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.
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.
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.
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