Global Remote Patient Monitoring and Care Market, By Devices (Vital Signs Monitor, Glucose Monitor, Blood Pressure Monitor, Heart Rate Monitor, Respiratory Monitor, Haematology Monitors, Multi-Parameter Monitors, Breath Monitors, Others), Application (Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorders, Weight Management & Fitness Monitoring, Others), End-User (Home Care Setting, Clinics, Long Term Care Centers, Hospitals) – Industry Trends and Forecast to 2029
Market Analysis and Size
In recent years, due to the world's rapidly growing population and the prevalence of chronic diseases, there has been a growing need to expand healthcare access infrastructure, as well as the cost benefits of telehealth and remote patient monitoring technology. Chronic diseases account for 90 percent of total healthcare costs in the United States each year, according to the Centers for Disease Control and Prevention (CDC). These costs can be significantly reduced by implementing remote patient monitoring systems, which is expected to propel market growth.
- Data Bridge Market Research analyses that the Remote Patient Monitoring and Care market growing at a CAGR of 9.26% during the forecast period. Growing demand for self-monitoring and preventive medicine is expected to open up new market opportunities.
Remote patient monitoring and care employs a variety of technologies to collect medical data from a single location and securely transmit it to healthcare providers. This type of service allows a provider to continue tracking a patient's health care data after they are discharged from the hospital or care facility, lowering mortality rates.
Remote Patient Monitoring and Care Market Dynamics
Wearable patient monitoring devices are becoming increasingly popular.
Wearable patient monitoring devices, biosensors, and smart implants are used for a variety of purposes, including continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry. The Internet of Things technology is built into next-generation wearable devices. Wearable biosensors measure vital signs such as blood pressure, weight, blood sugar, and electrocardiography (ECG), which are then transmitted to a central server via mobile wireless networks.
Quality healthcare at home
RPM technologies enter the picture, detecting small changes in the patient's physiological data and encouraging self-monitoring. As a result, it reduces readmissions and avoidable hospitalizations. Furthermore, these technologies reduce the number of unnecessary trips to the doctor's office as well as the travel-related expenses required to receive quality medical care. RPM technologies, when properly implemented, can increase access to quality healthcare while saving time and money in the short and long term.
In recent years, rising healthcare costs, particularly in hospital settings, have shifted attention to alternative methods of treatment, such as home healthcare. As a result, there is an increased demand for effective home-use devices such as thermometers, pulse oximeters, weight scales, ECG monitors, event monitors, EEG recorders, and foetal monitors. The current healthcare system's sustainability is a major source of concern for governments all over the world.
Shortages of healthcare industry professionals, as well as unfavourable reimbursement policies, are expected to impede market growth during the forecast period.
This remote patient monitoring and care market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the Remote Patient Monitoring and Care market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Remote Patient Monitoring and Care Market
As a result of the pandemic, access to customers to sell and implement patient monitoring devices (such as neuromonitoring devices and weight monitoring devices) decreased during March 2020 and throughout the second quarter of 2020, as hospitals became primarily focused on the COVID-19 pandemic. Because of the pandemic, there has been a significant increase in demand for remote monitoring and patient engagement solutions. COVID-19 has resulted in a significant increase in demand for patient monitoring systems, with manufacturers increasingly focusing on expanding production to meet the growing demand for respiratory monitoring devices, multi-parameter monitoring devices, blood glucose monitoring devices, cardiac monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, and fetal/neonatal monitoring devices. Furthermore, the market for neuromonitoring devices is expected to recover its losses in the near future.
- Philips and BioIntelliSense announced a strategic collaboration in July 2020 to improve remote patient monitoring solutions. Philips incorporated the latter's BioSticker device into its portfolio of remote patient monitoring (RPM) devices, which monitor chronic conditions.
- BioTelemetry acquired the On.Demand remote patient monitoring (RPM) platform operated by Envolve People Care Inc., a Centene Corporation subsidiary, in July 2020. This acquisition adds chronic remote patient monitoring solutions to BioTelemetry's current portfolio of acute care connected health products and services, with a focus on diabetes, hypertension, and chronic heart failure.
Global Remote Patient Monitoring and Care Market Scope
The remote patient monitoring and care market is segmented on the basis of devices, applications and end-users. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Vital Signs Monitor
- Glucose Monitor
- Blood Pressure Monitor
- Blood Pressure Monitor
- Heart Rate Monitor
- Respiratory Monitor
- Haematology Monitors
- Multi-Parameter Monitors
- Breath Monitors
On the basis of devices, the remote patient monitoring and care market is segmented into vital signs monitor, glucose monitor, blood pressure monitor, blood pressure monitor, heart rate monitor, respiratory monitor, haematology monitors, multi-parameter monitors, breath monitors and others.
- Cancer Treatment
- Cardiovascular Diseases
- Diabetes Treatment
- Sleep Disorders
- Weight Management
- Fitness Monitoring
The application segment of the remote patient monitoring and care market is divided into cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorders, weight management & fitness monitoring and others.
- Home Care Setting
- Long Term Care Centers
On the basis of end- users, the remote patient monitoring and care market is divided into home care setting, clinics, long term care centres and hospitals.
Remote Patient Monitoring and Care Market Regional Analysis/Insights
The remote patient monitoring and care market is analysed and market size insights and trends are provided by country, devices, applications and end-users.as referenced above.
The countries covered in the remote patient monitoring and care market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America is expected to dominate the remote patient monitoring and care market from 2022 to 2029, owing to a growing trend of home-based treatment to reduce hospital bills and an increase in chronic disease cases in the region.
Asia-Pacific is expected to grow significantly due to rising healthcare expenditure and disposable income.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The remote patient monitoring and care market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for Remote Patient Monitoring and Care market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the Remote Patient Monitoring and Care market. The data is available for historic period 2010-2020.
Competitive Landscape and Remote Patient Monitoring and Care Market Share Analysis
The remote patient monitoring and care market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to remote patient monitoring and care market.
Some of the major players operating in the remote patient monitoring and care market are Abbott, Aerotel Medical Systems (1998) Ltd., AMD Global Telemedicine, Inc., Baxter., Boston Scientific Corporation, Medtronic, GENERAL ELECTRIC COMPANY, Honeywell International Inc, Omron Healthcare, Inc., Proteus Digital Health, BioTelemetry, Inc., Nihon Kohden Corporation, F. Hoffmann-La Roche Ltd, Koninklijke Philips N.V., AMC Health, Biotronik, among others.
Research Methodology : Global Remote Patient Monitoring and Care Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your inquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available : Global Remote Patient Monitoring and Care Market
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