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 the remote patient monitoring market.
According to the new market research report the remote patient monitoring market size is projected to reach 175.2 Billion by 2027 from USD 53.6 Billion in 2022, at a CAGR of 26.7%
Based on the product, the remote patient monitoring services market is segmented into software & services and devices. The software and services segment accounted for the largest share of the global market in 2019. The large share 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.
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Based on end users, the global market is broadly segmented into providers, payers, patients, and other end users. The providers’ segment accounted for the largest share of the global remote patient monitoring devices marketin 2019. This can be attributed to the increased adoption of remote monitoring in chronically ill and old aged patients, advancements in RPM monitoring devices, and the increasing number of RPM services offered by providers.
The prominent players operating in the remote patient monitoring market include BioTelemetry Inc. (US), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG Germany, OMRON Healthcare (Japan), ALTEN Calsoft Labs (France), Preventice Solutions (US), VitalConnect (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), Boston Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care Solutions (US), Vivify Health, Inc. (US), Bio-Beat Technologies (Israel), iRhythm Technologies, Inc. (US), and VivaLNK Inc. (US)., among others. Players in this market focused on partnerships, collaborations, agreements, acquisitions, mergers, expansions, and product launches & approvals to expand their market presence between January 2017 and July 2020.
KONINKLIJKE PHILIPS N.V. (NETHERLANDS)
Koninklijke Philips N.V. (Netherlands) is the leading player in the remote patient monitoring system market. The company’s expertise, experience, and comprehensive capabilities in various industries and business functions enable it to maintain its leading position in the market. The company has a wide global presence with North America, the Asia Pacific, the Middle East, Africa, Latin America, and Europe. The company focuses on achieving sustainable growth by enhancing its operating base and launching competitive technologies. In 2020, Philips launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal & maternal monitoring. Also, in 2020, the company launched data-driven personalized connected care solutions for oral health, mother & childcare, and sleep care—Sonicare oral healthcare ecosystem, Avent mother and childcare ecosystem, and SmartSleep ecosystem in the remote patient monitoring market.
Medtronic (Ireland) held the second position in the global remote patient monitoring market in 2019. The company has a wide geographic base—it operates in more than 350 locations in over 150 countries, with subsidiaries in Ireland, Israel, and the US. The company markets many products and care management services, including remote monitoring platforms and patient-centered software. Medtronic focuses on long-term growth strategies of therapy innovation, globalization, and economic value to increase its market share. The company has also demonstrated a commitment to inorganic growth strategies by adopting partnerships, agreements, and collaborations to strengthen its remote patient monitoring market position.
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North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the remote patient monitoring market can be attributed to the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing overall & geriatric population.
Mr. Aashish Mehra
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