Remote Patient Monitoring Market: Global Industry Research Report 2020-2028

Remote Patient Monitoring Market: COVID-19 Impact and Global Analysis Forecast to 2028

Published Date: May 2021

No. of Pages: 207

Status: Upcoming

Report Code: EMR100174

Remote patient monitoring is healthcare service segment which allows a patient to utilize a medical device to perform and monitor a general routine test and send the concerned results of the test to healthcare professionals sitting at remote locations and that too in real time. In attention with the recent drift of patients craving medical care at their homes, numerous remote patient monitoring devices have been launched to eliminate the overall need for frequent visits to health clinics and hospitals. Therefore, remote patient monitoring devices provide a more modified treatment and post treatment plan. Remote patient monitoring is a technique generally used to receive and collect medical and also other health-related information from individual patients present at one location and thus transmit the same automatically to a healthcare professional sitting at a remote location. Remote patient monitoring is used to analyze and monitor physiological parameters such as vital signs, blood oxygen levels, blood pressure, heart rate, and blood sugar thus improving the quality of life, quality of care, and permits easier and earlier prediction of exacerbations and aggravations remotely. This reduces the overall number of duration of hospitalization and emergency department visits. This is attributed to the improving access to healthcare systems, large undiagnosed patient population and a high risk of developing chronic disease due to rapid urbanization.

Diabetes, many prolonged heart diseases such as cancer and prolonged respiratory diseases are the major cause of mortality and morbidity worldwide. Conferring to WHO, prolonged care management accounts for roughly 75% of the complete healthcare expenses. Hence, surge in prevalence of prolonged illnesses creates a huge financial burden on the caregivers. This is the situation where remote patient technologies come into role play and recognizes even the small variations in the patient’s physiological information and sustains self-monitoring. Hence, reduction of readmissions and anticipation of avoidable hospitalizations is accomplished using remote patient monitoring systems. Also, remote patient monitoring reduces the number of unnecessary visits to the doctors decrease the overall travel-related payments which are necessary to receive effective medical care. On short and long term basis, remote patient monitoring systems, by properly implementation, can expand access to quality healthcare facilities, and thus can save the total turnaround time and expenditures. Increasing expenditure in healthcare facilities coupled with increasing demand for effective treatment solutions for fatal chronic diseases is anticipated to boost the overall growth of the global remote patient monitoring market. The global remote patient monitoring market is also anticipated to be driven by a rise in the geriatric population suffering from chronic diseases thus propelling the demand for remote patient monitoring devices. In addition, the rising awareness regarding remote patient monitoring devices among skilled physicians and patients; and demand for opinion based diagnosis of chronic diseases due to lack of standard diagnostic tests especially in rural areas is projected to surge the total growth of the global remote patient monitoring market in the near future. However, lack of trained professionals to operate remote patient monitoring devices and systems is expected to hinder the growth of the global remote patient monitoring market. Moreover, insufficiency in maintaining the security and privacy of the stored information and data coupled with lack of general awareness on patient monitoring and lack of uniformity in device functionality are the key factors challenging the growth of the global remote patient monitoring market.

The global remote patient monitoring market can be divided based on product type, end-user, application and geography. By product type, the global remote patient monitoring market can be divided into respiratory monitors, cardiac monitors, hematological monitors and others. On the basis of end-user, the global remote patient monitoring market can be bifurcated into long term care centers, homecare settings, hospitals and others. By application, the global remote patient monitoring market can be segmented into diabetes, sleep apnea, hyperlipidemia, cardiac arrhythmia, ischemic diseases, hypertension and chronic respiratory diseases. By geography, the global remote patient monitoring market can be segmented into North America, Europe, Latin America, Middle East & Africa and Asia-Pacific.

Key players pertaining in the global remote patient monitoring market include Koninklijke Philips N.V., Abbott Laboratories, Boston Scientific Corporation, Medtronic, F. Hoffmann-La Roche Ltd, Nihon Kohden Corporation, LifeWatch AG., St. Jude Medical among others.

The global remote patient monitoring market can be segmented
By Product Type:
• Respiratory monitors
• Cardiac monitors
• Hematological monitors
• Others

By End-User:
• Long term care centers
• Homecare settings
• Hospitals
• Others

By Application:
• Diabetes
• Sleep apnea
• Hyperlipidemia
• Cardiac arrhythmia
• Ischemic diseases
• Hypertension
• Chronic respiratory diseases

By Region:
• North America
• Europe
• Latin America
• Middle East & Africa
• Asia-Pacific

The Leading Key Players in Remote Patient Monitoring Market

Koninklijke Philips N.V.
Abbott Laboratories
Boston Scientific Corporation
Medtronic
F. Hoffmann-La Roche Ltd
Nihon Kohden Corporation
LifeWatch AG.
St. Jude Medical