Global remote patient monitoring market is anticipated to reach a value of USD 1.9 billion by 2026, growing at a CAGR of 12.7% during the forecast period from 2020 to 2026. Remote patient monitoring refers to consistent monitoring of health parameters of patients during and post admission from distant locations. There devices are also often equipped with alert systems for prompt action and assistance to patients and care givers. These devices have been gaining popularity due to their proven capability in efficient management of chronic conditions such as cardiovascular diseases, diabetes, cancer and several other acute conditions.
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Growing prevalence of chronic diseases and increasing trend of home care of geriatric patients drives the growth of this market. Moreover, there is a consistently popular trend of moving the general population towards voluntary weight and fitness management. Growing pool of this population base is further augmenting the demand for fitness and weight monitors. Therefore, growing incidence of chronic diseases and preference for healthy and independent living facilitates the remote patient monitoring market growth.
Furthermore, rapid development in the healthcare infrastructure, establishment of post-acute care centers and high demand from developing economies shall open new penetration opportunities for international players. Additionally, perpetual technological advancements are also anticipated to lead to introduction of novel technologies and devices with better performance and prompt care assistance, therefore serving both patients and care givers.
The status of remote patient monitoring is imperative in chronic patient care. These systems efficiently evaluate and notify the patient’s health status, and therefore effectively assist in deciding the most appropriate treatment plan. These devices are further beneficial when deployed on patients moved from hospital care to acute care, home care or assisted living facilities.
Among the different patient monitoring devices, heart rate monitors is the most prominent device segment in the global market. Adoption of these devices is significantly high in both home care as well as institutional care settings. These devices are vital in any healthcare setting and across any disease state or severity of patient condition. The versatile position of heart rate monitors makes these devices essential in any healthcare setting and therefore such factors assist in maintaining the dominance of this segment. Heart rate monitors are also becoming an essential tool for patients with previous heart condition and currently in home care or living independent life. Reducing prices of these devices is making heart rate monitors is further increasing their affordability in the general population.
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Between institutional care and home care as the foremost usage areas for remote patient monitoring devices, institutions form the largest segment for remote patient monitoring devices. Larger patient footfall and greater affordability for sophisticated devices, make institutions a lucrative segment. However, other patient monitoring sites such as home healthcare segment is anticipated to progress at the fastest rate during the forecast period.
Based on the top regions for remote patient monitoring, Asia Pacific will top the charts in terms of annual growth rate. Presence of large emerging economies such as China and India, with huge population and large unmet needs will open new growth opportunities for the local and international market players.
Major players operating in the global remote patient monitoring market are Nihon Kohden Corporation, Omron Corporation, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., OSI Systems, Inc., Welch Allyn, F. Hoffmann-La Roche Ltd., Smiths Medical, ALTEN Calsoft Labs, Abbott, Boston Scientific Corporation, American TeleCare, Dräger Medical, Honeywell Life Care Solutions, GE Healthcare, Johnson & Johnson Services, Inc., Masimo, Medtronic Plc and LifeWatch.
Key Segments of the Global Remote Patient Monitoring Market
- Vital Signs Monitors
- Heart Rate Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Respiratory Rate Monitors
- EEG Equipment
- Temperature Monitors
- Special Monitors
- Blood Glucose Monitors
- Anesthesia Monitors
- Cardiac Rhythm Monitors
- Respiratory Monitors (Spirometers & Capnographs)
- Prothrombin Monitors
- Multiparameter Monitors
- Fetal Heart Monitors
- Cardiovascular Diseases
- Sleep Disorders
- Weight Management anf Fitness Monitoring
Usage Area Overview:
- Institutional Care
- Home Care
- North America
- United Kingdom
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
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