According to IMARC Group’s latest report, titled “Remote Patient Monitoring Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global remote patient monitoring market size reached US$ 1.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 3.0 Billion by 2028, exhibiting a growth rate (CAGR) of 15.4% during 2023-2028.
The global remote patient monitoring (RPM) represents a subset of telehealth that utilizes digital technologies to collect medical and other forms of data regarding the patient outside the healthcare setting. This information generally comprises blood pressure, blood sugar, weight, blood oxygen levels, heart rate, and electrocardiograms, which are transmitted to medical providers using a telehealth computer system and software that can be installed on a smartphone, computer, and tablet. RPM aids healthcare professionals in monitoring the condition and improving the quality of care given to patients from anywhere across the globe. As a result, this technique finds widespread applications in hospitals, homecare settings, and clinics.
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Market Trends:
The escalating demand for this technique by healthcare providers across countries to observe patients with mild symptoms and provide hospital-based care on a timely basis, on account of the sudden outbreak of the COVID-19 pandemic, is among the primary factors driving the remote patient monitoring market. Besides this, the elevating prevalence of cardiovascular diseases and the rising geriatric population, which is more susceptible to chronic conditions, are further augmenting the market growth. Moreover, the development of RPM by the leading players that allows real-time video interaction between the patient and the healthcare provider, and the introduction of innovative variants are also catalyzing the global market. Apart from this, the expanding healthcare infrastructure, various advancements in wireless technologies, and the increasing penetration of smartphones are shifting medical services from clinic-centric to patient-centric delivery models, which are acting as significant growth-inducing factors. Furthermore, the launch of the G6 CGM device, a small sensor for measuring glucose levels and sending the data wirelessly to a display device through a transmitter, is anticipated to propel the remote patient monitoring market over the forecasted period.
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List of Key Companies Covered in this Market Report:
- Abbott Laboratories (NYSE: ABT)
- AMD Global Telemedicine Inc.
- BIOTRONIK SE Co. KG
- Boston Scientific Corporation (NYSE: BSX)
- Dexcom, Inc. (NASDAQ: DXCM)
- GE Healthcare Inc. (Danaher Corporation) (NYSE: GE)
- Honeywell International Inc. (NYSE: HON)
- Koninklijke Philips N.V. (AMS: PHIA)
- Medtronic Inc. (NYSE: MDT)
- Nihon Kohden Corporation (TYO: 6849)
- OSI Systems Inc. (NASDAQ: OSIS)
- Roche Holding AG (SWX: RO)
The report has segmented the market on the basis of device type, application, end-use and geography.
Breakup by Device Type:
- Blood Pressure Monitor
- Glucose Monitor
- Heart Rate Monitor
- Pulse Oximeters
- Respiratory Monitor
- Others
Breakup by Application:
- Cancer Treatment
- Cardiovascular Diseases Treatment and Monitoring
- Diabetes Treatment
- Sleep Disorder Treatment
- Weight Management and Fitness Monitoring
- Others
Breakup by End-Use:
- Hospitals and Clinics
- Homecare Settings
- Others
Breakup by Geography:
- North America (U.S. Canada)
- Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
- Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
- Latin America (Brazil, Mexico)
- Middle East Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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