Remote Patient Monitoring System Market Size, Share & Trends Analysis Report By Product (Vital Sign Monitors, Specialized Monitors), By End Use, By Application, And Segment Forecasts, 2019 - 2026

Industry Insights

The global remote patient monitoring system market size was valued at USD 691.5 million in 2018 and is expected to register a CAGR of 13.4% over the forecast period. The extensive role of remote monitoring systems in chronic disease management, which includes an early warning system, care integrator, progress tracker, confidence builder, and capacity builder is expected to drive growth. The growing geriatric population and their rising demand for a better lifestyle along with quality care and cost-effective treatment are anticipated to fuel market growth.

Supportive government programs and innovation are projected to bode well for market growth. For instance, the Centre for Technology and Aging based in California is devoted to rapid technological advancements in a remote patient monitoring system which leads to maintenance of independent and healthier living. The use of this equipment in post-acute care increases the role of the patients in self-health management. This ability to augment self-management skills with the help of advanced tools is expected to be a high impact rendering growth driver.

The World Health Organization (WHO) estimates suggest that the percentage of geriatric population is expected to reach 16.0% in 2050. Aging is considered to be the greatest risk factor for chronic conditions. The rising geriatric population and heightened susceptibility towards chronic conditions such as diabetes, cardiovascular disorder, and sleep disorder are anticipated to positively influence the product demand in the forthcoming years.

Efforts from device manufacturers to develop advanced products are expected to further propel the growth. For instance, Biotronik conducted a study using its Implantable Cardioverter Defibrillator (ICD) to prove the efficacy of its device TRUST Trial. The preliminary results found that remote patient monitoring reduces the in-person clinic visit by 43%. These technological advancements are expected to serve as growth opportunities for this market in the coming six years.

Product Insights

Based on the product, the market is segmented into vital sign monitors and special monitors. The vital sign monitors are commonly used and the segment is expected to witness the fastest growth over the forecast period. Heart rate monitor is identified as the dominating product sub-segment 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.

Special monitors segment led the market with a share of over 80.0% in 2018 due to its ability to monitor clinically important data pre- and post-surgery, to identify symptoms and to prevent complications. Advanced features such as wireless communication and iPad connectivity allow early diagnosis and higher applicability of the products.

Application Insights

Based on the application, the market is segmented into cancer, cardiovascular diseases, sleep disorder, and diabetes treatment along with weight management. The cardiovascular disease treatment segment is expected to witness lucrative growth over the forecast period due to the increasing prevalence of the disease.

The cardiovascular disease emerged as the leading application segment in 2018 and accounted for over 30.0% of the market share. Globally rising geriatric population and the crisis of chronic diseases are expected to be the high impact rendering drivers for the growth over the forecast period.

End-Use Insights

Hospital-based patients, ambulatory patients, and home healthcare are the key end-use segments analyzed in the remote patient monitoring devices market. Hospital-based patients were the leading end-use segment in 2018 and accounted for 80% of the market share, owing to the presence of a large number of patients and tests being performed in hospitals.

However, alternate site monitoring, especially home healthcare, is anticipated to exhibit 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. Therefore, inclination towards independent living is expected to propel the home healthcare market.

Regional Insights

North America led the market in 2018. Increasing geriatric population, the incidence of chronic diseases, demand for wireless and portable systems coupled with the presence of sophisticated reimbursement structure aimed at cutting out of pocket expenditure levels are the major factors attributed to the regional growth.

Europe, especially the Western European countries, due to a higher mortality rate and rising demand for low-cost treatment, is expected to remain the second most profit-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 drivers for the regional growth.

Asia Pacific is expected to witness the fastest CAGR over the forecast period owing to the presence of untapped opportunities in the emerging markets of India and China. Rising medical tourism and constantly improving healthcare infrastructure in these markets is anticipated to further propel the regional expansion in the forthcoming years.

Remote Patient Monitoring System Market Share Insights

Some of the key players include Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; and Covidien Plc. The market participants engage in collaborations, mergers and acquisitions, and new product developments in an attempt to maintain sustainability.

For instance, Bosch launched an easy to use patient interface for home healthcare in 2012, which assists the process of self-management and continuous monitoring for long term chronic conditions, such as diabetes, cardiac arrhythmias, and sleep disorders. Roche and Qualcomm entered into a strategic collaboration to enhance remote monitoring and chronic disease management.

Report Scope

Segments Covered in the Report

This report forecasts revenue growth on global, regional, and country-level and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For this study, Grand View Research has segmented the global remote patient monitoring system market report based on product, application, end-use, and region.

• Product Outlook (Revenue, USD Million, 2015 - 2026)

  • Vital Sign Monitors

    • Blood Pressure Monitors

    • Pulse Oximeters

    • Heart Rate Monitor (ECG)

    • Temperature Monitor

    • Respiratory Rate Monitor

    • Brain Monitoring (EEG)

  • Special 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, 2015 - 2026)

  • Cancer

  • Cardiovascular Diseases

  • Diabetes

  • Sleep Disorder

  • Weight management and Fitness Monitoring

  • Bronchitis

  • Infections

  • Virus

  • Dehydration

  • Hypertension

• End-Use Outlook (Revenue, USD Million, 2015 - 2026)

  • Hospital-Based Patients

  • Ambulatory Patients

  • Home Healthcare

• Regional Outlook (Revenue, USD Million, 2015 - 2026)

  • North America

    • The 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