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Remote patient monitoring (RPM) is a method of healthcare delivery that uses advancements in information technology to gather patient data outside of traditional healthcare settings. RPM improves patient behavior by creating a system by which people are more engaged and accountable for their health. In addition, it is difficult for some patients to access caregivers in some regions; hence, remote patient monitoring increases the capacity for physicians to treat more patients.
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The global remote patient monitoring (RPM) market growth is driven by rising geriatric population and the growing need to expand healthcare access, growing incidences of chronic diseases, benefits of RPM to reduce the burden on medical resource, and increasing investments in telehealth and RPM.
Growing geriatric population and rising demand to expand healthcare access
The growth of the geriatricpopulation is driving the demand for healthcare and long-term care services and has increased the burden on governments and health systems. As per the World Health Organization (WHO) data, the geriatric population is expected to reach 16.0% in 2050. The rising geriatric population and high susceptibility towards chronic conditions such as cardiovascular disorder, diabetes, and sleep disorder are expected to influence the product demand in the forecast period positively. Aging is one of the most significant risk factors for chronic conditions. This factor will drive the market for remote patient monitoring.
Remote patient monitoring enhances the overall reach of and access to healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals.
As per the Centers for Disease Control and Prevention (CDC), over 100 million people have hypertension in the United States. Hypertension further raises the risk of heart disease. The American Heart Association (AHA) also recommends initiatives that improve access to Remote Patient Monitoring (RPM) technologies for more reliable health management.
Supportive government programs and innovation boosts the market growth
Increasing support in government programs and innovation are projected to drive the RPM market growth. For instance, the Centre for Technology and Aging based in California is devoted to rapid technological advancements in a remote patient monitoring system, leading to the maintenance of independent and healthier living. The demand for this equipment in post-acute care has increased the role of the patients in self-health management. This ability to augment self-management skills with advanced tools is expected to impact market growth. Efforts from equipment manufacturers to develop superior products are expected to drive market growth.
Segmentation Analysis
Global Remote Patient Monitoring Market – By Product Type
Services & Software
Devices
Global Remote Patient Monitoring Market – By Application
Cardiovascular Diseases
Global Remote Patient Monitoring Market – By End User
Payers
Providers
Patients
Global Remote Patient Monitoring Market – By Region
North America
South America
Europe
Asia
Middle East & Africa
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The remote patient monitoring market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Koninklijke Philips N.V. , Medtronic, GE Healthcare, Abbott Laboratories, BioTelemetry Inc., Siemens Healthineers AG, Boston Scientific Corporation, OMRON Healthcare, Teladoc Health Inc., Welch Allyn, Wellue Health, Transtekmong others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the remote patient monitoring market globally.
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