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

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

The remote patient monitoring systems market was valued at USD 1,119.77 million in 2021, and it is expected to reach USD 1,730.92 million by 2027, registering a CAGR of 8.54% during the forecast period, 2022-2027.

Globally, the COVID-19 pandemic placed enormous pressure on hospitals and healthcare systems that were understaffed and overworked. Remote patient monitoring technology helped patients remain safe within their homes while reducing stress on hospitals, emergency rooms, and front-line healthcare workers during the pandemic, thereby positively impacting the market. The Food and Drug Administration (FDA) established a new regulation allowing healthcare practitioners to use Food and Drug Administration (FDA) approved Remote Patient Monitoring (RPM) devices to assess patients' body temperature, respiration rate, heart rate, and blood pressure without invasive procedures. Companies were expected to invest in RPM devices to adapt to their ready-to-work protocols during the pandemic as most COVID-19 patients were asymptomatic. COVID-19 has provided a strong foundation for clinicians and patients to use RPM effectively. According to a report published in NPJ Digital Medicine in 2021 by Jordan D. Coffey, the RPM technology engagement rate was 78.9%. Within 30 days of enrolment, emergency department visits and hospitalization rates were 11.4% and 9.4%, respectively, while the 30-day fatality rate was 0.4%. As a result, the number of RPM devices utilized worldwide grew during COVID-19.

The major factors driving the market include the rising burden of chronic diseases due to lifestyle changes, the surge in the geriatric population, and the growing demand for home-based monitoring devices. Remote patient monitoring is ambulatory healthcare that allows patients to use a mobile medical device to accomplish a routine test and guide the test data to a healthcare expert in real time.

Globally, the rising chronic disease population, the increasing aging population, and the demand for home-based monitoring devices are boosting the market's growth. For instance, according to GLOBOCAN 2020, the new cancer cases that were diagnosed accounted for 19,292,789 in 2020 worldwide, with 9,958,133 deaths due to cancer globally. Among all cancers, breast cancer accounted for 2,261,419 new cancer cases, followed by lung 2,206,771, prostate 1,414,259, and colon 1,148,515 new cases in 2020. ​

In addition, these devices are compact and portable, and patients can wear them all day without feeling uneasy. These devices also ensure that the patient’s conditions are monitored continuously. Growing demand for home-based monitoring devices also boosts the market's growth. According to the Center for Medicare and Medicaid Services in 2021, remote monitors help several high-risk patients avoid being readmitted to the hospital and make the most of their healthy days at home. Clients who use remote monitoring report a 76% reduction in readmission rates, an average of 89% patient satisfaction, and a total medical cost savings of nearly USD 370 million.

However, resistance from healthcare industry professionals regarding the adoption of monitoring systems, a lack of proper reimbursement policies in developed markets, and the stringent regulatory framework are the factors impeding the market's growth.

Key Market TrendsThe Multi-parameter Monitors Segment is Expected to Register Significant Growth over the Forecast Period

Multi-parameter monitors are devices with a single device that monitors various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography. These devices have become popular as they are small, portable, and user-friendly. These multi-parameter remote monitoring devices are used by medical professionals and the health-conscious population, as sleep and activity monitors fall into these categories. The increased death rate due to chronic diseases across developed countries, such as the United States and developing countries, has raised awareness among the patient population to opt for early and easy-to-monitor devices.

The market players adopted various strategies, such as product launches, product developments, collaborations, and expansions, to increase their market share. For instance, in April 2022, Singapore brand BUZUD, Fosun Trade Medical Device, launched two new medical devices, namely the BUZUD Multi-Parameter Monitor (MPM), designed to streamline the medical monitoring process and help healthcare professionals provide a higher level of care to their patients, and the BUZUD PulseBit EX, a personal electrocardiogram (ECG) tracker that makes heart care affordable and convenient for heart patients. Such launches are expected to propel the growth of the market segment.

