Remote Patient Monitoring System Market: Vital Sign Monitors Segment Is Expected To Witness The Fastest Growth Rate Of 21.9%

 Remote Patient Monitoring System Industry Overview

The global remote patient monitoring system market size is expected to reach USD 6.7 billion by 2030, according to a new report by Grand View Research Inc. It is projected to register a CAGR of 20.2% from 2022 to 2030. COVID-19 pandemic has a significant impact on the remote patient monitoring system. The main drivers for this market are the increasing geriatric population, cost-effective treatment, and the rising prevalence of chronic conditions. The breakout of Covid-19 has propelled the demand for remote patient monitoring devices and services as healthcare facilities were burdened with Covid-19 infected patients. Key players like Smiths Medical reported that the demand of their home monitoring devices substantially increased during the pandemic. The amalgamation of telehealth with remote patient monitoring services is expected to further boost market growth.


Remote Patient Monitoring System Market Segmentation

Grand View Research has segmented the global remote patient monitoring system market on the basis of product, application, end use, and region:

Based on the Product Insights, the market is segmented into Vital Sign Monitors, and Special Monitors.

  • The special monitors' segment led the market for remote patient monitoring system and accounted for the largest revenue share of over 83.8% in 2021 due to its ability to monitor clinically important data pre and post-surgery, identify symptoms, and prevent complications. Advanced features such as wireless communication and iPad connectivity allow early diagnosis and higher applicability of the products.
  • The vital sign monitors are commonly used, and the segment is expected to witness the fastest growth rate of 21.9% in the market for remote patient monitoring system over the forecast period. Heart rate monitor is identified as the dominating product sub-segment due to the increasing incidence of cardiac conditions globally. The surge in the number of individuals with heart disorders has led to the increased usage of these monitors.

 

Based on the Application Insights, the market is segmented into Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorder, Weight management and Fitness Monitoring, Bronchitis, Infections, Virus, Dehydration, and Hypertension.

  • Diabetes emerged as the leading application segment in 2021 and accounted for over 12.8% of the revenue share. Diabetes is one of the leading causes of death, which requires continuous monitoring of blood glucose levels. It is known to affect various functions of the body including heart activity, vision, liver function, and renal activity. Hence, continuous and routine monitoring is required, which can be easily accomplished using remote patient monitoring devices.
  • The hypertension application segment is also expected to witness significant growth over the forecast period. Hypertension increases the risk of cardiovascular diseases. According to the World Health Organization (WHO), over 1.0 billion people have hypertension worldwide. Remote patient monitoring can play a key role in controlling hypertension. The cardiovascular disease treatment segment is expected to witness lucrative growth of 20.6% over the forecast period due to the increasing prevalence of the disease.

 

Based on the End-use Insights, the market is segmented into Hospital Based Patients, Ambulatory Patients, and Home Healthcare.

  • The hospital-based patient segment was the leading end-use segment in 2021 and accounted for 79.4% of the revenue share. Hospitals cater to a large number of outpatients as well as inpatients. They offer a large number of diagnostic tests and have a larger technical staff for catering to the needs of the patients. A large patient pool and an increasing number of tests being performed are the vital drivers for segment growth.
  • home healthcare, is anticipated to exhibit sturdy CAGR over the forecast period. The cost-efficiency of this alternate site along with the availability of qualified resources is expected to support the growth. In addition, considering the increasing strain on hospital resources and personnel, remote patient monitoring presents market players with huge opportunities in terms of partnering with hospitals and other healthcare settings and launching new products to facilitate affordable care at a patient’s home.

 

Remote Patient Monitoring System Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Key Companies Profile & Market Share Insights

The major trend in the market for remote patient monitoring system is the enhancement of the existing technologies, new product launches, product portfolio expansion, and mergers or tie-ups with healthcare facilities. In February 2021, Philips acquired BioTelemetry, Inc. This acquisition is expected to aid Philips to increase its patient monitoring portfolio by adding BioTelemetry’s cardiac diagnostics and monitoring devices. Expanding manufacturing operations to countries with high population and disease burdens is also a strategy currently undertaken by players. In June 2020, Mindray announced the expansion of its new R&D facility in China. This facility will become a distinctive R&D, manufacturing, and operation center of medical equipment systems. Some of the prominent players in the remote patient monitoring system market include:

  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
  • Nihon Kohden Corporation
  • Omron Corporation
  • OSI Systems, Inc.
  • Koninklijke Philips N.V.
  • Hoffmann-La Roche Ltd
  • Welch Allyn
  • Smiths Medical
  • Abbott
  • Boston Scientific Corporation
  • Dräger Medical
  • GE Healthcare
  • Honeywell
  • Johnson & Johnson
  • LifeWatch
  • Medtronic
  • Masimo
  • Vitls, Inc
  • CareValidate
  • Biotronik
  • American Telecare

 

Order a free sample PDF of the Remote Patient Monitoring System Market Intelligence Study, published by Grand View Research.

 

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

 

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