Remote Patient Monitoring (RPM) Market Outlook 2030: Industry Insights & Opportunity Evaluation, 2019-2030

Remote Patient Monitoring (RPM) Market: Market Segments: By Type (Heart Monitors, Breath Monitors, Hematology Monitors, Multi-parameter Monitors, and Other); By Application (Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Management and Fitness Monitoring and Other); By End User (Home Care Settings, Hospital/Clinics and Other); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030

Product Overview

Remote patient monitoring (RPM) is a technology used to collect medical and health-related data from individuals at one location and electronically transmit it to a healthcare provider at another location. RPM is used to remotely monitor and analyze physiological parameters such as blood oxygen levels, blood pressure, vital signs, heart rate, and blood sugar, which improves the quality of care, quality of life, and allows early prediction of aggravations and exacerbations.

Market Highlights

Remote Patient Monitoring (RPM) Market is expected to project a notable CAGR of 38.6% in 2030.

Remote Patient Monitoring (RPM) Market to surpass USD 125.1 Million by 2030 from USD 23.5 Million in terms of value growing at a CAGR of 38.6% throughout the forecast period, i.e., 2020-30. 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.

Remote Patient Monitoring (RPM) Market: Segments

Heart Monitor Segment to grow with the highest CAGR during 2020-30

Remote Patient Monitoring (RPM) Market is segmented by type as heart monitors, breath monitors, hematology monitors, multi-parameter monitors, and other. The Heart Monitor segment is estimated to lead the market with a share of over 80.0% of remote patience monitoring market in 2019 and this trend is expected to continue during the forecast period. Heart rate monitor is identified as the dominating product sub-segment due to the increasing incidence of cardiac conditions globally.

Remote Patient Monitoring (RPM) Market: Market Dynamics

Drivers

Rising Burden of Chronic Diseases

Chronic heart diseases, diabetes, and chronic respiratory diseases are the leading cause of mortality and morbidity in the world. Chronic care management accounts for 75% of the healthcare costs. The increase in prevalence of chronic conditions places an enormous financial burden on the caregivers. Thus, it reduces the readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease a number of unnecessary trips to the doctor’s office and reduce travel-related expenses that are necessary to receive quality medical care.

Restrain

Stringent Regulatory Framework

The major factors, such as lack of awareness and issues pertaining to price constraints, restrain the growth of RPM market. Despite significant factors driving the wider adoption of remote patient monitoring systems, resistance from the healthcare industry professionals toward the adoption of the patient monitoring system, lack of proper reimbursement policies, and stringent regulatory framework are the challenges faced by the market.

Remote Patient Monitoring (RPM) Market: Key Players

• Abbott Laboratories

• Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.

• Aerotel Medical Systems

• AMD Global Telemedicine

• Baxter International Inc.

• Boston Scientific Corporation

• GE Healthcare

• Masimo Corporation

• Medtronic PLC

• Omron Corporation

Remote Patient Monitoring (RPM) Market: Regions

Remote Patient Monitoring (RPM) Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.

Remote Patient Monitoring (RPM) Market in North America led the market in 2019. Increasing geriatric population, the incidence of chronic diseases, demand for wireless and portable systems coupled with the presence of sophisticated reimbursement structure aimed at cutting out of pocket expenditure levels are the major factors attributed to the regional growth. Europe, especially the Western European countries, due to a higher mortality rate and rising demand for low-cost treatment, is expected to remain the second most profit-generating region over the forecast period. Rising demand for in-house monitoring, supportive central data management systems and rising accuracy and efficiency of remote patient monitors are the high impact rendering drivers for the regional growth.

Remote Patient Monitoring (RPM) Market report also contains analysis on:

Remote Patient Monitoring (RPM) Market Segments:

By Type:

• Heart Monitors

• Breath Monitors

• Hematology Monitors

• Multi-parameter Monitors

• Other

By Application:

• Cancer Treatment

• Cardiovascular Diseases

• Diabetes Treatment

• Sleep Disorder

• Weight Management and Fitness Monitoring

• Other Applications

By End User:

• Home Care Settings

• Hospital/Clinics

• Other

• Remote Patient Monitoring (RPM) Market Dynamics

• Remote Patient Monitoring (RPM) Market Size

• Supply & Demand

• Current Trends/Issues/Challenges

• Competition & Companies Involved in the Market

• Value Chain of the Market

• Market Drivers and Restraints

FAQs on Remote Patient Monitoring (RPM) Market

· Which segment is anticipated to hold the largest market share

· At what CAGR is the market anticipated to grow between 2020 and 2030

· Who are the key players in the Remote Patient Monitoring (RPM) Market

· What could be the challenging factors in the growth of Remote Patient Monitoring (RPM) Market

· What are the growth drivers for the Remote Patient Monitoring (RPM) Market