The global remote patient monitoring system market size was valued at USD 956.46 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.7% from 2021 to 2028. Remote monitoring systems serve with improved chronic disease management, including early warning signs and progress tracker, thus anticipated to witness an increased demand in the coming years at the global level. Chronic conditions account for 90% of the healthcare costs in the U.S. annually. This can be prevented by timely assistance provided to patients using a remote monitoring system. It can delay emergency room visits and hospitalizations, thus expanding the usage of remote monitoring systems in the coming years.
The COVID-19 pandemic has led to a shortage of space in hospitals. Apart from this, patients, especially those suffering from chronic diseases, are also advised to avoid physical visits to hospitals owing to the threat of getting infected. This has led hospitals to implement a remote patient monitoring system to keep track of a patient’s health. Hence, a remote patient monitoring system is expected to play a vital role amidst the COVID-19 pandemic.
According to the Centers for Disease Control and Prevention (CDC), over 100 million people have hypertension in the U.S. Hypertension further increases the risk of heart disease. The American Heart Association (AHA) also supports initiatives that increase access to the use of Remote Patient Monitoring (RPM) technologies for better health management.
Efforts from device manufacturers to develop advanced products are expected to further propel the market growth. For instance, in July 2020, Philips and BioIntelliSense formed a strategic collaboration to enhance remote patient monitoring solutions. Philips integrated the latter’s BioSticker device into its remote patient monitoring (RPM) portfolio. It is a wearable device that monitors chronic conditions and keeps a track of COVID-19 symptoms as well.
Based on the product, the market is segmented into vital sign monitors and specialized monitors. The specialized monitors segment led the market with a share of over 80.0% in 2020 due to its ability to monitor clinically important data pre and post-surgery, identify symptoms, and prevent complications. Advanced features such as wireless communication and iPad connectivity allow early diagnosis and higher applicability of the products.
The vital sign monitors are expected to witness the fastest growth over the forecast period owing to their common usage. In the vital sign monitors segment, heart rate monitor emerged as the dominant sub-segment in 2020 due to the increasing incidence of cardiac conditions globally. The surge in the number of individuals with heart disorders has led to the increased usage of these monitors.
The diabetes application segment held the largest share of 11.9% in 2020. The hypertension application segment held the second-largest share in 2020. Hypertension increases the risk of cardiovascular diseases. According to the World Health Organization (WHO), over 1 billion people have hypertension worldwide. Remote patient monitoring can play a key role in controlling hypertension.
On the basis of application, the market is segmented into cancer, cardiovascular diseases, diabetes, sleep disorder, weight management and fitness monitoring, bronchitis, infections, virus, dehydration, and hypertension. The cardiovascular diseases segment is expected to witness lucrative growth over the forecast period due to the increasing prevalence of the disease.
Hospital-based patients, ambulatory patients, and home healthcare are the key end-use segments in the market. The hospital-based patients segment was the leading end-use segment in 2020 and accounted for 80.0% share owing to the presence of a large number of patients and tests being performed in hospitals.
Alternate site monitoring, especially home healthcare, is anticipated to exhibit a sturdy CAGR over the forecast period. The cost-efficiency of this alternate site, along with the availability of qualified resources, is expected to support the growth of the segment. Apart from this, the recent COVID-19 has increased the number of patients interacting with their doctors from home, thus boosting the demand for remote patient monitoring systems.
North America dominated the market in 2020 and accounted for more than 40.0% share. The increase in the incidence of chronic diseases, demand for wireless and portable systems, coupled with the presence of sophisticated reimbursement structures, aimed at cutting out-of-pocket expenditure are the major factors attributed to the regional growth.
Europe, especially the Western European countries, due to the higher mortality rate and rising demand for low-cost treatment, is expected to remain the second-largest revenue-generating region over the forecast period. Rising demand for in-house monitoring, supportive central data management systems, and rising accuracy and efficiency of remote patient monitors are the high impact rendering factors for the regional growth.
Asia Pacific is expected to witness the fastest growth over the forecast period owing to the presence of untapped opportunities in the emerging markets of India and China. Japan is expected to be a key revenue generator owing to its wide old age (65+) population.
