Remote Patient Monitoring Market Forecast | 2022-2028

Market Insights

The Remote Patient Monitoring Market is estimated to grow from USD 52.9 billion in 2022 to USD 229.4 billion by 2028 at a healthy CAGR of 27.7% during the forecast period of 2022-2028.

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What is Remote Patient Monitoring?

Remote Patient Monitoring is a healthcare method that involves the usage of technology to gather patient data outside healthcare facilities. It helps to collect the medical data of patients from one place and transmit the healthcare provider at different locations electronically for assessment and recommendation.

It allows the healthcare provider to track data of a patient discharged from a hospital to a home or a care facility and thus, helps to reduce readmission rates.

Key Players

Key players operating in the market are-

• Abbott Laboratories (The U.S)
• GE Healthcare (The U.S)
• Boston Scientific Corporation (The U.S)
• Mindray Medical International Limited (China)
• Johnson & Johnson (The U.S)
• Omron Corporation (Japan)
• Nihon Kohden Corporation (Japan)
• Honeywell Life Care Solutions (The U.S)
• Koninklijke Philips N.V. (Netherlands)
• OSI Systems, Inc. (The U.S)
• F. Hoffmann-La Roche AG (Switzerland)
• Smiths Medical, Inc. (The U.S)

Market Drivers

The market growth is primarily driven by the rapid urge in several hospitals to use telehealth to provide healthcare services remotely.

• Remote patient monitoring helps to reduce healthcare costs and reduce the burden on medical resources.
• Additionally, the rising prevalence of chronic diseases among consumers such as cancer, cardiovascular diseases, bronchitis, and diabetes coupled with expanding geriatric populace is expected to drive the market growth at a significant rate during the review period.
• Furthermore, increasing demand for technologically advanced solutions in the healthcare industry to treat infectious diseases is projected to create substantial growth opportunities for the market players.

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Segments Analysis

By End User Type

The Hospital-Based Patient segment accounted for a substantial market share in 2022.

The market has been divided into hospital-based patients, ambulatory patients, and home healthcare. The segment growth can be attributed to the prevalence of a large number of patients in the hospitals.

The home healthcare segment is projected to register the fastest CAGR due to the increasing number of people interacting with the doctors at home coupled with convenience, availability of skilled staff, and cost efficiency.

By Regional

North America accounted for the largest market share in 2022 and is projected to continue its dominance during the review period due to the increasing prevalence of chronic diseases, expanding geriatric populace, and high demand for low-cost healthcare treatment.

The market in the Asia-Pacific region is projected to register a healthy growth rate on account of the rising number of people suffering from chronic diseases and the increasing adoption of digitally advanced solutions.

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The market is segmented into the following categories.

By Product 

• Software & Services
• Devices

By Application 

• Cancer
• Cardiovascular Diseases
• Bronchitis
• Diabetes
• Infections
• Others

By End-User

• Hospital Based Patients
• Ambulatory Patients
• Home Healthcare

By Region

• North America
• Europe
• Asia-Pacifi
• Rest of the World

COVID-19 Impact

The covid-19 outbreak impacted the growth of the market positively as the visits to hospitals for medical consultation decreased due to fear of getting infected. The usage of remote patient monitoring made it easier for patients to be able to consult healthcare providers online.

Critical Questions answered in the report –

• What are the key trends in the global Remote Patient Monitoring market?
• How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
• What is the impact of COVID-19 on the global market?
• What are the key strategies adopted by the major vendors to lead in the global market?
• What is the market share of the top vendors?

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

The following are the key features of the report:

• Overview, industry life cycle analysis, supply chain analysis
• Environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Trend and forecast analysis
• Segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, Technology launches, etc.
• Attractive segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors

Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

• Remote patient monitoring distributors
• Remote patient monitoring suppliers
• Remote patient monitoring manufacturers
• Logistics organizations
• Government bodies

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to 3 players)
• SWOT analysis of key players (up to 3 players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.