The global remote patient monitoring market is projected to reach USD 175.2 Billion by 2027 from USD 53.6 Billion in 2022, at a CAGR of 26.7% during the forecast period. 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. However, the regulatory variations across regions, healthcare fraud, and informal usage of social media practices is expected to restrain the market growth during the forecast period.
The prominent players operating in the remote patient monitoring market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG (Germany), OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care Solutions (US), Vivify Health, Inc. (US), ALTEN Calsoft Labs (France), Preventice Solutions (US), Bio-Beat Technologies (Israel), VitalConnect (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), 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 2018 and December 2021.
Koninklijke Philips N.V. (Netherlands) is the leading player in the remote patient monitoring 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.
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.
Driver: rising geriatric population and growing need to expand healthcare access
The rising geriatric population and the growing need to expand healthcare access are major drivers of the remote patient monitoring market. An increasing number of elderly patients who require medical care are driving the demand for remote patient monitoring systems. Remote patient monitoring systems make it easier for elderly patients to stay connected with their physicians and access medical care without having to make frequent trips to the hospital.
Opportunity: high utility of remote patient monitoring in combating infectious diseases and epidemics
Remote patient monitoring (RPM) is a rapidly growing technology that has the potential to revolutionize healthcare delivery. Remote patient monitoring allows healthcare providers to monitor a patient’s health from a distance, typically using wireless technology. By collecting data such as vital signs, physical activity, and sleep patterns, remote patient monitoring can provide medical professionals with a real-time view of a patient’s health and alert them to any changes or potential problems. The utility of remote patient monitoring is particularly high in the context of infectious diseases and epidemics. By allowing healthcare providers to monitor patients from a distance, remote patient monitoring can help them identify symptoms of a disease before they become severe, allowing for early diagnosis and treatment.