Global Market Research Reports : Ken Research: Global Remote Patient Monitoring Industry

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Monday, January 23, 2023

Global Remote Patient Monitoring Market: Ken Research

Global Remote Patient Monitoring Market by Geography

North America dominated the market during the forecast period owing to the demand for remote patient monitoring devices from hospitals and clinics, the rising prevalence of cardiovascular disease and home healthcare in the USA, and an increase in the country's elderly population.

With a renewed perspective on remote patient monitoring, the COVID-19 epidemic has transformed the landscape of healthcare delivery in the North American region.

The main drivers of the RPM market's growth in North America are the rising geriatric population, rising prevalence of various chronic diseases among the populace, increased consumer disposable income, increased adoption rates of cutting-edge technologies in the healthcare sector, presence of developed healthcare infrastructure, and increased awareness of RPM systems.

Competition Scenario in Global Remote Patient Monitoring Market

The global remote patient monitoring market is highly competitive with ~300 players, which include globally diversified players, regional players as well as a large number of country-niche players that have their niche in digital technologies in the healthcare industry for multiple end-users.

Country-niche players hold the largest market share, while regional players hold the second largest share. Some of the major players in the market include Aerotel Medical Systems (1998) Ltd, Koninklijke Philips N.V., Boston Scientific Corporation, General Electric Company, Nihon Kohden Corporation, Medtronic Plc, Masimo, Abbott, Johnson & Johnson Services, Inc, OMRON Healthcare, Inc., and others.

Global Remote Patient Monitoring Market Size

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The leading global specialist companies such as Aerotel Medical Systems (1998) Ltd, Boston Scientific Corporation, Nihon Kohden Corporation, Medtronic Plc, Masimo, and Abbott are highly focused on providing significant digital technologies in the healthcare industry for various applications that can be used across multiple industries.

What Is The Expected Future Outlook For The Overall Global Remote Patient Monitoring Market Across The Globe?

The Global Remote Patient Monitoring market was valued at USD ~billion in 2022 and is anticipated to reach USD ~billion by the end of 2028F, witnessing a CAGR of ~% during the forecast period 2022-2028F. The realistic growth scenario represents the most likely scenario as per current market conditions. This scenario assumes that there will be no overall impact on the market due to any potential COVID-19 waves in the future.

The Global Remote Patient Monitoring Market is driven by the rising usage of digital technologies in the healthcare sector. However, the market is also constantly being influenced by rapid development in technology, product innovation, and diversification in some countries.

In 2020, Koninklijke Philips and the American Telemedicine Association (ATA) announced a partnership (US). The usage of telehealth in acute, post-acute, and home care settings has expanded as a result of this collaboration.

The market for remote patient monitoring is anticipated to continue growing at a substantial rate of ~12% owing to the advantages of RPM to lessen the strain on medical resources, monitoring advantages of telehealth and Global Remote Patient Monitoring Services, technological advancements in telecommunications, rising geriatric population, and the growing need to increase healthcare access are the main factors influencing the market growth. The demand for the latest advancements in the healthcare sector is escalating as a result of growing government initiatives and investments to create a strong and advanced healthcare infrastructure. The adoption of RPM systems across various market is also being driven by rising investments in the digitalization and automation of healthcare units in order to improve the operational efficiency of the healthcare units.

Though the market is highly competitive with ~300 participants, few global players control the dominant share and regional players also hold a significant share.

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By Component Type

Devices
Software & Services

By Product

Vital Sign Monitors
Special Monitors

By Application

Cancer
Cardiovascular Diseases (CVD)
Diabetes
Sleep Disorder
Weight Management & Fitness Monitoring
Bronchitis
Infections
Virus
Dehydration
Hypertension
Others

By End-user

Hospitals and Clinics
Home Care Settings & Long Term Care Centers
Ambulatory Care Centers
Passive Exoskeletons
Payers
Patients
Others

By Geography

North America

USA
Canada
Mexico
Europe
Germany
UK
France
Spain
Italy
Rest of Europe

Asia Pacific

China
Japan
South Korea
India
Indonesia
Australia Rest of Asia Pacific

LAMEA

Latin America
Middle East
Africa

Key Players

Aerotel Medical Systems (1998) Ltd
Koninklijke Philips N.V.
Boston Scientific Corporation
General Electric Company
Nihon Kohden Corporation
Medtronic Plc
Masimo
Abbott
Johnson & Johnson Services, Inc
OMRON Healthcare, Inc.

