DUBLIN–(BUSINESS WIRE)–The “Remote Patient Monitoring (RPM) Market by Product (Software, Services, Devices, Cardiology, Neurological, BP Monitors, Neonatal, Weight, Temperature, Neuro), End user (Providers, Hospitals, Clinics, Homecare, Patients, Payers) – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global remote patient monitoring market is projected to reach USD 175.2 Billion by 2027 from USD 53.6 Billion in 2022, at a CAGR of 26.7%
The rising geriatric population and the growing need to expand healthcare access, cost benefits of telehealth and remote patient monitoring, benefits of RPM to reduce the burden on medical resources, advancements in telecommunications, growing incidences of chronic diseases, and increasing investments in telehealth and RPM are the major factors driving the growth of this market.
However, the regulatory variations across regions, healthcare fraud, and informal usage of social media practices is expected to restrain the market growth during the forecast period.
Software and services segment is expected to grow at the highest rate during the forecast period
Based on product, remote patient monitoring is segmented into software & services and devices. The software & services segment is projected to register a higher CAGR during the forecast period. The high growth rate of this segment is mainly due to the increasing reimbursement for RPM programs and the rising number of chronic illnesses, thus leading to the growing adoption of RPM services across the globe.
Cardiac monitoring devices segment is estimated to account for the largest share of the RPM devices market in 2022
On the basis of type, the devices market is further segmented into cardiac monitoring devices, blood glucose monitoring devices, neurological monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, fetal & neonatal monitoring devices, and other monitoring devices. In 2021, the cardiac monitoring devices segment accounted for the largest share of the market. The rising incidence of hypertension and cardiovascular diseases will give an impetus to the growth of this market.
North America is expected to dominate the remote patient monitoring market in 2022
In 2021, North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the RPM market can be attributed to the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing overall & geriatric population.
The market in the Asia Pacific region, on the other hand, is projected to register the highest CAGR during the forecast period. Emerging countries in the APAC region, such as India and China, offer lucrative growth opportunities for market players, primarily due to increasing the geriatric population, improving healthcare infrastructure, rapid economic growth, and rising living standards.
- Cost Benefits of Telehealth & Telemedicine Coupled with the Rising Technological Advancements in Remote Patient Monitoring Devices Are the Key Growth Drivers for this Market
- Providers Accounted for the Largest Share of the Rpm Market in 2021
- The US Accounted for the Largest Share of the Market in North America for Remote Patient Monitoring in 2021
- Asia-Pacific Market to Register the Highest Growth Rate During the Forecast Period
- Rising Geriatric Population and the Growing Need to Expand Healthcare Access
- Cost Benefits of Telehealth and Remote Patient Monitoring
- Benefits of Rpm to Reduce the Burden on Medical Resources
- Advancements in Telecommunications
- Increasing Investments in Telehealth & Rpm
- Regulatory Variations Across Regions
- Healthcare Fraud
- Informal Usage of Social Media Practices
- Role and Impact of Ai in Remote Patient Monitoring
- High Utility of Rpm in Combating Infectious Diseases & Epidemics
- Significant Opportunities in Data Monetization of Patient Data
- Data Privacy Concerns, Healthcare Affordability, and Limited Awareness
- Data Accessibility Issues
- Impact of COVID-19 on the Remote Patient Monitoring Market
Key Industry Trends
Software and Services: Convenience and the High Utility of Rpm Are the Key Factors Driving the Demand for Remote Monitoring Software & Services
- Cardiac Monitoring Devices: The Rising Incidence of Cardiovascular Diseases Drives the Demand for Ecg Monitors, Thus, Driving the Market Growth in this Segment
- Blood Pressure Monitoring Devices: Convenience and the Growing Demand for Blood Pressure Meters Have Ensured High Market Growth in this Segment
- Neurological Monitoring Devices: Growing Prevalence of Neurological Diseases to Drive the Growth of this Segment
- Respiratory Monitoring Devices: The Growing Adoption of Pulse Oximeters for Self-Monitoring During the COVID-19 Pandemic is a Key Factor Driving the Market Growth of this Segment
- Multiparameter Monitoring Devices: The Increasing Prevalence of Chronic Diseases is a Major Factor Driving the Market Growth for this Segment
- Blood Glucose Monitoring Devices: Growth in the Global Diabetic Population Will Ensure a Strong Demand for Blood Glucose Monitoring Devices
- Fetal & Neonatal Monitoring Devices: Rising Number of Preterm Births Globally, to Ensure the Strong Demand for Rpm Solutions in this Segment
- Weight Monitoring Devices: Rising Obesity Levels Ensure a Strong Demand for Weight Monitoring Devices, Thus Driving the Market Growth for this Segment
- Hospitals and Clinics: Hospitals and Clinics Contribute to the Highest Share of the Providers Market in the Remote Patient Monitoring Market in 2021
- Home Care Settings and Long-Term Care Centers: A Rise in the Global Geriatric Population Requiring Long-Term Care to Support the Growth of this End-User Segment
- Ambulatory Care Centres: The Gradual Shift of Patient Care from Inpatient to Outpatient Settings Drives the Growth of this End-User Segment
- Payers: Increasing Reimbursements for Remote Patient Monitoring to Drive the Segment Growth
- Patients: Cost-Benefits and the Emergence of Advanced Wearable Monitors to Support the Demand for Rpm Devices Among Patients
- Koninklijke Philips
- Omron Healthcare Inc. (A Part of Omron Corporation)
- GE Healthcare
- Cerner Corporation
- Siemens Healthineers Ag
- Boston Scientific Corporation
- Abbott Laboratories
- Alten Calsoft Labs (A Subsidiary of Alten Group)
- Resideo Life Care Solutions
- Vivify Health, Inc.
- Preventice Solutions
- Bio-Beat Technologies
- Welch Allyn (A Subsidiary of Hill Rom Services, Inc.)
- Teledoc Health Inc.
- Dexcom, Inc.
- Irhythm Technologies
- Vivalnk Inc
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