Therefore, the rising focus on a healthy lifestyle, increasing concerns about the constant monitoring of patient's health parameters, and the growing trend of self-monitoring and preventive medicine are expected to drive the growth of the overall market segment.

North America is Expected to be the Major Contributor to the Market over the Forecast Period

The major factors driving the market's growth include the growing burden of chronic diseases; an increasing geriatric population; demand for wireless and portable systems; and a sophisticated reimbursement structure.

The COVID-19 pandemic has changed the landscape of healthcare delivery in the North American region, with a new shift toward remote patient monitoring. According to a research article by Darren Roblyer published in October 2020 in the Journal of Biomedical Optics, industrial and academic research projects used these devices to predict various health outcomes and disease states, including surgical recovery, overall mortality, mental health, heart conditions, and other disease states. In April 2020, during the initial COVID-19 pandemic phase in the United States, telehealth claims accounted for 20% of submitted medical and dental claims in the northeastern United States.

The market players in the country adopted various strategies such as product launches, product developments, collaborations, and expansions to increase their market share. For instance, in 2020, Masimo Corporation acquired the connected care business from NantHealth, which helped strengthen its position in the connected care market in the United States.

Additionally, in July 2022, Switzerland-based medical technology company Sleepiz registered its Sleepiz One+ contactless respiration and heart rate measuring device with the United States Food and Drug Administration (FDA). The FDA listing paved the way for Sleepiz to offer its solution for remote patient monitoring and clinical trials in the United States.

Therefore, owing to the abovementioned factors, the North American region is expected to register growth over the forecast period.

Competitive Landscape

The remote patient monitoring systems market is moderately fragmented. Various medical device manufacturers and several specialized remote patient monitoring equipment manufacturers are operating in the market. The industry is highly competitive, and there is a growing trend of partnerships and agreements between industry participants and other medical device manufacturers to incorporate remote patient monitoring functionalities. Some key market players include Abbott Laboratories, Aerotel Medical Systems, AMD Global Telemedicine, Baxter International Inc., Boston Scientific Corporation, GE Healthcare, Masimo Corporation, Medtronic PLC, F. Hoffmann-La Roche AG, and Omron Corporation.

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1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Burden of Chronic Diseases Due to Lifestyle Changes and Increasing Geriatric Population
4.2.2 Growing Demand for Home-based Monitoring Devices
4.2.3 Technological Advancements in Remote Patient Monitoring (RPM) Devices
4.3 Market Restraints
4.3.1 Resistance from Healthcare Industry Professionals
4.3.2 Stringent Regulatory Framework
4.3.3 Lack of Proper Reimbursement
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Type of Device
5.1.1 Heart Monitors
5.1.2 Breath Monitors
5.1.3 Hematology Monitors
5.1.4 Multi-parameter Monitors
5.1.5 Other Types of Devices
5.2 By Application
5.2.1 Cancer Treatment
5.2.2 Cardiovascular Diseases
5.2.3 Diabetes Treatment
5.2.4 Sleep Disorder
5.2.5 Weight Management and Fitness Monitoring
5.2.6 Other Applications
5.3 By End User
5.3.1 Home Care Settings
5.3.2 Hospitals/Clinics
5.3.3 Other End Users
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle-East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Aerotel Medical Systems
6.1.3 AMD Global Telemedicine
6.1.4 Baxter International Inc.
6.1.5 Boston Scientific Corporation
6.1.6 GE Healthcare
6.1.7 Masimo Corporation
6.1.8 Medtronic PLC
6.1.9 Omron Corporation
6.1.10 Philips Healthcare
6.1.11 OSI Systems Inc.
6.1.12 Dragerwerk AG & Co. KGaA
6.1.13 Compumedics Limited
6.1.14 Nihon Kohden Corporation
6.1.15 F. Hoffmann-La Roche AG
7 MARKET OPPORTUNITIES AND FUTURE TRENDS

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