For more information on the research reports, refer to below link:

Global Remote Patient Monitoring Market: Ken Research

Friday, October 14, 2022

3 Key Insights on Competitive Landscape in Global Remote Patient Monitoring Market

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Few Diverse Global Players that Comprise ~10% of Total Competitors Dominate the Market despite the Presence of ~300 Competitors Comprising a Large Number of Country-Niche Players and Regional Players, finds a recent market study on the Global Remote patient monitoring Market by Ken Research

Remote patient monitoring is a simple and effective method for tracking physiological symptoms and includes a wide range of medical solutions that are convenient for patients and give doctors access to real-time information to determine the cause of sickness. Additionally, providers can access a specific patient's probable diagnosis and medical history by using Artificial Intelligence (AI) of remote patient monitoring technologies.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

Global Players Constitute Just 5% of the Total Number of Competitors While Regional Companies Also Have a Strong Presence and Hold 45%

A comprehensive competitive analysis conducted during The Research Study found that the Global Remote Patient Monitoring Market is highly competitive with ~300 players which include globally diversified players, regional players as well as a large number of country-niche players who have their niche in the remote patient monitoring for multiple end-user industries. Large global players comprise ~10% of the total competitors, followed by regional companies with ~30% of the total competitors, and finally, country-specific companies with ~60% of the total competitors by share. RPM offers features like gathering patient data from a single or more medical device (e.g., to detect early symptoms of diseases, and track chronic disease management), symptom logs for the patient (e.g., shivering, nausea, abnormal thirst), patients should keep a lifestyle and physical activity diary (e.g., sleep duration, walking distance), Patient medication intake log, alert to doctors about aberrant vital signs that should be prioritized for care or consultation, patients with chronic illnesses and disorders can have virtual consultations to talk about their symptoms, abnormal vitals, and to modify their treatment plans, for patients with eye problems, movement issues, etc., voice control is available to represent the vast majority of the specialized players in the country. Significant global players frequently acquire some of them in an attempt to quickly diversify and expand, and some of these effectively adapt to provide solutions tailored to certain applications.

Leading Global Specialists' Ongoing Initiatives To Offer Remote Patient Monitoring To Different End-Users Are What Are Promoting The Growth Of Their Competitors.

Detailed comparative analysis of key competitors available within The Research Study shows that specialist companies such as Aerotel Medical Systems (1998) Ltd, Boston Scientific Corporation, Nihon Kohden Corporation, Medtronic Plc, Masimo, Abbott are highly focused on providing a significant Remote Patient Monitoring that can be used across multiple industries, including hospitals & Clinics, Home Care Settings & Long Term Care Centers, patients and many more. The market is very competitive, and an increasing trend of collaborations and agreements between market participants and other medical device manufacturers is occurring in order to build functionalities enabling Global Remote Patient Monitoring Market within their devices. In June 2020, Philips, a world leader in health technology, announced that it had re-joined forces with the American Telemedicine Association (ATA) to support the industry's adoption of telehealth. This move showed Philips' commitment to integrating care across acute, post-acute, and home care settings. The ongoing partnership highlights the exponential rise in telehealth capabilities and its expanding popularity and momentum in the COVID-19 environment.

