The "Remote Patient Monitoring Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com's offering.
The remote patient monitoring market is expected to reach US$85.031 billion by the end of 2026, increasing from US$20.027 billion in 2019, growing at a CAGR of 22.94% during the forecast period.
The market for remote patient monitoring witnessed significant growth in recent years owing to a rise in disposable income and increasing demand from an aging population. In the last few years, there has been a growing need to expand the healthcare access infrastructure, cost benefits of telehealth, and remote patient monitoring technology due to the rapidly increasing population and the common occurrence of chronic diseases, globally.
In addition, the availability of technologically advanced products, increasing investments in telehealth, the support of the Government in various countries, and the rising awareness regarding the benefits of remote patient monitoring are the major factors driving the demand for these systems. Several medical associations worldwide support the remote patient monitoring system owing to the benefits it entails, which is further projected to fuel the market growth.
By end-user, the hospitals and clinic segment is estimated to hold a dominant market share owing to the voluminous number of patients and tests being conducted in them. The home care segment is also projected to grow notably in the years to come.
Geographically, North America is expected to grow significantly due to the increase in the occurrence of chronic diseases, demand for wireless and portable systems, the presence of sophisticated reimbursement structures, and a reduction in medical expenditure.
The Asia Pacific region is further estimated to witness significant growth over the projected period, attributable to rising healthcare expenditure and an increase in disposable income over the forecast period. The increasing geriatric population in India, China, and Japan are further expected to expand the market during the forecast period.
Increasing geriatric population
The constantly growing geriatric population is expected to drive the growth of the remote patient monitoring market. According to the World Health Organization, the share of the population aged 65 years or over increased from 6% in 1990 to 9% in 2019, and this number is projected to rise further to 16% in 2050.
The increasing number of people in the segment will subsequently increase the demand for remote patient monitoring systems as the number of patients suffering from chronic diseases will increase. The government across the globe will be pressurized to promote remote patient monitoring systems to meet the increasing demand, which in turn is projected to fuel the market growth.
Reduction in expenditure
Remote patient monitoring enhances the overall reach and access of healthcare while reducing unnecessary visits to the hospitals for diagnosis, treatment, and admission. The remote patient monitoring also saves a lot of time as the setup is done at one's residence, which eliminates the traveling and waiting time.
Furthermore, it helps in considerably reducing expenditure on hospitalization, nursing, traveling, etc. These benefits are expected to attract more patients to shift to remote monitoring systems instead of conventional systems in the next few years.
Resistance and Fraud
Many healthcare professionals are resisting the remote patient monitoring system as the dependency of the patients on them will reduce which may affect their professional growth. The healthcare professionals often advise the patients against this system which may hamper the growth of the market.
Also, healthcare fraud in telehealth and telemedicine practices can hinder the market growth as issues related to fraudulent reimbursement claims, billing cycle, etc. can be prevalent in the market.
Impact of COVID-19
The Covid-19 pandemic resulted in a mass shortage of vacant beds in hospitals, worldwide. The patients suffering from chronic illness were advised against visiting hospitals physically for treatment due to the fear of being infected.
This trend encouraged hospitals to implement a remote patient monitoring system to keep track of a patient's health and to ensure no patient suffers due to a shortage of healthcare infrastructure. Thus, the pandemic greatly accelerated the growth of the remote patient monitoring market.
Prominent/major key market players in the Remote Patient Monitoring Market include Philips Healthcare, Abbott Laboratories, GE Healthcare, Boston Scientific Corporation, Biotronik SE, Honeywell International, Inc., Nihon Kohden Corporation, OSI Systems, Inc, AMC, Inc., and Qualcomm Life, Inc.
The players in the Remote Patient Monitoring Market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. For Instance, in 2020, Philips launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the United States, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring.
- Vital Signs Monitor
- Glucose Monitor
- Blood Pressure Monitor
- Heart Rate Monitors
- Respiratory Monitors
- Hospitals and Clinics
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- Philips Healthcare
- Abbott Laboratories
- GE Healthcare
- Boston Scientific Corporation
- Biotronik SE
- Honeywell International, Inc.
- Nihon Kohden Corporation
- OSI Systems, Inc
- AMC, Inc.
- Qualcomm Life, Inc.
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