Remote Patient Monitoring Market Growth - Increasing Prevalence Of Chronic Diseases And Growing Adoption Of Smart Devices

By Author: Healthcare News
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Remote Patient Monitoring Market growth is driven by the increasing prevalence of chronic diseases, rising demand for connected healthcare, and the growing adoption of technology-enabled healthcare solutions. Additionally, the increasing demand for cost-effective healthcare solutions and the availability of government initiatives favorable to the adoption of remote patient monitoring systems are expected to drive the market growth.

Currently, Remote Patient Monitoring Market is growing at a Compound Annual Growth Rate (CAGR) of 26.7% to reach USD 175.2 Billion by 2027. Additionally, the growing demand for healthcare services, the increasing prevalence of chronic diseases, the need for early diagnosis, and the need for better healthcare services are also expected to contribute to the growth of the Remote Patient Monitoring Market.

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... Growth Drivers

Rising prevalence of chronic diseases: The prevalence of chronic diseases is increasing significantly in many countries due to changing lifestyle and eating habits. This trend has increased the demand for effective remote patient monitoring solutions to provide timely diagnosis and treatment of chronic diseases.
Increasing geriatric population: The global geriatric population is increasing rapidly, leading to the need for personalized healthcare services. Remote patient monitoring provides elderly patients with the convenience of being monitored from home, without having to visit a health care facility. This has increased the demand for remote patient monitoring solutions.
Increasing awareness among patients: The growing awareness among patients about the benefits of remote patient monitoring has contributed to its market growth. Through remote patient monitoring, patients can track their health parameters, receive timely notifications, and receive personalized health advice.
Technological advancements: Technological advancements in remote patient monitoring solutions have enabled a range of features such as real-time monitoring, automated data collection, and automated alerts. This has enabled healthcare providers to provide better patient care and improved patient outcomes.
Government initiatives and funding: Governments around the world are investing heavily in the healthcare sector and are promoting the use of remote patient monitoring solutions. This has contributed to the market growth

Growth Opportunities

Role and impact of AI in remote patient monitoring
High utility of RPM in combating infectious diseases & epidemics

Remote Patient Monitoring Industry Trends

1. Increasing Demand for Smart Wearable Devices: The increasing demand for smart wearable devices with features such as activity tracking, remote health monitoring, and advanced biosensing capabilities is expected to drive the growth of the global remote patient monitoring market.

2. Growing Prevalence of Chronic Diseases: The increasing prevalence of chronic diseases such as diabetes, hypertension, and cardiovascular diseases is expected to be a major driver of the remote patient monitoring market.

3. Government Support: Governments around the world are providing financial and regulatory support for remote patient monitoring. This is likely to boost the growth of the market.

4. Increasing Adoption of IoT-Enabled Devices: The increasing adoption of Internet of Things (IoT)-enabled devices is expected to drive the growth of the remote patient monitoring market.

5. Increasing Penetration of Smartphones and Tablets: The increasing penetration of smartphones and tablets is expected to boost the growth of the remote patient monitoring market.
The prominent players operating in the Remote Patient Monitoring Market are

The prominent players operating in the remote patient monitoring market 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.
Recent Developments

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 and maternal monitoring
In 2020, Koninklijke Philips formed collaboration with American Telemedicine Association (ATA) (US). This collaboration helped increase the adoption of telehealth across acute, post-acute, and home care settings.
In 2020, BioTelemetry acquired the On.Demand remote patient monitoring (RPM) and coaching platform, operated by Envolve People Care, Inc., which is a Centene Corporation subsidiary. This acquisition expands chronic RPM and coaching solutions to BioTelemetry’s current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.

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North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the remote patient monitoring market can be attributed to the increasing global population, the rising incidence and prevalence of chronic conditions,, and the rising need to reduce healthcare expenditure.
 

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