According to the new market research report the global remote patient monitoring market is projected to reach USD 117.1 billion by 2025 from USD 23.2 billion in 2020, at a CAGR of 38.2% between 2020 and 2025.
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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 include BioTelemetry Inc. (US), 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 2017 and July 2020.
KONINKLIJKE PHILIPS N.V. (NETHERLANDS)
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. 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)
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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