Remote patient monitoring (rpm) defined as the use of telemedicine services to check routine health issues and share information with healthcare professionals for better results. It helps to gather all the information in one place and then transmit it electronically to other physicians for evaluation and recommendation.
The global Remote Patient Monitoring market has the potential to grow by USD 2.7 billion at fueling CAGR in the forecast period from 2020-2027. Due to factors such as rising geriatric population, an increasing number of chronic diseases, and the propelling demand for home care, medical devices are driving the market share of the global remote patient monitoring market.
Also, the increase in government spending in remote patient monitoring technology area have contributed to this market growth. The government needed to solve the problem of the aging population, rising chronic diseases, and higher and higher medical expenditure.
Through the speed of remote patient monitoring, the doctor can reach a full group of people, and the doctor can overcome the distance barrier and reach a remote area. It allows routinely to check the health of the patient, thus preventing the patient from suffering last-minute pain.
The remote patient monitoring technology has helped reduce the number of hospital visits, hospitalizations, and emergencies. It increases the availability of health informatics and treatment. Therefore, it saves the patient’s time and money, which sometimes becomes the cause of the disease. Although it cannot compare with traditional disease treatment methods, it has made healthcare services more permeable and capable.
Moreover, the traditional diagnostic model needs to further improve in terms of time and resource utilization efficiency, all of which pose considerable challenges to the healthcare industry. Therefore, the use of wearable physiological detection technology came into existence, which not only can achieve long-term and continuous detection but also can display the user’s health status and physiological information in real-time. Thus, it helps doctors to implement regular monitoring and remote consultation of users and save the cost of medical expenditures.
The increasing aging population is driving the need for continuous care. Treating older adults has become a priority, which brings opportunities for the development of remote monitoring. The government is supporting the cause by injecting funds into this medical trend to ensure that many older people have a good life. Therefore, remote patient monitoring technology companies have the opportunity to increase their supply.
The increased demand for remote patient monitoring also stems from the increase in the number of chronic patients. The shortage of professional doctors in hospitals and the increase in hospitalization costs have driven end-users to choose remote monitoring as a solution. The latter option is an economically affordable alternative.
Based on the type of device, the global remote patient monitoring market segmented into Heart Monitors, Breath Monitors, Hematology Monitors, Multi-Parameter Monitors. The Heart Monitor segment accounted for the largest share of the market is expected to grow at a propelling rate during the forecast period from 2020-2027. The high prevalence of individuals with heart diseases has led to an increase in the adoption of homecare medical devices. Moreover, the rising incidence of cardiac arrest and other cardiac conditions have fueled the market share of the remote patient monitoring market. The remote monitoring technology can identify symptoms and prevent complications with wireless communication devices that help in early diagnosis of heart diseases.
Based on the Application, the global remote patient monitoring market classified into Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Monitoring & Fitness Monitoring, Other. The cardiovascular disease segment has the largest market share in the worldwide remote patient monitoring market. It is mainly owing to the rising geriatric population and increasing cases of cardiovascular diseases in old age people have to bolster the adoption of remote patient monitoring technology at their home. Thus, remote patient monitoring technology monitors the patient’s weight management, early identify the abnormal symptoms of heart, and informs the patient about it. Therefore, it increases the usage of remote patient monitors in the global market.
Based on the End-use, the global remote patient monitoring market attributed to Home Care Settings, Clinics, Hospitals. The home care setting segment has captured the largest market share in the global remote patient monitoring market. The home care settings are majorly adopted for the old age people to provide emergency aid to the patient in case of emergency. Moreover, homecare settings are cost-effective, saves time and money of the patient for visiting doctors for routines check-ups. Also, remote patient monitoring is easy to operate and has a friendly user interface that helps in providing independency to the patient from others. Thus, the market demand for the global remote patient monitoring market is increasing due to homecare setting adoptions.
Based on geography, the global remote patient monitoring market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. Europe expected to hold the largest share of the global remote patient monitoring market. It is mainly owing to the rising market demand for the adoption of homecare medical devices, which reduces the expenditure of medical treatment, and the increasing geriatric population is dominating the market share of remote patient monitoring in the European market.
Companies such as Honeywell, American Telecare, Roche, Philips Healthcare, Bosch, Biotronik, Intel, Welch Allyn, Health anywhere Inc., Johnson & Johnson, and Covidien Plc and others are key players in the global remote patient monitoring market.
By Type of Device