The global remote patient monitoring systems market is anticipated to grow at a significant CAGR of 10.5% during the forecast period. The major factor driving the growth of the market is, increasing cases of hypertension which leads to a rising risk of cardiovascular diseases. For instance, According to a report published by World Health Organization (WHO), in August 2021, started that hypertension is a serious medical condition approximately 1.28 billion adults aged between 30-79 years across the globe are having hypertension. Hence, it increases the risks of heart, brain, kidney, and other diseases and approximately 1 in 5 adults (21%) with hypertension are under control between 2010 and 2030 to reduce the prevalence of hypertension by 33%.
Moreover, in middle and low-income countries the adoption of these devices and software is low due to the high implementation cost attributed to it the market is being disrupted by such factors. Furthermore, growing infectious diseases across the globe are creating opportunities due to they are difficult conditions to treat in hospitals as all the people are getting infected. Hence, to limit the growth of infectious diseases the key players can focus on developing devices that are used in the treatment of these diseases through remote patient monitoring devices.
Impact of COVID-19 Pandemic on Global Remote Patient Monitoring Systems Market
In COVID-19 the remote patient monitoring systems market has witnessed incredible growth owing to the increased adoption of devices for remote monitoring of patients due to governments of various countries imposing travel restrictions. According to the report published by Food And Dru Administration (FDA), in July 2021, It has approved and issued EUAs for certain remote and wearable patient monitoring systems that will help grow the availability of monitoring and treatment of patients during COVID-19. The remote Remote Patient QT Interval Monitor, Remote Patient Monitor, and others. Moreover, in June 2020, US Food and Drug Administration (FDA) approved Abbott Laboratories glucose monitoring device for diabetes products. Due to the increase in demand by end-user of the market and patients due to fear of getting attacked by COVID-19 the increased demand for remote patient monitoring has led to market high growth over the COVID-19 period.
Segmental Outlook
The remote patient monitoring systems are segmented on the basis of device type, application, and end-user. On the basis of device type, the market is sub-categorized into heart monitors, breath monitors, hematology monitors, multi-parameter monitors, and others. On the basis of application, the market is sub-classified into cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorder, weight management and fitness monitoring, and others. Based on end-user the market is fragmented into home care settings, hospitals/clinics, and others. Among the application segment, the cardiovascular disease segment is anticipated to fastest growing owing to the increasing number of cardiac patients pool and also the rising prevalence of the cardiovascular disease across the globe. Hence, owing to it the demand for this disease monitor is been increased.
Global Remote Patient Monitoring Systems Market Share by Device Type, 2021 (%)
The Multi-parameter Monitors Segment is Dominating the Global Remote Patient Monitoring Systems Market
Multi-parameter monitor segment is dominating in the market owing to these devices measure a various number of parameters that include, arterial blood pressure, heart rate, body and skin temperature, oximetry, and others. These devices are not only used by hospital professionals but also by health-conscious populations as hypertension, sleep, breath, and activity monitors and among others are performed in these devices. Furthermore, in COVID-19 remote patient monitoring devices were more in demand owing of people were in fear of getting COVID-19 in turn, the multi-parameter monitor segment witnessed positive growth as these devices help patients in monitoring oxygen, breath rate, and heart rate monitoring. For instance, in January 2021, Biobeat launched a new home-based remote patient monitoring kit that receives updates and deterioration alerts. Moreover, it is approved by FDA and has also cleared CE Mark for wearable chest monitors it is an AI-powered remote patient monitoring technology.
Regional Outlooks
The global remote patient monitoring systems market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East &Africa, and Latin America). North America is holding a prominent share in the market owing to the presence of a well-established healthcare infrastructure in the North America region.
Global Remote Patient Monitoring Systems Market Growth, by Region 2022-2028
The Asia Pacific Region is Fastest Growing in the Global Remote Patient Monitoring Systems market
The Asia Pacific is expected to augment the fastest growth due to a large number of the undiagnosed patient population, rapid urbanization, and increasing medical tourism in the region. Moreover, increasing awareness coupled with blood glucose monitoring devices increases the demand for high adoption of the devices in the Asia Pacific. Furthermore, an increasing number of cardiovascular diseases and an increasing elder age population in the region. In addition, the presence of market players and establishing a healthcare infrastructure that is focused on product launches, approvals, and partnerships to remain competitive in the market are factors that drive the market growth. For instance. in April 2020, Caretaker Medical, announced Australia's first "virtual hospital" to monitor COVID-19 patients at home, to help reduce the Australian health system's rapid response. The technology supporting virtual access will be used to monitor patients in their homes.
Market Players Outlook
The competitive landscape includes key strategies of leading players, recent developments, and key company analysis. The major players that contribute to the growth of the market include - Boston Scientific Corp., Caretaker LLC., General Electric Co., Honeyweill International Inc., Koninklijke Philips N.V., Qualcomm Technologies, Inc., Siemens Healthcare GmbH, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in August 2021, CareVention HealthCare launched a remote patient monitoring service that uses biosensors and artificial intelligence to monitor patients' vital signs. These services were developed in partnership with health care tech company Thaïs for monitoring devices that send data to the Thais monitor center.
The Report Covers
1. Report Summary
• Current Industry Analysis and Growth Potential Outlook
• Impact of COVID-19 on the Global Remote Patient Monitoring Market
• Recovery Scenario of Global Remote Patient Monitoring Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Boston Scientific Corp.
