Dublin, Nov. 11, 2020 (GLOBE NEWSWIRE) -- The "Remote Patient Monitoring (RPM) Market by Product (Software, Services, Devices, Cardiology, Neurological, Blood Glucose, Neonatal, Weight, Temperature, Neuro) End User (Providers, Hospitals, Clinics, Home Care, Patients, Payers) - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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%
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 market growth during the forecast period.
The software and services segment is expected to grow at the highest rate during the forecast period
Based on product, remote patient monitoring is segmented into software & services, and devices. The software & services segment is projected to register a higher CAGR during the forecast period. The high growth rate of this segment is mainly due to the increased reimbursement for RPM programs and the rising number of chronic illnesses, thus leading to the growing adoption of RPM services across the globe.
The cardiac monitoring devices segment is estimated to account for the largest share of the RPM devices market in 2020
On the basis of type, the devices market is further segmented into cardiac monitoring devices, blood glucose monitoring devices, neurological monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, fetal & neonatal monitoring devices, and other monitoring devices. In 2019, the cardiac monitoring devices segment accounted for the largest share of the market. The rising incidence of hypertension and cardiovascular diseases will give an impetus to the growth of this market.
North America is expected to dominate the remote patient monitoring market in 2020
In 2019, North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the RPM market can be attributed to the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing overall & geriatric population.
The market in the Asia Pacific region, on the other hand, is projected to register the highest CAGR during the forecast period. Emerging countries in the APAC region, such as India and China, offer lucrative growth opportunities for market players, primarily due to increasing the geriatric population, improving healthcare infrastructure, rapid economic growth, and rising living standards.
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
Increasing Investments in Telehealth & Rpm
Regulatory Variations Across Regions
Informal Usage of Social Media Practices
Role and Impact of Ai in Remote Patient Monitoring
High Utility of Rpm in Combating Infectious Diseases and Epidemics
Behavioral Barriers, Healthcare Affordability, and the Lack of Awareness
Data Accessibility Issues
Impact of COVID-19 on the Remote Patient Monitoring Market
Value Chain Analysis
Alten Calsoft Labs (A Subsidiary of Alten Group)
Boston Scientific Corporation
Omron Healthcare Inc. (A Part of Omron Corporation)
Resideo Life Care Solutions
Siemens Healthineers Ag
Teladoc Health Inc.
Vivify Health, Inc.
Welch Allyn (A Subsidiary of Hill Rom Services, Inc.)
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