Remote Patient Monitoring (RPM) Market to surpass USD 125.1 Million by 2030 from USD 23.5 Million in terms of value growing at a CAGR of 38.6% throughout the forecast period, i.e., 2020-30. 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. Moreover, the need to maintain the average healthcare expenditure is one of the major reasons for the growth of the market. Furthermore, their high capability to monitor various chronic conditions, such as diabetes, cardiovascular conditions, and cancer, is expected to fuel the demand for remote patient monitoring systems.
Remote patient monitoring (RPM) is a technology used to collect medical and health-related data from individuals at one location and electronically transmit it to a healthcare provider at another location. RPM is used to remotely monitor and analyze physiological parameters such as blood oxygen levels, blood pressure, vital signs, heart rate, and blood sugar, which improves the quality of care, quality of life, and allows early prediction of aggravations and exacerbations. This reduces the number of emergency department visits and the duration of hospitalization. Remote patient monitoring technology comprises day-to-day monitoring devices, such as glucometers for patients with diabetes and heart or blood pressure monitors for patients getting cardiac care. Information can be sent to a physician’s workplace by using telehealth communication links, by using a software application installed on the patient’s internet-capable computer, smartphone, or tablet.
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Remote Patient Monitoring (RPM) Market: Key Players
- Abbott Laboratories
- Aerotel Medical Systems
- AMD Global Telemedicine
- Baxter International Inc.
- Boston Scientific Corporation
- GE Healthcare
- Masimo Corporation
- Medtronic PLC
- Omron Corporation
Remote Patient Monitoring (RPM) Market: Segments
Heart Monitor Segment to grow with the highest CAGR during 2020-30
Remote Patient Monitoring (RPM) Market is segmented by type as heart monitors, breath monitors, hematology monitors, multi-parameter monitors, and others. The Heart Monitor segment is estimated to lead the market with a share of over 80.0% of remote patience monitoring market in 2019 and this trend is expected to continue during the forecast period. Heart rate monitor is identified as the dominating product sub-segment due to the increasing incidence of cardiac conditions globally. The surge in the number of individuals with heart disorders has led to the increased usage of these monitors. The 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, raise awareness among the people to use early and easy monitoring devices.
Cardiovascular disease Segment to grow with the highest CAGR during 2020-30
Remote Patient Monitoring (RPM) Market is segmented by application into cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorder, weight management and fitness monitoring, and others. Cardiovascular disease emerged as the leading application segment in 2019 and accounted for over 30.0% of the market share. Globally rising geriatric population and the crisis of chronic diseases are expected to be the high impact rendering drivers for the growth over the forecast period. The cardiovascular disease treatment segment is expected to witness lucrative growth over the forecast period due to the increasing prevalence of the disease. RPM technologies come into role play and identify small changes in the patient’s physiological data and promote self-monitoring. Thus, it reduces readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease the number of unnecessary trips to the doctor’s office and reduce travel-related expenses that are necessary to receive quality medical care.
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Remote Patient Monitoring (RPM) Market: Market Dynamics
Rising Burden of Chronic Diseases
Chronic heart diseases, diabetes, and chronic respiratory diseases are the leading cause of mortality and morbidity in the world. Chronic care management accounts for 75% of the healthcare costs. The increase in the prevalence of chronic conditions places an enormous financial burden on the caregivers. Thus, it reduces readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease the number of unnecessary trips to the doctor’s office and reduce travel-related expenses that are necessary to receive quality medical care. Hence, the increasing focus on a healthy lifestyle, the growing trend of self-monitoring and preventive medicine, and increasing concern for the constant monitoring of health parameters of patients are expected to drive the growth of the overall market.
Stringent Regulatory Framework
The major factors, such as lack of awareness and issues pertaining to price constraints, restrain the growth of the RPM market. Despite significant factors driving the wider adoption of remote patient monitoring systems, resistance from the healthcare industry professionals toward the adoption of the patient monitoring system, lack of proper reimbursement policies, and stringent regulatory framework are the challenges faced by the market.
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Remote Patient Monitoring (RPM) Market report also contains analysis on:
Remote Patient Monitoring (RPM) Market Segments:
- By Type:
- Heart Monitors
- Breath Monitors
- Hematology Monitors
- Multi-parameter Monitors
- By Application:
- Cancer Treatment
- Cardiovascular Diseases
- Diabetes Treatment
- Sleep Disorder
- Weight Management and Fitness Monitoring
- Other Applications
- By End User:
- Home Care Settings
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