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(Health-NewsWire.Net, December 15, 2021 ) According to the new market research report "Remote Patient Monitoring Market by Product (Software, Services, Devices, Cardiology, Neurological, Blood Glucose, Neonatal, Weight, Temperature, Neuro) End User (Providers, Hospitals, Clinics, Home Care, Patients, Payers) – Global Forecast to 2025", published by MarketsandMarkets™, the global RPM Market size is projected to reach USD 117.1 billion by 2025 from USD 23.2 billion in 2020, at a CAGR of 38.2% between 2020 and 2025.
Browse in-depth TOC on “Remote Patient Monitoring Market”
149 – Tables
34 – Figures
189 – Pages
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The rising geriatric population and the growing need to expand healthcare access, cost benefits of telehealth and remote patient monitoring, benefits of RPM to reduce the burden on medical resources, advancements in telecommunications, growing incidences of chronic diseases, and increasing investments in telehealth and RPM are the major factors driving the growth of this market. However, the regulatory variations across regions, healthcare fraud, and informal usage of social media practices is expected to restrain the market growth during the forecast period.
Based on the product, the remote patient monitoring market is segmented into software & services and devices. The software and services segment accounted for the largest share of the global remote patient monitoring market in 2019. The large share of this segment is mainly due to the increasing reimbursement for RPM programs and the rising number of chronic illnesses, thus leading to the growing adoption of RPM services across the globe.
Based on end users, the global remote patient monitoring market is broadly segmented into providers, payers, patients, and other end users. The providers' segment accounted for the largest share of 32.6% of the global market in 2019. This can be attributed to the increased adoption of remote monitoring in chronically ill and old aged patients, advancements in RPM monitoring devices, and the increasing number of RPM services offered by providers.
The global remote patient monitoring market is segmented into North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America (comprising the US, Canada and Mexico) is expected to account for the largest share of the global remote patient monitoring market in 2020, followed by Europe. The large share of North America in the RPM market can be attributed to the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing overall & geriatric population.
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Prominent players in the remote patient monitoring market are BioTelemetry Inc. (US), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG Germany, OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care Solutions (US), Vivify Health, Inc. (US), ALTEN Calsoft Labs (France), Preventice Solutions (US), Bio-Beat Technologies (Israel), VitalConnect (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), iRhythm Technologies, Inc. (US), and VivaLNK Inc. (US).
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