Expanding Government Programs to Support the Global Remote Patient Monitoring Market Growth

Through the Health Resources and Services Administration (HRSA), the Department of Health and Human Services (HHS) in 2022 reported that they have provided roughly US$55 million to 29 HRSA-funded health centers to improve the quality and accessibility of health care for marginalized populations by using virtual care techniques like telehealth, remote patient monitoring, digital patient aids, and health information technology platforms. In order to lessen the effects of COVID-19, the American Rescue Plan in 2022 has already invested over $7.3 billion in community health facilities over the past year.
The Federal Communications Commission in 2022 stated that they have granted the Middletown-based Community Health Center US$1,093,398 to serve low-income and veteran patients with complicated, chronic diseases with remote patient monitoring and video consultations, which include hypertension, mental health issues, obesity, opiate dependence, and HIV. The organization plans to utilize the money to treat roughly 15,000 people throughout Connecticut.

For more information on the research report, refer to the below link:

3 Interesting Insights on US$ 206 Bn Opportunity in Global Remote Patient Monitoring Market: Ken Research

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3 Interesting Insights on US$ 206 Bn Opportunity in Global Remote Patient Monitoring Market: Ken Research

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3 Key Insights on Global Remote Patient Monitoring

The growth can be attributed to increased product adoption as a result of the growing demand for doctor-patient interaction to accelerate healing and recovery periods. Remote Patient Monitoring is forecasted at ~US$ 75 Bn by 2028 says Ken Research Study.

Ken Research shares 3 key insights on this high-opportunity market from its latest research study.

1. Growing Demand for Doctor-Patient Communication to Shorten Healing and Recovery Times Are Expected to Propel Market Growth.

The remote patient monitoring market is anticipated to expand rapidly between 2022 and 2028, owing to the growing need for short healing and recovery durations. The global remote patient monitoring market was valued at US$ 20 billion in 2017, it is estimated to be US$ 35 billion in 2022 and is expected to reach a market size of US$ 75 billion by 2028 growing with a CAGR of ~12%.

The technologies assist in fostering a deeper comprehension of illnesses and treatments, giving consumers greater control over their care regimens. Lower readmission rates in healthcare facilities, hospitals, and emergency rooms (ERs) are another advantage of remote patient monitoring systems. The advantages of RPM to reducing the strain on medical resources, monitoring advantages of telehealth and remote patient monitoring services, technological advancements in telecommunications, the rising geriatric population, and the growing need to increase healthcare access are the main factors influencing the market growth.

2. Governmental Programs to Promote Innovation and Growth Ageing Population Growth and Growing Demand for Expanded Access to Healthcare

The demand for healthcare and long-term care services will increase as the population expands, adding to the burden on public health systems and governments which will benefit the market for remote patient monitoring will benefit from this. By lowering the number of unnecessary visits, hospital hospitalizations, and readmissions, as well as the time and money spent traveling to see specialist doctors, remote patient monitoring can expand the accessibility to healthcare overall. The expansion of the RPM industry is anticipated to be fueled by rising support for government initiatives and innovation. The American Heart Association (AHA) additionally supports plans to increase access to technologies for Remote Patient Monitoring (RPM) in order to enhance health administration. It is anticipated that gadget manufacturers' efforts to create cutting-edge goods will accelerate growth even more. Since there are more people with heart disease, there has been a rise in the use of these monitors.

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According to World Health Organization reported in 2021, as per estimates, 17.9 million deaths worldwide in 2019 were attributable to CVDs, or 32% of all deaths. Heart attack and stroke deaths accounted for 85% of these fatalities.

3. Digital Literacy and Data Interoperability Are Some of the Major Barriers to Market Growth

Patients and doctors frequently struggle with unfamiliarity with new procedures and are reluctant to abandon their current (traditional) procedures. Due to their lack of experience with technology, older persons may also choose not to use telehealth and telemedicine services. Lack of qualified specialists, insufficient privacy and security of medical data, inconsistent device functionality, and lack of awareness of monitoring devices in rural or underdeveloped areas are some of the factors limiting the growth of the Global Remote Patient Monitoring Device Market.

According to the World Population Review and UNESCO Institute of Statistics stated that in 2022, all males and females who are at least 15 years old have a literacy rate of 86.3%. The literacy rate for men over the age of 15 is 90%, while it is just a little lower for women, at 82.7%. However, there are significant variations between nations.