Revolutionizing Healthcare: Remote Patient Monitoring's USD 175.2 Billion Potential

[Healthcare News]

The global remote patient monitoring market is experiencing tremendous growth and is projected to reach USD 175.2 Billion by 2027, with a CAGR of 26.7% during the forecast period. The COVID-19 pandemic has accelerated the adoption of telehealth and RPM technologies, as it provides a safe and convenient way for patients to receive medical care while avoiding physical visits to hospitals or clinics. This has led to an increased demand for RPM solutions and services, as healthcare providers seek to ensure continuity of care and reduce the burden on medical resources.

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One of the key drivers of the RPM market is the rising geriatric population, which is more susceptible to chronic diseases such as diabetes, cardiovascular diseases, and respiratory illnesses. RPM can help these patients monitor their health status and receive timely interventions, leading to better health outcomes and reduced healthcare costs. Additionally, the growing need to expand healthcare access, particularly in underserved and remote areas, is driving the adoption of telehealth and RPM technologies.

Cost benefits of RPM and telehealth are also driving market growth, as these technologies can help reduce healthcare costs by minimizing hospital admissions and readmissions, reducing travel costs, and lowering the need for physical infrastructure. Furthermore, RPM can reduce the burden on medical resources, particularly in areas with a shortage of healthcare professionals.

Advancements in telecommunications, such as the development of high-speed internet and 5G networks, are also contributing to market growth. These technologies are improving the connectivity and reliability of RPM solutions, enabling real-time monitoring and remote consultations.

Despite the numerous benefits of RPM, the market is expected to face challenges such as regulatory variations across regions and healthcare fraud. Additionally, the informal usage of social media practices for medical advice and treatment may also hinder the growth of the RPM market.

In conclusion, the global RPM market is poised for significant growth in the coming years, driven by factors such as the rising geriatric population, expanding healthcare access, cost benefits of telehealth and RPM, and advancements in telecommunications. However, the market must address regulatory challenges and prevent healthcare fraud to realize its full potential.

The prominent players operating in the remote patient monitoring market Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG (Germany), OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care Solutions (US), Vivify Health, Inc. (US), ALTEN Calsoft Labs (France), Preventice Solutions (US), Bio-Beat Technologies (Israel), VitalConnect (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), iRhythm Technologies, Inc. (US), and VivaLNK Inc. (US)., among others. Players in this market focused on partnerships, collaborations, agreements, acquisitions, mergers, expansions, and product launches & approvals to expand their market presence between January 2018 and December 2021.

Recent Developments

 ◉In 2020, Philips, Launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal and maternal monitoring

◉In 2020, Koninklijke Philips formed collaboration with American Telemedicine Association (ATA) (US). This collaboration helped increase the adoption of telehealth across acute, post-acute, and home care settings.

◉In 2020, BioTelemetry acquired the On.Demand remote patient monitoring (RPM) and coaching platform, operated by Envolve People Care, Inc., which is a Centene Corporation subsidiary. This acquisition expands chronic RPM and coaching solutions to BioTelemetry’s current suite of acute care connected health products and services, focusing specifically on diabetes, hypertension, and chronic heart failure.

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North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the remote patient monitoring market can be attributed to the increasing global population, the rising incidence and prevalence of chronic conditions,, and the rising need to reduce healthcare expenditure.

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