The market participants engage in collaborations, investments, and new product developments in an attempt to maintain sustainability. For instance, in September 2020, Roche introduced a remote patient monitoring solution for diabetes. In August, Johnson & Johnson invested in telehealth company, Thirty Madison. Some prominent players in the global remote patient monitoring system market include:
Honeywell
American Telecare
Roche
Philips Healthcare
Bosch
Biotronik
Intel
Welch Allyn
Health anywhere Inc.
Johnson & Johnson
Covidien Plc.
Report Attribute |
Details |
Market size value in 2021 |
USD 1.2 billion |
Revenue forecast in 2028 |
USD 4.1 billion |
Growth Rate |
CAGR of 19.7% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2016 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
Product, application, end-use, region |
Regional scope |
North America; Europe; Asia Pacific; Latin America; MEA |
Country scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Japan; China; India; Thailand; South Korea; Brazil; Mexico; Argentina; Columbia; South Africa; Saudi Arabia; UAE |
Key companies profiled |
Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; Covidien Plc. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global remote patient monitoring system market report on the basis of product, application, end-use, and region:
Product Outlook (Revenue, USD Million, 2016 - 2028)
Vital Sign Monitors
Blood Pressure Monitors
Pulse Oximeters
Heart Rate Monitor (ECG)
Temperature Monitor
Respiratory Rate Monitor
Brain Monitoring (EEG)
Specialized Monitors
Anesthesia Monitors
Blood Glucose Monitors
Cardiac Rhythm Monitor
Respiratory Monitor
Fetal Heart Monitors
Prothrombin Monitors
Multi Parameter Monitors (MPM)
Others
Application Outlook (Revenue, USD Million, 2016 - 2028)
Cancer
Cardiovascular Diseases
Diabetes
Sleep Disorder
Weight management and Fitness Monitoring
Bronchitis
Infections
Virus
Dehydration
Hypertension
End-use Outlook (Revenue, USD Million, 2016 - 2028)
Hospital Based Patients
Ambulatory Patients
Home Healthcare
Regional Outlook (Revenue, USD Million, 2016 - 2028)
North America
U.S.
Canada
Europe
Germany
U.K.
France
Italy
Spain
Asia Pacific
China
Japan
India
Thailand
South Korea
Latin America
Mexico
Brazil
Argentina
Colombia
MEA
South Africa
Saudi Arabia
UAE
b. The global RPM system market size was estimated at USD 956.46 million in 2020 and is expected to reach USD 1.2 billion in 2021.
b. The global RPM system market is expected to grow at a compound annual growth rate of 19.7% from 2021 to 2028 to reach USD 4.1 billion by 2028.
b. North America dominated the RPM system market with a share of 42.7% in 2019. This is attributable to the increasing geriatric population, the incidence of chronic diseases, demand for wireless and portable systems coupled with the presence of a sophisticated reimbursement structure aimed at cutting out-of-pocket expenditure levels.
b. Some key players operating in the RPM system market include Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; and Covidien Plc.
b. Key factors that are driving the RPM system market growth include the growing geriatric population and their rising demand for a better lifestyle along with quality care and cost-effective treatment.
b. The specialized monitor's segment led the RPM system market with a share of over 80.0% in 2020 due to its ability to monitor clinically important data pre and post-surgery, identify symptoms, and prevent complications.
b. The hospital-based patient segment was the leading end-use segment in the RPM system market in 2020 and accounted for an 80.0% share owing to the presence of a large number of patients and tests being performed in hospitals.
b. On the basis of application, the RPM system market is segmented into cancer, cardiovascular diseases, diabetes, sleep disorder, weight management and fitness monitoring, bronchitis, infections, virus, dehydration, and hypertension.
b. Asia Pacific is expected to witness the fastest growth by 2028 in the RPM system market, owing to the presence of untapped opportunities in the emerging markets of India and China.
b. In September 2020, Roche introduced a remote patient monitoring solution for diabetes. New product developments are one of the key market expansion strategies followed by key market players, making this one of the most notable developments in the RPM system market.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.