Extensive use of remote monitoring systems in chronic disease management to drive the growth of global remote patient monitoring system market
According to TechSci Research report, “Global Remote Patient Monitoring System Market By Product (Special Monitors v/s Vital Sign Monitors), By Special Monitors (Blood Glucose Monitors, Cardiac Rhythm Monitors, Respiratory Monitors, Anesthesia Monitors, Others), By Vital Sign Monitors (Blood Pressure Monitors, Pulse Oximeters, Heart Rate Monitor (ECG), Temperature Monitor, Others), By Application (Diabetes, Hypertension, Cardiovascular Diseases, Weight Management & Fitness Monitoring, Others), By End User (Hospital Based Patients, Ambulatory Patients, Home Healthcare), By Region, Competition Forecast & Opportunities, 2026”, remote patient monitoring system market stood at USD 2821.79 million in 2020 and is expected to grow at an impressive rate of around 11.06% during the forecast period on account of the growing geriatric population suffering various diseases. This has in turn increased the demand for healthcare services and long term patient care, thereby increasing burden on healthcare systems and governments. This in turn is expected to positively influence the growth of global remote patient monitoring systems market during the next five years. Additionally, the growing prevalence of lifestyle-associated diseases has further increased the demand for remote patient monitoring systems across the globe. Furthermore, extensive use of remote patient monitoring systems in combating infectious diseases, pandemics and epidemics is expected to create lucrative opportunities for the market growth through 2026. For instance, many remote patient monitoring systems and devices proved to be very helpful during the current COVID-19 pandemic crisis. Many companies and organizations developed new products and also collaborated on enhancing their existing remote patient monitoring systems or devices to monitor COVID-19 symptoms and also in monitoring vital signs of patients suffering from COVID-19. For instance, in August 2020, IIT Madras’ Healthcare Technology Innovation Centre (HTIC) and Helyxon developed remote patient monitoring solutions for COVID-19 that will continuously monitor vital signs. However, healthcare fraud especially in the areas of telehealth services and telemedicine can restrict the market growth over the next few years.
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Global remote patient monitoring system market can be segmented by product, by application, by end user, by region and by company. Based on application, the market can be categorized into diabetes, hypertension, cardiovascular diseases, weight management & fitness monitoring and others. The diabetes application segment dominated the market in 2020 with an overall market share of around 36.91%. This can be ascribed to the growing diabetes burden worldwide. While the cardiovascular diseases segment is expected to register the highest growth during the forecast period on account of growing prevalence of cardiovascular diseases globally.
Koninklijke Philips N.V., Boston Scientific Corporation, Medtronic Plc, Omron Healthcare, Masimo Corporation, Abbott Laboratories, Inc., Dexcom, Inc., Baxter International Inc., iRhythm Technologies, Inc. and Hill-Rom Holdings Inc. (Welch Allyn), among others are some of the leading players operating in global remote patient monitoring system market. The leading players are adopting several growth strategies to enhance the market scenario of remote patient monitoring system. Other competitive strategies include product launches; mergers & acquisitions; agreements, partnerships, and collaborations; and expansions to diverse their product portfolio in order to strengthen their market position. For instance, in July 2020, Philips and BioIntelliSense formed a strategic collaboration to enhance remote patient monitoring solutions. Philips integrated the BioIntelliSense’s BioSticker device into its remote patient monitoring device portfolio. It is a wearable device that monitors chronic conditions and keeps a track of COVID-19 symptoms as well.
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“Asia Pacific is expected to register the highest growth in global remote patient monitoring system market during the forecast period. This can be attributed to increasing population base in the region especially in countries like China and India. The population in these countries is susceptible to various chronic, life-style associated and infectious diseases. Also, the growing geriatric population and increasing prevalence of diseases such as cancer, cardiovascular diseases, diabetes, among others is further expected to create lucrative opportunities for the market growth over the next few years. Furthermore, major market players are expanding in the Asia Pacific region on account of availability of land, manufacturing facilities and labor at affordable costs.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Remote Patient Monitoring System Market By Product (Special Monitors v/s Vital Sign Monitors), By Special Monitors (Blood Glucose Monitors, Cardiac Rhythm Monitors, Respiratory Monitors, Anesthesia Monitors, Others), By Vital Sign Monitors (Blood Pressure Monitors, Pulse Oximeters, Heart Rate Monitor (ECG), Temperature Monitor, Others), By Application (Diabetes, Hypertension, Cardiovascular Diseases, Weight Management & Fitness Monitoring, Others), By End User (Hospital Based Patients, Ambulatory Patients, Home Healthcare), By Region, Competition Forecast & Opportunities, 2026” has evaluated the future growth potential of global remote patient monitoring system market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global remote patient monitoring system market.
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