The Remote Patient Monitoring Systems Market registered a market size of USD 1,031.67 million in 2020 and is expected to reach 1,679.95 million by 2026, registering a CAGR of 8.51 % during the forecast period.
Globally, the COVID-19 pandemic showed enormous pressure on hospitals and healthcare systems that were understaffed and overworked. Remote Patient Monitoring technology helped patients to keep safe within the home while reducing stress on hospitals, emergency rooms, and the front-line health care workers during the pandemic which shows the positive impact on the market.
The major factors driving the market growth include the rising burden of chronic diseases due to lifestyle changes, the rising geriatric population, and the growing demand for home-based monitoring devices. Remote patient monitoring is ambulatory healthcare that allows patients to use a mobile medical device to accomplish a routine test and guide the test data to a healthcare expert in real-time. Globally, the rising chronic disease population along with the increasing aging population increasing demand for home-based monitoring devices which is boosting the market growth. For instance, according to a research article by Kimberly D. Miller et al., published in Cancer Journal for Clinicians 2019, the three most prevalent cancers in 2019 were prostate cancer (3,650,030), colon and rectal cancers (776,120), and melanoma of the skin (684,470) among males, and breast cancer (3,861,520), uterine corpus (807,860), and colon and rectal cancers (768,650) among females.
Worldwide, the use of home-based devices is increasing as these are simple, and can be used by all age groups. Moreover, home-based devices is mainly utilized by geriatric population as this population are more prone to chronic conditions. For instance, according to the World Population Ageing 2019 report, globally, in 2019, there were around 703 million people aged 65 years or over. This number is projected to double to 1.5 billion in 2050. Globally, 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.
In addition, these devices are compact and portable and the patients can wear it all the time without unease. These devices also ensure that the patient's condition is monitored all the time.
Despite, resistance from the healthcare industry professionals toward the adoption of the monitoring systems, lack of proper reimbursement policies in developed markets along with stringent regulatory framework are the factors impeding market growth.
Key Market Trends
Multi Parameter Monitors Segment is Expected to Show Significant Growth over the Forecast Period
Multi-parameter monitors are devices that monitor various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography, with a single device. These devices have become popular as they are small, portable, and user-friendly.
Many people with COVID-19 have low oxygen levels which can be an early warning sign that people need medical care. The impact of COVID-19 on the multi-parameter monitors segment was positive because this monitoring device helped patients to monitor oxygen levels by using oximeters which shows positive impact on the market. For instance, according to a research article by Ingrid Torjesen published in BMJ Journal October 2020, during the COVID-19 pandemic NHS England have purchased around 200,000 pulse oximeters for home scheme in monitoring oxygen saturation levels for people who don't need immediate hospital attention.
These multi-parameter remote monitoring devices are used not only by medical professionals but also by the health-conscious population, as sleep and activity monitors fall in these categories. The increased death rate due to chronic diseases across the developed countries, such as the United States, and the developing countries, raises awareness among the people to use early and easy monitoring devices.
As per the American Heart Association, 2020 Heart Disease and Stroke Statistical Update Fact Sheet, globally, in 2017, an estimated 126.5 million people had ischemic heart disease, and it was more prevalent in males than in females (68.5 and 57.9 million people, respectively). Furthermore, high capability to monitor various chronic conditions, such as cardiovascular conditions, is expected to fuel the demand for remote patient monitoring systems.
The market players adopted various strategies such as product launches, product developments, collaborations and expansions to increase market revenue. For instance, in December 2019, Masimo Corporation received United States FDA approval for the Neonatal RD SET Pulse Oximetry Sensors.
Therefore, rising focus on a healthy lifestyle, increasing concern for the constant monitoring of health parameters of patients and the growing trend of self-monitoring and preventive medicine are expected to drive the growth of the overall market.
North America is Expected to be the Major Contributor to the Market over the Forecast Period
The major factors driving the market growth include growing burden of chronic diseases, increasing geriatric population, demand for wireless and portable systems coupled with the presence of sophisticated reimbursement structure.
The COVID-19 pandemic has changed the landscape of healthcare delivery in United States, with a new shift towards remote patient monitoring. For instance, According to a research article by Darren Roblyer published in Journal of Biomedical Optics October 2020, industrial and academic research projects use these devices to predict a variety of health outcomes and disease states, including surgical recovery, overall mortality, mental health, heart conditions, and others diseases states. Adding to that, in April 2020 during COVID-19 pandemic in the United States, telehealth claims accounted for 20% of submitted medical and dental claims in the northeastern United States.
In addition, there is a growing trend of shifting treatment from hospitals to homes, in order to reduce hospital bills. The increasing economic burden on hospitals due to a large number of inpatients resulting in the increased adoption of remote patient monitoring devices in the United States. Moreover, patients prefer home healthcare due to privacy, cost-effectiveness, and convenience which shows positive impact on market growth.
