Remote patient monitoring, also known as remote patient management, refers to the method of treatment or diagnosis of patients using patient data which is collected outside the healthcare facilities. This allows individuals to reduce healthcare spending for non-critical illnesses as they needn't necessarily be hospitalized. Furthermore, critical hospital resources can also be utilized to meet the needs of patients who are facing life threatening illnesses of injuries. The growth of wearable medical patches and devices, coupled with the advancement in internet and smartphone is helping in the growth of the global remote patient monitoring system market.
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The COVID-19 pandemic is expected to have a positive impact on the global remote patient monitoring system market in the coming years. The growth can be attributed to the fact that individuals are increasingly seeking to get treatment from the comfort of their home. Even patients who have been tested positive for COVID-19 are getting treated at home, due to scope of remote monitoring using connected devices like pulse oximeters, blood pressure monitors, etc., which allow the physicians to suggest treatment based on the patient data. Such factors are aiding in the overall growth of remote patient monitoring system market.
The detailed research study provides qualitative and quantitative analysis of remote patient monitoring system market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.
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Key Findings of the Report:
- In terms of revenue, global remote patient monitoring system market was valued at US$ 980.06 Mn in 2019 and is anticipated to grow at a CAGR of 15.34% over the forecast period.
- The APAC remote patient monitoring system market will see a significant rise in revenue in the coming years due to the growth of medical facilities and nursing centers in countries like China, Malaysia, India, Singapore, etc. Advancement in quality of care and the growth of cloud computing in healthcare which promotes the adoption of connected patient monitoring devices is expected to aid in the growth in revenue.
- Portable remote patient monitoring systems are expected to show considerable growth during the forecast years in the global remote patient monitoring system market. The advancement in medical manufacturing technology that brings down product cost coupled with the rising awareness amongst individuals regarding the use of remote monitoring devices that help in home-based healthcare is a major reason for this forecasted growth.
- Some of the players operating in the global remote patient monitoring system market are Abbott, AliveCor, Inc., ALTEN Calsoft Labs (An ALTEN Group company), BD, Bio-Beat, BioTelemetry, Inc., Boston Scientific Corporation, Cerner Corporation, Dexcom, Inc., F. Hoffmann-La Roche Ltd, GENERAL ELECTRIC COMPANY, iRhythm Technologies, Inc., Koninklijke Philips N.V., Masimo Medtronic, Nihon Kohden Corporation, Omron Healthcare, Inc., OSI Systems, Inc., Preventice Solutions, Inc., Resideo Technologies, Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Siemens Healthcare Limited, VitalConnect, VivaLNK, Vivify Health, Inc., Welch Allyn , amongst others.
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Global Remote Patient Monitoring System Market:
- By Offering
- Products
- Vital Sign Monitors
- Blood Pressure Monitor
- Pulse Oximeter
- Heart Rate Monitor (ECG)
- Temperature Monitor
- Respiratory Rate Monitor
- Brain Monitor (EEG)
- Others
- Specialized Monitors
- Anesthesia monitor
- Blood Glucose Monitor
- Cardiac Rhythm Monitor
- Multi Parameter Monitors
- Respiratory Monitor
- Fetal Heart Monitor
- Prothrombin Monitor
- Others
- Vital Sign Monitors
- Services
- Training and Consulting
- Implementation and Maintenance
- Design and Development
- Others
- Products
- By Speciality
- Anesthesiology
- Cardiology
- Neurology
- Cardiovascular Care
- Urology
- Neonatology
- Pulmonology
- Cancer Care
- Mental Health Care
- Respiratory Care
- Others
- By End-Users
- Hospitals and Clinics
- Pharmaceutical Companies and Research Labs
- Elderly Care Centers
- Home-Care
- Others
- By Functionality
- Portable
- Non-Portable
- By Region
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Denmark
- Finland
- Iceland
- Sweden
- Norway
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- New Zealand
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- Kuwait
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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