Europe Remote Patient Monitoring Market - 2023-2030

Europe Remote Patient Monitoring Market - 2023-2030

Market Overview
Europe’s remote patient monitoring size was valued at US$ 14,301.89 million in 2022 and is estimated to reach US$ 39,847.26 million, growing at a CAGR of 14.1% during the forecast period (2023-2030).

Remote patient monitoring is a healthcare delivery process that employs information technology advances to collect patient data beyond conventional healthcare environments. RPM enhances patient conduct by completing a system by which individuals are more involved and accountable for their health. Moreover, it is challenging for some patients to access caregivers in some provinces. Therefore, remote patient monitoring enriches the capacity of physicians to treat more patients.

Market Dynamics
The growing advancements in remote patient monitoring, favorable regulations, increasing geriatric population, and age-associated chronic disease cases are boosting the European remote patient monitoring market during the forecast period.

The increasing market developments in Europe regions are predicted to drive Europe’s market growth.
The growing market developments such as product launches, collaborations, partnerships, and others are driving the Europe remote patient monitoring market during the forecast period. For example, in June 2021, eDevice SA, a telemedicine and remote patient monitoring solutions healthcare technology company, accepted the distribution of Boston Scientific's TwoCan Pulse in France, an advanced telecardiology monitoring system, and eDevice has been the innovator of this innovation in the French market. Similarly, in June 2021, MicroPort CRM introduced Alizea and Borea pacemakers in Europe, provided with Bluetooth technology for facilitated remote monitoring when paired with the SmartView Connect home monitor. These pacemakers will permit cardiologists to monitor the devices remotely, saving patients the necessity to visit a healthcare facility for a simple routine examination and thereby lessening the burden on the healthcare system. Likewise, in April 2021, Smith+Nephew and Huma cooperated in expanding their remote patient monitoring service for orthopedic surgery in the United Kingdom. Also, in January 2022, OMRON Healthcare, Inc. rolled out Hypertension Plus in the United Kingdom. The new remote patient monitoring service has connected blood pressure monitors and a cutting-edge mobile app.

Moreover, in April 2022, Eseye introduced Telli Health's innovative scope of remote patient monitoring (RPM) devices, such as a thermometer, pulse oximeter, blood pressure monitor, and blood glucometer, in the United Kingdom. Additionally, in April 2020, the company released its Rapid Equipment Deployment Kit for intensive care unit (ICU) ramp-ups, allowing technicians, nurses, doctors, and hospital staff to rapidly help critical care patient monitoring capabilities in the COVID-19 pandemic. Thus, from the mentioned data, it is estimated that the growing market developments are driving the European remote patient monitoring market during the forecast period.

The ethical concerns about remote patient monitoring is restraining the growth of Europe’s remote patient monitoring market.
However, ethical concerns are expected to restrain Europe's remote patient monitoring market during the forecast period. For instance, the collection, transfer, and storage of large amounts of health data involved in remote monitoring require careful consideration of privacy and data security concerns. To adequately balance clinical utility with privacy can reduce patients' confidence in remote monitoring and could represent ethical and medicolegal risks for clinicians. Thus, restraining the market growth during the forecast period.
COVID-19 Impact.

The COVID-19 pandemic positioned tremendous pressure on the healthcare system, which was previously low on staff and overburdened. Patient monitoring technologies, like ventilators, aided in monitoring severely ill COVID-19 patients, permitting measurements of physiological reserves and revealing the effectiveness of therapeutic interventions throughout the pandemic, thereby having an advantageous market impact. Furthermore, the firms raised their production of critical/essential medical equipment products. For instance, in March 2020, Royal Philips boosted the production of critical care products and solutions to identify and treat COVID-19 patients. Patient critical signs monitors, medical consumables for non-invasive and invasive ventilation, and portable ventilators to treat respiratory diseases are all part of the product line.

