Asia-Pacific Remote Patient Monitoring Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Remote Patient Monitoring Systems Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific remote monitoring systems market is projected to register a CAGR of 12.9%, over the forecast period.

COVID-19 had a significant impact on the growth of the market in Asia-Pacific. According to the article titled " Virtual Health Care for Community Management of Patients with COVID-19 in Australia: Observational Cohort Study" published in March 2021, 81.5% of patients were monitored remotely. Additionally, the launch of various government initiatives for remote health monitoring in patients during the pandemic period is also expected to drive the growth of the market during the forecast period. For Instance, in March 2020, The Japanese Ministry of Economy, Trade, and Industry (METI) launched a free remote health consultation service with doctors in response to growing health concerns caused by the spread of the COVID-19 virus. Thus, COVID-19 had a significant impact on the growth of the market during the forecast period.

Certain factors that are propelling the growth of the market are the rising incidences of chronic diseases due to lifestyle changes, the increase in the aging population, the need to contain healthcare expenditure, demand for home-based monitoring devices, and ease of use and portability of devices to promote the growth. For instance, according to the United Nations Population Fund, 2022 statistics, in China, 70% of the living population is aged 15-64 in 2022. In addition, as per the same source, 13% of the population is aged 65 years and above in 2022. Thus, the rising geriatric populations are more prone to develop chronic diseases which require proper monitoring and diagnosis which is expected to increase the adoption of remote patient monitoring to regularly monitor their condition and status, thereby propelling the growth of the studied market. Additionally, China carries a heavy burden of chronic diseases, such as cancer, obesity, diabetes, and others, which are expected to drive the growth of the studied market. For instance, according to the Globocan 2020 report, China reported 4,568,754 new cases of cancer in 2020, and the number of five-year prevalent cancer cases was 9,294,006. Further, the same report projected that cancer cases will reach 5,811,629 by 2030, and 6,845,787 by 2040. Such an increase in chronic diseases is expected to drive the demand for remote patient monitoring systems, thereby driving the growth of the market.

The adoption of various home-based monitoring devices has helped in the growth of the healthcare industry, drastically. The switch toward home care and preventive care has led to the higher acceptance of remote patient monitoring devices. With the help of these devices, patients can keep a track of their well-being and doctors can offer an accurate diagnosis. These devices are also helping patients recover better after surgeries and during treatments. However, a paradigm shift toward home-based monitoring is increasing, which is driving the remote patient monitoring systems market.

Additionally, the increasing product approvals in this region are also expected to contribute to the growth of the market. For instance, in March 2021 Dozee launched a contactless remote patient monitoring solution for solutions. The Dosee Pro solution featured an AI- powered triaging system which enables remote monitoring of patients outside of Intensive Care Unit (ICU).

Thus the above-mentioned factors are expected to drive the growth of the market over the forecast period. However, resistance from healthcare industry professionals and stringent regulatory frameworks is expected to restrain the growth of the market.

Key Market TrendsCancer Treatment are Expected to Witness the High CAGR Growth Over the Forecast Period

The rising prevalence of cancer in the Asia-Pacific region is one of the major factors contributing to the huge demand for remote patient monitoring systems. According to the Globocan 2020 report, Japan reported 1,028,658 new cancer cases in 2020. Further, the same report projected the number of cancer cases to reach 1,110,549 by 2030 and 1,128,057 by 2040. Similarly, according to the Globocan 2020 report, India reported 1,324,413 new cancer cases in 2020, and the number of five-year prevalent cancer cases was 2,720,251 and the number is expected to reach 1,692,968 by 2030, and 2,086,094 by 2040. Thus, the increasing burden of cancer among people is expected to rise the need for regular monitoring and lifestyle changes to prevent further health risks, which is expected to increase the demand for health management systems over the forecast period.

In addition, with the advancements in technology and rapid adoption of digital healthcare in developing countries, there is a huge demand for remote monitoring devices. Among these devices or systems, remote patient monitoring systems have a huge demand across developing countries, such as India and China.

Also, the increasing adoption of remote patient monitoring for cancer treatment in this region is expected to drive the growth of the studied segment. For instance, in September 2022 NATCO cancer center, Government General hospital installed Dozee's contactless remote patient monitoring and early warning system at the hospital.

Thus the above-mentioned factors are expected to contribute to the growth of the studied segment over the forecast period.

Japan is Expected to Dominate the Asia-Pacific Remote Patient Monitoring Market Over the Forecast Period

The major factors fueling the market growth in the country are the increasing geriatric population and the growing burden of chronic diseases. In addition, the increasing focus of the companies to develop advanced remote healthcare monitoring systems to manage diseases and increasing launches are also contributing to the growth of the market over the forecast period.

For instance, according to the 2022 statistics published by the United Nations Population Fund, in Japan, a large proportion of the living population is aged 15-64 and accounts for 59% in 2022. In addition, as per the same source, 29% of the population is aged 65 years and above in 2022. Thus, the rising geriatric populations are more prone to develop chronic diseases which require proper monitoring and diagnosis which is expected to increase the adoption of remote patient monitoring to regularly monitor their condition and status, thereby propelling the growth of the studied market.

According to the study published in Springer journal, in February 2022, titled “Prevalence of idiopathic pulmonary fibrosis in Japan based on a claims database analysis”, the estimated nationwide number of patients in Japan with IPF was 34,040 with a mean age of 73 years (Using April 2018 to March 2019 data). Most of the population affected by IPF was men with 73%. The prevalence of the diseases was 27 per 100,000 population. The increasing prevalence of IPF further increases the demand for healthcare apps with associated devices (spirometers and pulse oximeters) that are used to monitor breathlessness, medication adherence, symptoms, and the impact of IPF on daily life, thereby boosting market growth.

According to the 2022 statistics published by the International Diabetes Federation in the 10thedition of 2021, 11,005 thousand people were living with diabetes 2021 in Japan. In addition, this number is projected to reach 10,542.7thousand by 2030.

Additionally, the increasing product approvals are expected to drive the growth of the market in Japan. For instance, in May 2022, Japan's Ministry of Health, Labour, and Welfare granted medical device regulatory approval to CureApp for its digital therapeutic app for hypertension that assists patients in maintaining lifestyle improvements as part of their treatment for hypertension and automatically delivers personalized guidance to users, including advice on diet, exercise, and sleep, which are captured via blood pressure monitoring, as well as lifestyle habit logs.

Thus the above mentioned factors are expected to drive the growth of the market in Japan over the forecast period.

Competitive Landscape

The Asia-Pacific remote patient monitoring market is moderately competitive and inclusive of the major players, such as GE Healthcare, Abbott Laboratories, Baxter, Boston Scientific, and Omron Healthcare. Due to the growing digital healthcare market, small players are also focusing on entering the market, and are anticipated to grab a substantial market share in the coming future.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.