Remote Patient Monitoring Systems Market by Offering [Device, Software and Services], Application [Blood Glucose Monitoring, Cardiac Monitoring, Respiratory Monitoring, Neuro Monitoring, Hemodynamic/Pressure Monitoring and Weight Monitoring] End User [Providers, Payers and Patients] – Global Outlook & Forecast 2021-2031
According to the deep-dive market assessment study conducted by Growth+ Reports, the global remote patient monitoring systems (RPM) market was pegged at ~US$ 22.5 billion in 2020. The market is expected to witness a CAGRof ~37.7% from 2021 to 2031.
Increasing prevalence of chronic diseases, rising demand and adoption of wearable/remote monitoring devices, increasing launch of technologically advanced devices, and increasing investments in remote patient monitoring systems are some of the pivotal factors propelling the growth of the remote patient monitoring systems market. However, risk related to security and privacy is likely to restrain market growth to a certain extent.
The rapid spread of coronavirus disease (COVID-19) across almost every country worldwide, has resulted in severe health problems. The first case of COVID-19 was found in December 2019 and by the end of Dec 2020, the patient count surged to more than 90.3 million globally. Several prominent players are making an effort to accelerate the identification of COVID-19-positive patients, predict symptom, and disease severity in patients, healthcare workers and other at-risk individuals in critical service sectors. For instance, in February 2021, Royal Philips launched the Philips Medical Tablet, a portable monitoring kit designed to help clinicians remotely monitor larger patient population during emergency healthcare situations like the COVID-19 pandemic.
Chronic diseases such as cancer, heart attack and stroke, chronic respiratory problems, and diabetes are the leading causes of deaths globally. In 2016, an estimated 1.6 million deaths were directly caused by diabetes. Whereas, according to the WHO, an estimated 17.9 million people died from CVDs in 2016, representing 31% of all global deaths. Of these deaths, 85% were due to heart attack and stroke. Hence, the rising prevalence of these diseases coupled with increasing awareness among the people for timely diagnosis & treatment is expected to propel the growth of the global remote patieint monitoring systems market. Furthermore, increased demand is also driven by the rising baby boomer population.
The remote patient monitoring systems consist of smart sensors, artificial intelligence (AI), the Internet of Things (IoT), big data, robots, and radar technologies, that can help track, manage and also prevent diseases. They can measure the heart rate, body temperature, blood pressure, and respiration of the elderly living in homes, and can also detect risk indicators, such as worsening disease conditions, falls, and other life-threatening situations. According to a 2019 report published by the Consumer Technology Association, 88% of healthcare providers have invested in, or are evaluating investments in RPM technologies and services. These factors are anticipated to increase the adoption of the wearables/remote patient monitoring system, thereby boosting the growth of the market in the forecast period.
However, security and privacy is believed to be the main risk associated with the device remains a major concern for growth of the remote patient monitoring systems market. Patient monitoring systems that are used remotely, works over digital networks, are more susceptible to hacking and the associated breach of privacy and other security issues. This factor may increase the concern among the users and is expected to limit the use of the system, thereby hampering the growth of the market to a certain extent.
Asia Pacific is projected to be the fastest growing remote patient monitoring system market. The high growth of region can mainly be attributed to developing healthcare infrastructure, growing demand for remote/home based monitoring devices, and growing government initiatives. Countries such as India, China, and Japan in the APAC region, are projected to offer significant growth opportunities owing to presence of large patient population, rising prevalence of acute and chronic diseases, and rising adoption of telemonitoring.
Some of the prominent players operating in the remote patient monitoring system market are General Electric Company, Abbott Laboratories Inc., Medtronic PLC, Koninklijke Philips N.V., Siemens Healthcare GmbH, Boston Scientific Corporation, Cerner Corporation, Omron Healthcare, Inc., BioTelemetry, Inc., and Vivify Health, Inc., among others.