Global Remote Patient Monitoring System Market by Product (Vital Sign Monitors, Specialized Monitors) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028
Summary of the Report
Global remote patient monitoring system market was valued at USD 956.46 millions in 2020. It is expected to grow at a compound annual rate (CAGR of 19.7%) between 2021 and 2028. Remote monitoring systems are expected to see increased demand over the next few years. They provide improved chronic disease management. This includes early warning signs and progress tracker. The healthcare costs for the United States are 90% attributed to chronic conditions. Remote monitoring systems can provide timely assistance to patients. This can lead to delays in hospitalizations and emergency room visits. Remote monitoring systems will continue to grow in popularity over the next few years.
Hospital space has been severely limited due to the COVID-19 pandemic. Patients, particularly those with chronic diseases, should avoid visits to hospitals due to the risk of contracting infection. Hospitals have implemented a remote monitoring system for patients to monitor their health. A remote patient monitoring system will play an important role in the COVID-19 pandemic.
The Centers for Disease Control and Prevention reports that hypertension is a problem in over 100 million Americans. Hypertension can increase the risk of developing heart disease. American Heart Association (AHA), supports initiatives to increase access to Remote Patient Monitoring (RPM), technologies for better health management.
Market growth will be further accelerated by the efforts of device manufacturers to create advanced products. In July 2020, Philips and BioIntelliSense forged a strategic partnership to improve remote patient monitoring. Philips integrated BioSticker's device into its remote patient management (RPM) portfolio. It's a wearable device that monitors chronic conditions, and keeps track of COVID-19 symptoms.
Product Insights
The market can be divided into two segments based on its product: specialized monitors and vital sign monitors. Specialized monitors dominated the market in 2020 with a share exceeding 80.0%. This is due to their ability to monitor clinically relevant data pre- and post-surgery and identify symptoms and prevent complications. Advanced features like wireless communications, and iPad connectivity enable early diagnosis and greater applicability.
COVID19 Impact: 22% Increase in Demand
Pandemic Impact |
Outlook after COVID |
The market for remote patient monitoring devices is being held back by severe shortages of critical medical supplies and delays in regulatory approvals. |
Helyxon and IIT Madras' Healthcare Technology Innovation Centre, (HTIC), developed remote patient monitoring solutions for COVID-19. These solutions will monitor vital signs continuously. The device is currently in use by 2000 patients in private and public hospitals, as well as at home. There are 5000 more devices in development, which will allow people to self-screen and seek virtual guidance. |
PWC reports that the value of medical devices deals fell by 88% in 2020. This was due to the Covid-19 crisis putting pressure on the industry. |
Elab Digest reports that 88% of healthcare providers have or are considering RPM technology investments. This could boost market growth |
The U.S. government approved a mandatory funding authorization of $500 million over a period of 10 years in March 2020 to fund a remote health program. This funding indicates that the U.S. government wants to expand RPM in their health care institutions. |
Due to their widespread usage, vital sign monitors will see the greatest growth in the forecast period. Due to increasing prevalence of cardiac conditions worldwide, the heart rate monitor was the dominant segment in the vital sign monitors segment in 2020. These monitors are being used more frequently due to an increase in heart disease.
Application Insights
In 2020, the diabetes application segment accounted for 11.9% of the total market. In 2020, the second largest share was held by hypertension. Hypertension can increase the risk of developing cardiovascular disease. The World Health Organization (WHO) estimates that hypertension affects over 1 billion people worldwide. Remote monitoring of patients can be a crucial part in hypertension control.
The market can be divided into five segments based on its application: cancer, cardiovascular diseases and diabetes, obesity, weight management and monitoring, bronchitis and infections, virus and dehydration. Due to increasing prevalence of cardiovascular diseases, the segment is expected to see lucrative growth during the forecast period.
End-use Insights
The market's key segments are hospital-based patients, home healthcare, and ambulatory patients. Due to the large number of patients in hospitals and the high volume of tests performed there, the hospital-based patient segment was the largest end-use segment. It accounted for 80.0% of the market's total share in 2020.
The forecast period will see a strong CAGR in alternate site monitoring, particularly home healthcare. This segment is expected to grow due to the cost-efficiency and availability of qualified personnel. The recent COVID-19 has also increased the number patients who can interact with their doctors at home. This has boosted the demand for remote patient monitoring systems.
Regional Insights
North America was the dominant market in 2020, accounting for over 40.0% of the total market. Regional growth can be attributed to the rise in chronic diseases, increased demand for portable and wireless systems, as well as sophisticated reimbursement structures aimed at reducing out-of-pocket expenses.
Europe, particularly the Western European countries, will continue to be the second-largest region for revenue generation over the forecast period due to its higher mortality rate and growing demand for low-cost treatments. The key factors driving regional growth are rising demand for in-house monitoring and supportive central data management systems. Furthermore, remote patient monitors have a growing accuracy and efficiency.
Asia Pacific is expected see the fastest growth in the forecast period due to the untapped opportunities in emerging markets like India and China. Japan's large elderly population (65+) is expected to generate significant revenue.
