Meticulous Research® —a leading global market research company, published a research report titled, ‘Remote Patient Monitoring Market By Product (Devices [Cardiac, Neurological, Blood Pressure, Glucose, Weight], Software, Services), Application (COVID-19, Cardiovascular Diseases, Diabetes, Cancer), End User (Hospitals, Home Care) - Global Forecast to 2029.’
According to this latest publication from Meticulous Research®, the global remote patient (RPM) monitoring market is expected to register a CAGR of 18.3% to reach $127.77 billion by 2029. The growth of this market is driven by the increasing geriatric population, rising prevalence of chronic diseases, the global shortage of healthcare professionals, technological advancements in telehealth & remote patient monitoring, and growing awareness about the proven benefits of RPM. However, data accuracy concerns and barriers to remote monitoring technologies among patients may restrain the growth of this market to some extent. Furthermore, the adoption of artificial intelligence in RPM and emerging economies with a high patient population is expected to provide significant growth opportunities for the market in the coming years. Factors such as data security, privacy concerns, and increased overhead expenditure for employing an additional workforce to handle the RPM system may pose a challenge to the players operating in this market.
Remote Patient Monitoring Market: Future Outlook
The global remote patient monitoring market is segmented by product, application, end user, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.
Based on product, in 2022, the monitoring devices segment is expected to account for the largest share of the global remote patient monitoring market. The large market share of this segment is attributed to the high utilization of various monitoring devices, especially in chronic disease management, an increase in the geriatric population, and a surge in chronic disease incidences such as cardiac and respiratory diseases and diabetes.
Based on application, the global remote patient monitoring market is segmented into COVID-19, cardiovascular diseases, cancer, diabetes, neurological disorders, and other applications. In 2022, the cardiovascular diseases segment is expected to account for the largest share of the global remote patient monitoring market. The large market share of this segment is attributed to the high global prevalence of cardiovascular diseases such as coronary artery disease, high blood pressure, congestive heart failure, arrhythmia, and stroke. Cardiovascular diseases are regarded as one of the leading causes of death globally, posing a high economic burden. The advantages offered by remote patient monitoring in cardiac disease monitoring boost its adoption for cardiovascular diseases application.
Based on end user, in 2022, the hospitals segment is expected to account for the largest share of the global remote patient monitoring market. The large market share of this segment is attributed to the increased adoption of remote monitoring systems for its benefits, such as efficient patient management and operational cost savings. Hospitals are increasingly using remote monitoring techniques to ensure the safety of their doctors and nurses.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2022, North America is expected to account for the largest share of the remote patient monitoring market, followed by Europe and Asia-Pacific. The large market share of this market is attributed to factors such as the high adoption of telehealth services, a robust healthcare system in the region, and key market players in the region.
The key players operating in the global remote patient monitoring market are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Boston Scientific Corporation (U.S.), Siemens Healthineers AG (Germany), Abbott Laboratories (U.S.), General Electric Company (U.S.), F. Hoffmann-La Roche AG (Switzerland), Baxter International Inc. (U.S.), Cerner Corporation (U.S.), DexCom, Inc. (U.S.), and VitalConnect (U.S.).
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