The market players in the country adopted various strategies such as product launches, product developments, collaborations and expansions to increase market revenue. For instance, in 2020, Masimo Corporation acquired the connected care business from NantHealth, which helped strengthen its position in the connected care market in United States. Therefore, considering above mentioned factors it is expected to show growth over the forecast period.
The remote patient monitoring market is moderately fragmented. Various medical device manufacturers are operating in the market, along with several specialized remote patient monitoring equipment manufacturers. The industry is highly competitive, and there is a growing trend of partnerships and agreements between the industry participants and other medical device manufacturers, in order to incorporate remote patient monitoring functionalities in their devices. Some of the key market players include Abbott Laboratories, Aerotel Medical Systems, AMD Global Telemedicine, Baxter International Inc., Boston Scientific Corporation, GE Healthcare, Masimo Corporation, Medtronic PLC, F. Hoffmann-La Roche AG, and Omron Corporation.
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TABLE OF CONTENTS
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
- 4.1 Market Overview
- 4.2 Market Drivers
- 4.2.1 Rising Burden of Chronic Diseases Due to Lifestyle Changes and Increasing Geriatric Population
- 4.2.2 Growing Demand for Home-based Monitoring Devices
- 4.2.3 Technological Advancements in Remote Patient Monitoring (RPM) Devices
- 4.3 Market Restraints
- 4.3.1 Resistance from Healthcare Industry Professionals
- 4.3.2 Stringent Regulatory Framework
- 4.3.3 Lack of Proper Reimbursement
- 4.4 Porter's Five Force Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
- 5.1 By Type of Device
- 5.1.1 Heart Monitors
- 5.1.2 Breath Monitors
- 5.1.3 Hematology Monitors
- 5.1.4 Multi-parameter Monitors
- 5.1.5 Other Types of Devices
- 5.2 By Application
- 5.2.1 Cancer Treatment
- 5.2.2 Cardiovascular Diseases
- 5.2.3 Diabetes Treatment
- 5.2.4 Sleep Disorder
- 5.2.5 Weight Management and Fitness Monitoring
- 5.2.6 Other Applications
- 5.3 By End User
- 5.3.1 Home Care Settings
- 5.3.2 Hospital/Clinics
- 5.3.3 Other End Users
- 5.4 Geography
- 5.4.1 North America
- 220.127.116.11 United States (By Type of Device, By Application, and By End User)
- 18.104.22.168 Canada (By Type of Device, By Application, and By End User)
- 22.214.171.124 Mexico (By Type of Device, By Application, and By End User)
- 5.4.2 Europe
- 126.96.36.199 Germany (By Type of Device, By Application, and By End User)
- 188.8.131.52 United Kingdom (By Type of Device, By Application, and By End User)
- 184.108.40.206 France (By Type of Device, By Application, and By End User)
- 220.127.116.11 Italy (By Type of Device, By Application, and By End User)
- 18.104.22.168 Spain (By Type of Device, By Application, and By End User)
- 22.214.171.124 Rest of Europe (By Type of Device, By Application, and By End User)
- 5.4.3 Asia-Pacific
- 126.96.36.199 China (By Type of Device, By Application, and By End User)
- 188.8.131.52 Japan (By Type of Device, By Application, and By End User)
- 184.108.40.206 India (By Type of Device, By Application, and By End User)
- 220.127.116.11 Australia (By Type of Device, By Application, and By End User)
- 18.104.22.168 South Korea (By Type of Device, By Application, and By End User)
- 22.214.171.124 Rest of Asia-Pacific (By Type of Device, By Application, and By End User)
- 5.4.4 Middle East and Africa
- 126.96.36.199 GCC (By Type of Device, By Application, and By End User)
- 188.8.131.52 South Africa (By Type of Device, By Application, and By End User)
- 184.108.40.206 Rest of Middle East and Africa (By Type of Device, By Application, and By End User)
- 5.4.5 South America
- 220.127.116.11 Brazil (By Type of Device, By Application, and By End User)
- 18.104.22.168 Argentina (By Type of Device, By Application, and By End User)
- 22.214.171.124 Rest of South America (By Type of Device, By Application, and By End User)
6 COMPETITIVE LANDSCAPE
- 6.1 Company Profiles
- 6.1.1 Abbott Laboratories
- 6.1.2 Aerotel Medical Systems
- 6.1.3 AMD Global Telemedicine
- 6.1.4 Baxter International Inc.
- 6.1.5 Boston Scientific Corporation
- 6.1.6 GE Healthcare
- 6.1.7 Masimo Corporation
- 6.1.8 Medtronic PLC
- 6.1.9 Omron Corporation
- 6.1.10 Philips Healthcare
- 6.1.11 OSI Systems, Inc
- 6.1.12 Hill-Rom Holdings, Inc
- 6.1.13 Dragerwerk AG & Co. KGaA
- 6.1.14 Compumedics Limited
- 6.1.15 Nihon Kohden Corporation
- 6.1.16 F. Hoffmann-La Roche AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS