Northbrook, IL 60062 -- (SBWire) -- 04/08/2022 --According to the new market research report "Remote Patient Monitoring (RPM) Market by Product (Software, Services, Devices, Cardiology, Neurological, BP Monitors, Neonatal, Weight, Temperature, Neuro), End user (Providers, Hospitals, Clinics, Homecare, Patients, Payers) - Global Forecast to 2027", published by MarketsandMarkets™, the global Remote Patient Monitoring Market is projected to reach USD 175.2 Billion by 2027 from USD 53.6 Billion in 2022, at a CAGR of 26.7% during the forecast period.
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The rising geriatric population and the growing need to expand healthcare access, cost benefits of telehealth and remote patient monitoring, benefits of RPM to reduce the burden on medical resources, advancements in telecommunications, growing incidences of chronic diseases, and increasing investments in telehealth and RPM are the major factors driving the growth of this market. However, the regulatory variations across regions, healthcare fraud, and informal usage of social media practices is expected to restrain the market growth during the forecast period.
Impact of Covid-19 On the Remote Patient Monitoring Market.
The COVID-19 pandemic has had a devastating global impact on the health of the population and a huge economic impact on most countries. As of 31st December 2021, 290 million cases have been reported worldwide, with 5,419,881 deaths (Worldometer). The COVID-19 pandemic is providing immense opportunities for remote patient monitoring solutions, considering that social distancing is the only existing solution developed so far, which is capable of minimizing exposure. In line with this, remote patient monitoring represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe.
Software and services to dominate the remote patient monitoring market in 2021.
Based on the product, the Remote Patient Monitoring (RPM) Market is segmented into software & services and devices. The software and services segment accounted for the largest share of the global RPM Market in 2021. The large share of this segment is mainly due to the increasing reimbursement for RPM programs and the rising number of chronic illnesses, thus leading to the growing adoption of RPM services across the globe.
Provider's segment accounted for the largest share of the remote patient monitoring market, by end user, in 2021.
Based on end users, the global RPM Market is broadly segmented into providers, payers, patients, and other end users. The providers segment accounted for the largest share of the global market in 2021. This can be attributed to the increased adoption of remote monitoring in chronically ill and old aged patients, advancements in RPM monitoring devices, and the increasing number of RPM services offered by providers.
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In 2021, North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the market can be attributed to the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing overall & geriatric population.
Prominent players in the RPM Market are 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).
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Remote Patient Monitoring (RPM) Market Worth $175.2 Billion by 2027 - Exclusive Report by MarketsandMarkets™
North America is the largest regional market for remote patient monitoring in 2021.