Market Share Insights & Key Companies
In an effort to sustain sustainability, market players engage in partnerships, investments, new product development, and collaborations. Roche launched a remote monitoring system for diabetes patients in September 2020. Johnson & Johnson invested in Thirty Madison, a telehealth company, in August. The following are some of the most prominent players in remote patient monitoring systems market:
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Honeywell
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American Telecare
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Roche
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Philips Healthcare
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Bosch
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Biotronik
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Intel
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Welch Allyn
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Health anywhere Inc.
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Johnson & Johnson
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Covidien Plc.
Up Market Research published a new report titled “Remote Patient Monitoring System Market research report which is segmented by Product (Vital Sign Monitors, Specialized Monitors), By Players/Companies Bosch, Welch Allyn, Covidien Plc, Roche, Honeywell, Johnson & Johnson, American Telecare, Biotronik, Philips Healthcare, Health anywhere Inc, Intel”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Scope
Report Attributes | Report Details |
Report Title | Remote Patient Monitoring System Market Research Report |
By Product | Vital Sign Monitors, Specialized Monitors |
By Companies | Bosch, Welch Allyn, Covidien Plc, Roche, Honeywell, Johnson & Johnson, American Telecare, Biotronik, Philips Healthcare, Health anywhere Inc, Intel |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 246 |
Number of Tables & Figures | 173 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
Global Remote Patient Monitoring System Market Report Segments:
The market is segmented by Product (Vital Sign Monitors, Specialized Monitors).
Remote Patient Monitoring System Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
Key Benefits for Industry Participants & Stakeholders:
- Industry drivers, restraints, and opportunities covered in the study
- Neutral perspective on the market performance
- Recent industry trends and developments
- Competitive landscape & strategies of key players
- Potential & niche segments and regions exhibiting promising growth covered
- Historical, current, and projected market size, in terms of value
- In-depth analysis of the Remote Patient Monitoring System Market
Overview of the regional outlook of the Remote Patient Monitoring System Market:
Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
Highlights of The Remote Patient Monitoring System Market Report:
- The market structure and projections for the coming years.
- Drivers, restraints, opportunities, and current trends of Remote Patient Monitoring System Market.
- Historical data and forecast.
- Estimations for the forecast period 2028.
- Developments and trends in the market.
1. Vital Sign Monitors
2. Specialized Monitors
- Market scenario by region, sub-region, and country.
- Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
- Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
- Government Policies, Macro & Micro economic factors are also included in the report.
We have studied the Remote Patient Monitoring System Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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Reasons to Purchase the Remote Patient Monitoring System Market Report:
- The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
- Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
- Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
- The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
- Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.
Chapter 2 Assumptions and Acronyms Used
Chapter 3 Research Methodology
Chapter 4 Remote Patient Monitoring System Market Overview
4.1 Introduction
4.1.1 Market Taxonomy
4.1.2 Market Definition
4.1.3 Macro-Economic Factors Impacting the Market Growth
4.2 Remote Patient Monitoring System Market Dynamics
4.2.1 Market Drivers
4.2.2 Market Restraints
4.2.3 Market Opportunity
4.3 Remote Patient Monitoring System Market - Supply Chain Analysis
4.3.1 List of Key Suppliers
4.3.2 List of Key Distributors
4.3.3 List of Key Consumers
4.4 Key Forces Shaping the Remote Patient Monitoring System Market
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Buyers
4.4.3 Threat of Substitution
4.4.4 Threat of New Entrants
4.4.5 Competitive Rivalry
4.5 Global Remote Patient Monitoring System Market Size & Forecast, 2018-2028
4.5.1 Remote Patient Monitoring System Market Size and Y-o-Y Growth
4.5.2 Remote Patient Monitoring System Market Absolute $ Opportunity
Chapter 5 Global Remote Patient Monitoring System Market Analysis and Forecast by Product
5.1 Introduction
5.1.1 Key Market Trends & Growth Opportunities by Product
5.1.2 Basis Point Share (BPS) Analysis by Product
5.1.3 Absolute $ Opportunity Assessment by Product
5.2 Remote Patient Monitoring System Market Size Forecast by Product
5.2.1 Vital Sign Monitors
5.2.2 Specialized Monitors
5.3 Market Attractiveness Analysis by Product
Chapter 6 Global Remote Patient Monitoring System Market Analysis and Forecast by Region
