Market Research Future (MRFR) expects the Remote Patient Monitoring Market to reach USD 6.42 billion by 2030 and record a growth rate of 18.64% between 2022 and 2030.
Top Drivers and Major Challenges
The COVID-19 outbreak has been quite favorable for the remote patient monitoring industry. Remote monitoring systems help efficiently manage chronic diseases in various ways, including assessing early warning signs, progress tracking, and more. These useful applications are bound to create a huge demand for these systems in the years to come. Annually, chronic illnesses account for more than 90% of the total healthcare costs in the United States. These conditions can be prevented if there is timely assistance available for patients, a feature that is provided by remote monitoring systems. These delay visits to the emergency room and also reduce hospitalization rates, with telemedicine apps automating and digitizing critical tasks. This helps bring down hospital administrative activities, thereby boosting the use of remote monitoring systems. The fact that the pandemic has caused notable space constraints in hospitals will also enhance the need for remote patient monitoring systems.
Patients dealing with chronic diseases are being advised not to visit hospitals, given the threat of infections. This factor has accelerated the growth rate of the remote patient monitoring market to a great extent. Also, massive investments by firms as part of collaborations, acquisitions, and partnerships with new startups will benefit the global market.
Personalized telemedicine apps are in huge demand among people, as these offer a solid communication platform for real-time, remote monitoring, acting as a link between the patient and the caregiver. This borne out of necessity advanced offering has transformed market dynamics of remote patient monitoring systems, following the COVID-19 outbreak. This has not only sped up people’s recovery rates but also helped providers enhance their revenue streams.
The American Heart Association and similar other organizations come up with different initiatives aimed at elevating access to remote patient monitoring technologies for improved health management. Efforts by the top device manufacturers in terms of developing advanced systems will augment market demand in subsequent years. To cite a reference, in May 2022, Novant Health formed an alliance with Health Recovery Solutions to launch a new remote patient monitoring system. This system offers effective care and accurate outcomes. The pilot program will be introduced and will focus majorly on bariatric patients, before exploring spaces.
Nihon Kohden Corporation (Japan), OSI Systems, Inc. (US), GE Healthcare (US), Cerner Corporation (US), Koninklijke Philips N.V. (Netherlands), Abbott Laboratories (US), Siemens Healthineers AG (Germany), Medtronic plc (Ireland), OMRON Healthcare (Japan), and Boston Scientific Corporation (US) are the most affluent companies active in the remote patient monitoring industry.
Services and devices are the major types of remote patient monitoring in the market.
- The various types of devices are Respiratory Monitoring, Blood Glucose Monitoring, Multi-parameter Monitoring, Cardiac Monitoring, and more.
- Applications of remote patient monitoring systems are Diabetes, Cardiovascular Diseases, Cancer, and more.
- Key end-users in the market include Providers, Patients, as well as Payers.
North America is the most successful market for remote patient monitoring systems, with its revenue share expected to continue to grow in the years to come. The escalating cases of chronic diseases, the burgeoning use of portable and wireless systems as well as the presence of advanced reimbursement structures that bring down out-of-pocket expenditures benefit the regional industry. Besides, the surging R&D for designing novel, efficient sensor-based patient monitoring systems and the rising efforts by renowned companies in the region, especially in the US, will further strengthen the market position.
The Asia Pacific market could anticipate growth at the fastest pace in the given period, thanks to various untapped opportunities in emerging nations like India and China. However, Japan will be the highest revenue generator in the years to come, due to the expansive population of old age patients.
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