Global Remote Patient Monitoring (RPM) Markets, 2020-2025: High Utility of RPM in Combating Infectious Diseases and Epidemics

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.

Market Dynamics

Drivers

• 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

Restraints

• Regulatory Variations Across Regions

• Healthcare Fraud

• Informal Usage of Social Media Practices

Opportunities

• Role and Impact of Ai in Remote Patient Monitoring

• High Utility of Rpm in Combating Infectious Diseases and Epidemics

Challenges

• 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

Ecosystem

Technology Analysis

Company Profiles

• Abbott Laboratories

• Alten Calsoft Labs (A Subsidiary of Alten Group)

• Bio-Beat Technologies

• Biotelemetry, Inc.

• Boston Scientific Corporation

• Cerner Corporation

• Dexcom, Inc.

• GE Healthcare

• Irhythm Technologies

• Koninklijke Philips

• Medtronic

• Omron Healthcare Inc. (A Part of Omron Corporation)

• Preventice Solutions

• Resideo Life Care Solutions

• Siemens Healthineers Ag

• Teladoc Health Inc.

• Vitalconnect

• Vivalnk Inc

• Vivify Health, Inc.

• Welch Allyn (A Subsidiary of Hill Rom Services, Inc.)

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