Latest Study on “Remote Patient Monitoring (RPM) Market Size, Share, Trends, Growth, Production, Consumption, Revenue, Company Analysis and Forecast 2021-2027”.
The global Remote Patient Monitoring (RPM) market size is expected to be worth around US$ 122.4 Billion by 2027, according to a new report by nova one advisor.
The global Remote Patient Monitoring (RPM) market size was valued at US$ 24.2 Billion in 2020 and is anticipated to grow at a CAGR of 40.1% during forecast period 2021 to 2027.
Overview of Remote Patient Monitoring (RPM) Market Study
Remote Patient Monitoring (RPM) market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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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.
REMOTE PATIENT MONITORING MARKET dynamics
Driver: rising Geriatic population and growing need to expand healthcare access
The growth of this population segment will boost the demand for healthcare and long-term care services and greatly increase the burden on governments and health systems. This will prove favorable to the market for remote patient monitoring. Remote patient monitoring can enhance the overall reach of and access healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals
Restraint : Healthcare Fraud
Healthcare fraud is an important consideration in the area of telehealth and telemedicine practices. There are numerous ways a patient or a physician can be victimized—for instance, the physician’s name and accounts can be used to receive payments from the insurance company, or non-eligible or non-listed institutional providers can practice improper coding and billing for false claims.
Challenge: behavioral barriers, healthcare affordability, and the lack of awareness
Behavioral barriers may not be the most obvious restricting factor but still pose significant barriers to telehealth and telemedicine adoption. Physicians and patients often face a lack of familiarity with new practices and do not readily give up existing (conventional) practices. Older people may also refuse to use telehealth and telemedicine services due to unfamiliarity with technology.
Opportunity: high utility of RPM in comabating infectious diseases and epidemics
Infectious diseases are among the most difficult conditions to treat in hospital facilities, as both patients and healthcare workers are at equal risk of contracting the infection. In such cases, telemedicine has great potential to limit the spread of epidemics and healthcare-associated infections owing to its inherent benefits, such as the early detection of diseases and virtual visits, consequently reducing overall patient exposure. It certainly reduces the total number of in-person visits and travel included in the process of treatment. It is a safer mode of care delivery and slows down the spread of infectious diseases.
“Providers accounted for the largest market share in 2019”
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 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.
North America accounted for the largest share of the global remote patient monitoring market in 2019.
In 2019, North America accounted for the largest share of the remote patient monitoring market, 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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COVID-19 Impact on Remote Patient Monitoring (RPM) Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Remote Patient Monitoring (RPM) market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Remote Patient Monitoring (RPM) market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Remote Patient Monitoring (RPM) market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Remote Patient Monitoring (RPM) market include:
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).
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Remote patient monitoring Market, by type
- Services & Software
- Cardiac Monitoring Devices
- Neurological Monitoring Devices
- Respiratory Monitoring Devices
- Multiparameter Monitoring Devices
- Blood Glucose Monitoring Devices
- Fetal & Neonatal Monitoring Devices
- Weight Monitoring Devices
- Other Monitoring Devices
Remote patient monitoringMarket, by End User
- Hospitals and Clinics
- Home Care Settings and Long Term Care Centers
- Ambulatory Care Centers
- Other End Users
- Other End Users
Why Buy this Report?
The purpose of Nova one advisor’s Remote Patient Monitoring (RPM) market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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