6.1 Introduction
6.1.1 Key Market Trends & Growth Opportunities by Region
6.1.2 Basis Point Share (BPS) Analysis by Region
6.1.3 Absolute $ Opportunity Assessment by Region
6.2 Remote Patient Monitoring System Market Size Forecast by Region
6.2.1 North America
6.2.2 Europe
6.2.3 Asia Pacific
6.2.4 Latin America
6.2.5 Middle East & Africa (MEA)
6.3 Market Attractiveness Analysis by Region
Chapter 7 Coronavirus Disease (COVID-19) Impact
7.1 Introduction
7.2 Current & Future Impact Analysis
7.3 Economic Impact Analysis
7.4 Government Policies
7.5 Investment Scenario
Chapter 8 North America Remote Patient Monitoring System Analysis and Forecast
8.1 Introduction
8.2 North America Remote Patient Monitoring System Market Size Forecast by Country
8.2.1 U.S.
8.2.2 Canada
8.3 Basis Point Share (BPS) Analysis by Country
8.4 Absolute $ Opportunity Assessment by Country
8.5 Market Attractiveness Analysis by Country
8.6 North America Remote Patient Monitoring System Market Size Forecast by Product
8.6.1 Vital Sign Monitors
8.6.2 Specialized Monitors
8.7 Basis Point Share (BPS) Analysis by Product
8.8 Absolute $ Opportunity Assessment by Product
8.9 Market Attractiveness Analysis by Product
Chapter 9 Europe Remote Patient Monitoring System Analysis and Forecast
9.1 Introduction
9.2 Europe Remote Patient Monitoring System Market Size Forecast by Country
9.2.1 Germany
9.2.2 France
9.2.3 Italy
9.2.4 U.K.
9.2.5 Spain
9.2.6 Russia
9.2.7 Rest of Europe
9.3 Basis Point Share (BPS) Analysis by Country
9.4 Absolute $ Opportunity Assessment by Country
9.5 Market Attractiveness Analysis by Country
9.6 Europe Remote Patient Monitoring System Market Size Forecast by Product
9.6.1 Vital Sign Monitors
9.6.2 Specialized Monitors
9.7 Basis Point Share (BPS) Analysis by Product
9.8 Absolute $ Opportunity Assessment by Product
9.9 Market Attractiveness Analysis by Product
Chapter 10 Asia Pacific Remote Patient Monitoring System Analysis and Forecast
10.1 Introduction
10.2 Asia Pacific Remote Patient Monitoring System Market Size Forecast by Country
10.2.1 China
10.2.2 Japan
10.2.3 South Korea
10.2.4 India
10.2.5 Australia
10.2.6 South East Asia (SEA)
10.2.7 Rest of Asia Pacific (APAC)
10.3 Basis Point Share (BPS) Analysis by Country
10.4 Absolute $ Opportunity Assessment by Country
10.5 Market Attractiveness Analysis by Country
10.6 Asia Pacific Remote Patient Monitoring System Market Size Forecast by Product
10.6.1 Vital Sign Monitors
10.6.2 Specialized Monitors
10.7 Basis Point Share (BPS) Analysis by Product
10.8 Absolute $ Opportunity Assessment by Product
10.9 Market Attractiveness Analysis by Product
Chapter 11 Latin America Remote Patient Monitoring System Analysis and Forecast
11.1 Introduction
11.2 Latin America Remote Patient Monitoring System Market Size Forecast by Country
11.2.1 Brazil
11.2.2 Mexico
11.2.3 Rest of Latin America (LATAM)
11.3 Basis Point Share (BPS) Analysis by Country
11.4 Absolute $ Opportunity Assessment by Country
11.5 Market Attractiveness Analysis by Country
11.6 Latin America Remote Patient Monitoring System Market Size Forecast by Product
11.6.1 Vital Sign Monitors
11.6.2 Specialized Monitors
11.7 Basis Point Share (BPS) Analysis by Product
11.8 Absolute $ Opportunity Assessment by Product
11.9 Market Attractiveness Analysis by Product
Chapter 12 Middle East & Africa (MEA) Remote Patient Monitoring System Analysis and Forecast
12.1 Introduction
12.2 Middle East & Africa (MEA) Remote Patient Monitoring System Market Size Forecast by Country
12.2.1 Saudi Arabia
12.2.2 South Africa
12.2.3 UAE
12.2.4 Rest of Middle East & Africa (MEA)
12.3 Basis Point Share (BPS) Analysis by Country
12.4 Absolute $ Opportunity Assessment by Country
12.5 Market Attractiveness Analysis by Country
12.6 Middle East & Africa (MEA) Remote Patient Monitoring System Market Size Forecast by Product
12.6.1 Vital Sign Monitors
12.6.2 Specialized Monitors
12.7 Basis Point Share (BPS) Analysis by Product
12.8 Absolute $ Opportunity Assessment by Product
12.9 Market Attractiveness Analysis by Product
Chapter 13 Competition Landscape
13.1 Remote Patient Monitoring System Market: Competitive Dashboard
13.2 Global Remote Patient Monitoring System Market: Market Share Analysis, 2019
13.3 Company Profiles (Details – Overview, Financials, Developments, Strategy)
13.3.1 Bosch
13.3.2 Welch Allyn
13.3.3 Covidien Plc
13.3.4 Roche
13.3.5 Honeywell
13.3.6 Johnson & Johnson
13.3.7 American Telecare
13.3.8 Biotronik
13.3.9 Philips Healthcare
13.3.10 Health anywhere Inc
13.3.11 Intel