Remote Patient Monitoring System Industry Overview
The global remote patient monitoring system market size was valued at USD 1,282.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.2% from 2022 to 2030.
The outbreak of COVID-19 has caused a significant impact on the remote patient monitoring system. The remote monitoring systems serve with improved chronic disease management including early warning signs and progress tracker thus boosting its demand in the coming years at a 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.
Gather more insights about the market drivers, restraints, and growth of the Global Remote Patient Monitoring System market
It can delay emergency room visits and hospitalizations as the telemedicine app help in digitizing and automating critical tasks, which reduces hospital administrative tasks thus expanding 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 led to the development of the market for remote patient monitoring system. A large number of investments are made by firms by collaborating, acquiring, and partnering with new emerging startups.
The personalized telemedicine app provides a communication platform for remote and real-time monitoring of patients that acts as a bridge between caregiver and patient. This step-change, borne out of necessity, has changed the entire look of the market for remote patient monitoring system post-COVID-19 as well. This change has sped up recovery rates as consumers are more willing to join the app. It has also increased the provider's willingness to use the app, and it offers greater access and reimbursements. 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 technologies (RPM) for better health management. Efforts from device manufacturers to develop advanced products are expected to further propel the growth. For instance, in July 2021, 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.
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Market Share Insights
February 2021 - Philips acquired BioTelemetry, Inc. This acquisition is expected to aid Philips to increase its patient monitoring portfolio by adding BioTelemetry’s cardiac diagnostics and monitoring devices.
June 2020 - Mindray announced the expansion of its new R&D facility in China. This facility will become a distinctive R&D, manufacturing, and operation center of medical equipment systems.
Key Companies profiled:
Some prominent players in the global Remote Patient Monitoring System market include
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- NIHON KOHDEN CORPORATION
- Omron Corporation
- OSI Systems, Inc.
- Koninklijke Philips N.V.
- Hoffmann-La Roche Ltd
- Welch Allyn
- Smiths Medical
- Abbott
- Boston Scientific Corporation
- Dräger Medical
- GE Healthcare
- Honeywell
- Johnson & Johnson
- LifeWatch
- Medtronic
- Masimo
- Vitls, Inc
- CareValidate
- Biotronik
- American Telecare
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