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