Remote Patient Monitoring Market’s expected worth by 2030 is USD 4.07 billion
The Global Remote Patient Monitoring Market was worth USD 1.3 billion in 2020 and, with a CAGR of 12.1%, is expected to reach a market value of USD 4.07 billion by 2030.
New York, United States, June 28, 2022 (GLOBE NEWSWIRE) -- The key factors driving the Remote Patient Monitoring Market are the rising number of chronic diseases, increased awareness and a rising geriatric population.Pivotal Insights into the Remote Patient Monitoring Market:
· North America had the highest market share, which stood at 41.67% of the market
· By product, the vital signs monitoring devices held the highest market share at 38.89% of the market.
· By End-users, hospital-based patients held the highest market share at 79.4%.
· By application, diabetes held the largest market share at 12.8%.
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*Factors Driving the Market*
· Rising Chronic Diseases
Chronic diseases are those that last one or more years and require medical care for a prolonged period. Diseases such as cancer, arthritis, dementia and diabetes are examples of chronic diseases. According to the CDC, six out of ten citizens suffer from a chronic disease, and four out of ten have two or more chronic diseases. According to Canadian government statistics, 44% of adults over 20 suffer from at least one chronic disease. According to Eurostat, more than one out of three people above the age of 16 suffer from a chronic disease. According to WHO, chronic diseases cause 41 million deaths each year. Monitoring devices are essential in the treatment plan for chronic conditions. Therefore, with an increasing number of chronic conditions, there will be a rise in remote patient monitoring devices.
· Rising Geriatric Population
The geriatric population is on the rise globally. According to the WHO, China has one of the most rapidly ageing populations in the world; by 2040, over 28% of the population is expected to be above the age of 60. In Canada, over 861,000 people were above the age of 85, 2.3% of the total population. According to the US Census, over 46 million adults are over 65. According to Eurostat, the number of people above 80 is expected to double by the start of the next century. With an ageing population, the number of patients with various diseases also increases; hence, further remote patient monitoring devices would be required to monitor those conditions.
· Increased Awareness
People have become far more aware of their health and well-being due to the pandemic and have been focusing on physical and mental health during the pandemic. There has been an increase in the number of sales of fitness devices, an increasing number of telehealth checkups and an increase in the number of visits to psychologists and psychiatrists. According to the US Department of Health & Human Services(HHS), there has been a 63-fold rise in the number of Medicare-funded telehealth visits, being 840,000 in 2019, rising to 52.7 million in 2020. 20% or one in five people use a fitness device frequently in the US. According to the American Psychological Association (APA), the number of psychologists receiving referrals more than doubled in 2021. Thus with patients and healthcare providers being more aware, we would see a further rise in the use of remote patient monitoring devices.
*Detailed Segmentation Analysis of the Remote Patient Monitoring Market as conducted by Strategic Market Research:*
· Vital signs Monitors
· Special Monitors
· Hospital-based patients
· Ambulatory Patients
· Home Healthcare
· Cardiovascular diseases
· Sleep Disorder
· Weight Management and Fitness Monitoring
· Other Conditions/Diseases
· United Kingdom
· Rest of EuropeAsia Pacific
· South Korea
· Rest of Asia Pacific
Latin America, Middle East and Africa
· South Africa
· Saudi Arabia
· Rest of LAMEA
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Report Coverage Details
Forecast Period 2020-2030
Forecast Period 2020 to 2030 CAGR 12.1%
2030 Value Projection USD 4.07 billion
Base Year 2020
Market Size in 2020 USD 1.3 billion
Historical Data for 2015 - 2019
No. of Pages 135
Companies Shenzhen Mindray Bio-Medical Electronics Co., Ltd,Smiths Medical,Nihon Kohden Corporation,Koninklijke Philips N.V.,Omron Corporation,F. Hoffmann-La Roche Ltd,American Telecare,Welch Ally,OSI Systems, Inc.,Boston Scientific Corporation,GE HealthCare, Johnson& Johnson,Dräger Medical,Masimo,Vitls, Inc,Abbott,CareValidate,Biotronik,LifeWatch,Cerner Corporation Honeywell
Leading Segment Based on Product Vital signs monitor segmentLeading Region Asia-Pacific
Segments covered Based on Product, Based on End-Use, Based on Application and Based on Region
Increasing Number of Chronic Complaints and Increasing Need to Expand Healthcare Access
By product, the vital signs monitoring system had the highest market share. These devices are critical to healthcare providers' information regarding the patient’s physiology and biochemistry. The specialities of cardiology, neurology and Neonatology dominate the segment. According to the CDC, 6.7% of the population above the age of 20 is suffering from coronary artery disease. Over 20 million Americans also suffer from one neuropathy. In the US, there were over five deaths per 1000 live births in 2020. With the rising number of diseases and conditions requiring higher monitoring levels, we would see an increase in the number of remote patient monitoring devices.
By End-User, Hospital-based patients make up the largest market share. The devices used in hospitals can track more factors of the patient's health and hence, form the majority of the segment. According to the American Hospital Association (AHA), there were over 33 million admissions in all US hospitals as of January 2022. With the rising number of hospitalisations, there will be an increase in the demand for remote patient monitoring devices.
By application, the diabetes monitoring system had the largest market share, standing at 12.8%. There has been an increasing number of patients with diabetes, and patients and care providers alike must be able to monitor the disease. According to the American Diabetes Association, over 1.4 million Americans will be diagnosed with diabetes in 2022. According to the Canadian health stastistics, 5 million citizens, or approximately 12.1% of the population, will be diabetic by 2025, showing a 44% increase in number between 2015 and 2025. According to the International Diabetes Federation, the prevalence of diabetes in adults in China increased from 8.3% in 2019 to an estimated 12.4% in 2021. Thus, with rising cases of diabetes, the need for disease and patient monitoring devices would increase.
By Region, North America held the highest market share. This is due to the rapidly advanced medical infrastructure in the region and the high prevalence of diseases requiring periodic monitoring, such as respiratory and sleep disorders. According to the CDC, over 8.4% of the population above 18 suffer from asthma. 6.4% of Canadians have been diagnosed with sleep apnea. Thus, with rising numbers of sleep and respiratory disorders, there would be a surge in demand for related monitoring devices.
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*Key Players in the Market:*
The major companies involved in the remote patient monitoring devices market are:
· American Telecare
· Boston Scientific Corporation
· Cerner Corporation
· Dräger Medical
· F. Hoffmann-La Roche Ltd
· GE Healthcare
· Johnson & Johnson
· Koninklijke Philips N.V.
· Nihon Kohden Corporation
· Omron Corporation
· OSI Systems, Inc.
· Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
· Smiths Medical
· Vitls, Inc
· Welch Ally
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*Recent Developments in the market:*
· In June 2022, Livindi expanded its remote patient monitoring program to assist patients in complying with their care plan, improve monitoring of biometric readings and provide monthly charts based on real-time data.· In June 2022, Memorial Hermann Health System partnered with Contessa to provide new care options for patients. Through this partnership, the System would be able to provide post-discharge expert nursing care, acute hospital care, and palliative care for their patients. · In June 2022, GE Healthcare developed new, wireless, portable sensors that would aid physicians in monitoring patient data without regular walk-in checkups. · In June 2022, Withings Health Solutions, a firm manufacturing remote patient monitoring devices and offering allied services, is joining the Athenahealth marketplace program. The membership aims at improving the monitoring of patients without physical checkups.
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