The global remote patient monitoring system market size is expected to reach USD 6.7 billion by 2030, according to a new report by Grand View Research Inc. It is projected to register a CAGR of 20.2% from 2022 to 2030. COVID-19 pandemic has a significant impact on the remote patient monitoring system. The main drivers for this market are the increasing geriatric population, cost-effective treatment, and the rising prevalence of chronic conditions. The breakout of Covid-19 has propelled the demand for remote patient monitoring devices and services as healthcare facilities were burdened with Covid-19 infected patients. Key players like Smiths Medical reported that the demand of their home monitoring devices substantially increased during the pandemic.
The amalgamation of telehealth with remote patient monitoring services is expected to further boost market growth. Asia Pacific is also projected to be a key revenue generator in the coming years. The region is backed by developing countries such as China, South Korea, and Thailand which are witnessing an increase in the number of chronic diseases owing to lifestyle changes. Cardiovascular disease is among the leading cause of death in these countries. The remote patient monitoring system is expected to play a key role in the early detection and timely management of these diseases.
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The cardiac rhythm monitor segment is expected to witness a significant CAGR over the forecast period owing to the increasing incidence of cardiac conditions globally
The home healthcare segment is projected to witness a CAGR of 22.0% over the forecast period owing to a rise in the number of patients accessing remote monitoring due to the COVID-19 pandemic
In Asia Pacific, the market is expected to showcase high growth potential due to the presence of large unmet needs in emerging economies such as China and India
This region is also backed by Japan, which has one of the highest numbers of 65+ year old adults at a global level
Grand View Research has segmented the global remote patient monitoring system market on the basis of product, application, end use, and region:
Remote Patient Monitoring System Product Outlook (Revenue, USD Million, 2017 - 2030)
Vital Sign Monitors
Blood Pressure Monitors
Heart Rate Monitor (ECG)
Respiratory Rate Monitor
Brain Monitoring (EEG)
Blood Glucose Monitors
Cardiac Rhythm Monitor
Fetal Heart Monitors
Multi Parameter Monitors (MPM)
Remote Patient Monitoring System Application Outlook (Revenue, USD Million, 2017 - 2030)
Weight management and Fitness Monitoring
Remote Patient Monitoring System End-use Outlook (Revenue, USD Million, 2017 - 2030)
Hospital Based Patients
Remote Patient Monitoring System Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players of Remote Patient Monitoring System Market
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
NIHON KOHDEN CORPORATION
OSI Systems, Inc.
Koninklijke Philips N.V.
F. Hoffmann-La Roche Ltd
Boston Scientific Corporation
Johnson & Johnson
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