Segment Analysis
The diabetic remote patient monitoring segment will dominate Europe’s remote patient monitoring market during the forecast period (2023-2030).
The diabetic remote patient monitoring segment will dominate the European remote patient monitoring market throughout the forecast period, owing to the growing geriatric populations and diabetic patient pool in Europe. For instance, According to the Eurostat, in 2021, more than one-fifth, i.e., 20.8 %, of the EU population was aged 65 and over, and the percentage of people was 80 or over. The EU's population is anticipated to increase two-and-a-half-fold from 6.0 % in 2021 to 14.6 % in 2100. Also, according to the World Economic Forum, the European Union and other regions across the globe are expected to face rapidly aging populations this century. Across 30% of the EU, the population is predicted to be 65 or older by 2100. In 2021, the EU's dependency ratio was 32, which is expected to reach 57 by 2100, i.e., for every 100 working-age people, there were 57 elderly people.

Moreover, the growing diabetes cases in Europe are also boosting the market growth in the forecast period. For instance, according to the IDF Diabetes Atlas, an estimated 61 million adults were living with diabetes in the IDF Europe Region in 2021, and the region has the most elevated number of adolescents and children with type 1 diabetes, accounting for about 295,000. In addition, according to the WHO Europe, diabetes impacts over 52 million people and a growing percentage of the population in multiple European countries. Furthermore, different market developments in the Europe region for diabetes remote monitoring are ensuring the dominance of diabetes monitoring in the European Diabetes remote monitoring throughout the forecast period.

Geographical Analysis
Germany is expected to hold most of the European remote patient monitoring market.
According to the American Diabetes Association, overweight individuals are at raised risk for type 2 diabetes, heart disease, and stroke. Also the, there is an increased risk for chronic non-communicable disorders such as diabetes and cardiovascular and pulmonary diseases. Therefore, the growing number of overweight individuals and the geriatric population in Germany contributes towards the market growth in this region at an increased CAGR during the forecast period. For instance, according to the Statistisches Bundesamt (Destatis) estimation, the number of people at retirement age (67 years or over) in Germany will rise by roughly 4 million to at least 20.0 million by the middle of the 2030s. The number of those aged 80 or over will remain relatively stable until the middle of the 2030s, amounting to between 5.8 and 6.7 million. In addition, according to the Robert Koch Institute, a Federal Institute within the Federal Ministry of Health's portfolio, two-thirds of men (67%) and half of the women (53%) in Germany are overweight. A quarter of adults (23% of men and 24% of women) are seriously overweight (obese). Thus, the growing geriatric and obese population will ensure the dominance of Germany in the market throughout the forecast period. Thus, from the data mentioned above, it is estimated that Germany holds the majority of Europe's remote patient monitoring market in the projected period.

Competitive Landscape
The Europe remote patient monitoring market is competitive due to the increasing demand ket developments of new market players. The key players operating in the Europe Remote Patient Monitoring market hold most of the market share examples: Abbott Laboratories, GE Healthcare, Medtronic, Masimo Corporation, Boston Scientific, Omron Healthcare, Hill-Rom Services, Inc, BIOTRONIK, Inc., Nihon Kohden Corporation, and Koninklijke Philips N.V. among others. The key players are embracing various strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the growth of the European Remote Patient Monitoring market. For instance, in April 2020, GE Healthcare launched a new software solution to uphold clinicians and health systems in treating COVID-19 patients.

Medtronic plc.
Overview:
Medtronic plc is Ireland based American medical device company. Medtronic was founded in 1949 and is headquartered in Minneapolis, Minnesota, United States. Medtronic deals with four different businesses: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group.

Product Portfolio
Medtronic plcs’ remote patient monitoring product portfolio has Nellcor pulse oximetry: The Nellcor pulse oximetry system with OxiMax technology establishes a new milestone in patient safety monitoring that can impact clinical settings from every day to the extraordinary.

Europe remote patient monitoring report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.