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Caretaker, LLC.
3.2.1. Overview
3.2.2. Financial Analysis
3.2.3. SWOT Analysis
3.2.4. Recent Developments
3.3. General Electric Co.
3.3.1. Overview
3.3.2. Financial Analysis
3.3.3. SWOT Analysis
3.3.4. Recent Developments
3.4. Koninklijjke Philips N.V.
3.4.1. Overview
3.4.2. Financial Analysis
3.4.3. SWOT Analysis
3.4.4. Recent Developments
3.5. Siemens Healthcare GmbH
3.5.1. Overview
3.5.2. Financial Analysis
3.5.3. SWOT Analysis
3.5.4. Recent Developments
3.6. Key Strategy Analysis
3.7. Impact of Covid-19 on Key Players
4. Market Segmentation
4.1. Global Remote Patient Monitoring Market by Device Type
4.1.1. Heart Monitors
4.1.2. Breath Monitors
4.1.3. Hematology Monitors
4.1.4. Multi-parameter Monitors
4.1.5. Other
4.2. Global Remote Patient Monitoring Market by Application
4.2.1. Sleep Disorder
4.2.2. Cancer Treatment
4.2.3. Diabetes Treatment
4.2.4. Cardiovascular Diseases
4.2.5. Weight Management and Fitness Monitoring
4.2.6. Other
4.3. Global Remote Patient Monitoring Market by End-User
4.3.1. Home Care Settings
4.3.2. Hospitals/Clinics
4.3.3. Other
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. 100Plus
6.2. Abbott
6.3. ACME Consulting
6.4. Baxter International Inc.
6.5. Biobeat
6.6. Cardiomo Care, Inc.
6.7. Cerner Corp.
6.8. ChroniSense Medical, Ltd.
6.9. Dexcom, Inc.
6.10. Docobo Ltd.
6.11. DrKumo Inc.
6.12. Honeyweill International Inc.
6.13. Masimo Corp.
6.14. Medopad Ltd.
6.15. Medtronic Plc
6.16. Neteera
6.17. Nihon Kohden Corp.
6.18. OMRON Healthcare, Inc.
6.19. Orion Health
6.20. Preventice Solutions, Inc.
6.21. Qualcomm Technologies, Inc.
6.22. Resideo Technologies Inc.
6.23. Schiller AG
6.24. Smart Meter LLC.
6.25. Teladoc Health, Inc.
6.26. VitalConnect
6.27. Vitls Inc.
6.28. VivaLNK, Inc.
6.29. Vivify Health Inc
1. GLOBAL REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2021-2028 ($ MILLION)
2. GLOBAL REMOTE PATIENT HEART MONITORING DEVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL REMOTE PATIENT BREATH MONITORING DEVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($MILLION)
4. GLOBAL REMOTE PATIENT HEMATOLOGY MONITORING DEVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($MILLION)
5. GLOBAL REMOTE PATIENT MULTI-PARAMETER MONITORING DEVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($MILLION)
6. GLOBAL REMOTE PATIENT MULTI-PARAMETER MONITORING DEVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($MILLION)
7. GLOBAL REMOTE PATIENT OTHERS MONITORING DEVICE MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($MILLION)
8. GLOBAL REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
9. GLOBAL REMOTE PATIENT MONITORING IN CANCER TREATMENT MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
10. GLOBAL REMOTE PATIENT MONITORING IN DIABETES TREATMENT MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL REMOTE PATIENT MONITORING IN CARDIOVASCULAR DISEASES MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL REMOTE PATIENT MONITORING IN SLEEP DISORDER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
13. GLOBAL REMOTE PATIENT MONITORING IN WEIGHT MANAGEMENT AND FITNESS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
14. GLOBAL REMOTE PATIENT MONITORING IN OTHER MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
15. GLOBAL REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
16. GLOBAL REMOTE PATIENT MONITORING FOR HOME CARE SETTINGS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
17. GLOBAL REMOTE PATIENT MONITORING IN HOSPITALS/CLINICS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
18. GLOBAL REMOTE PATIENT MONITORING IN OTHERS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
19. NORTH AMERICAN REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
20. NORTH AMERICAN REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2021-2028 ($ MILLION)
21. NORTH AMERICAN REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
22. NORTH AMERICAN REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
23. EUROPEAN REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
24. EUROPEAN REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2021-2028 ($ MILLION)
25. EUROPEAN REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
26. EUROPEAN REMOTE PATIENT MONITORINGMARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
27. ASIA-PACIFIC REMOTE PATIENT MONITORINGMARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
28. ASIA-PACIFIC REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2021-2028 ($ MILLION)
29. ASIA-PACIFIC REMOTE PATIENT MONITORINGMARKET RESEARCH AND ANALYSIS BY APPLICATION, 2021-2028 ($ MILLION)
30. ASIA-PACIFIC REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY END-USER, 2021-2028 ($ MILLION)
31. REST OF THE WORLD REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
32. REST OF THE WORLD REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY DEVICE TYPE, 2021-2028 ($ MILLION)
33. REST OF THE WORLD REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY APPLICATION,2021-2028 ($ MILLION)
34. REST OF THE WORLD REMOTE PATIENT MONITORING MARKET RESEARCH AND ANALYSIS BY END-USER,2021-2028 ($ MILLION)