Global remote patient monitoring system market stood at USD2821.79 million in 2020 and is expected to grow at an impressive rate of around 11.06% during the forecast period. This growth can be attributed to the growing prevalence of various chronic diseases such as cardiovascular diseases, diabetes, respiratory disorders, among others. This has drastically increased the patient pool thereby increasing the demand for remote patient monitoring systems. Additionally, growing adoption of telemedicine and telehealth services worldwide has further increased the demand for remote patient monitoring system and devices thereby fueling the market growth. Additionally, the sudden outbreak and spread of COVID-19 pandemic across the globe has put enormous pressure on hospitals and healthcare systems that were understaffed and overworked.
Remote patient monitoring technology helped patients to remain safe within their homes while reducing stress on hospitals, emergency rooms, and front-line healthcare workers during the pandemic, which shows a positive impact on the market growth. Also, the fear of catching the infection among the population has increased the inclination of population worldwide towards remote patient monitoring technology. This in turn is expected to boost the demand for remote patient monitoring systems over the next five years.
Global remote patient monitoring system can be segmented by product, by application, by end user, by region and by company. Based on product, the market can be split into special monitors and vital sign monitors. The special monitors segment dominated the market in 2020 with a share of around 69.95% owing to their ability to monitor clinically important data pre and post-surgery, identify symptoms, and prevent complications. Additionally, advancements such as wireless communication and iPad connectivity feature in these monitors help in early diagnosis of diseases.
Regionally, North America dominated the market in 2020 and is expected to continue its dominance over the forecast period also, owing to the early adoption of technologies and higher healthcare awareness among the population in the region. Additionally, availability of favorable re-imbursement procedures in the region are further expected to support the market growth in the region.
Major players operating in the global remote patient monitoring system market include Koninklijke Philips N.V., Boston Scientific Corporation, Medtronic Plc, Omron Healthcare, Masimo Corporation, Abbott Laboratories, Inc., Dexcom, Inc., Baxter International Inc., iRhythm Technologies, Inc. and Hill-Rom Holdings Inc. (Welch Allyn), among others. The companies are developing advanced technologies and launching new products in order to stay competitive in the market. Other competitive strategies include mergers & acquisitions and new product developments. For instance, in 2020, Koninklijke Philips N.V., 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. Additionally, Koninklijke Philips N.V. collaborated with American Telemedicine Association (ATA) (US) in 2020 only. This collaboration is expected to increase the adoption of telehealth across acute, post-acute, and home care settings.
Years considered for this report
Historical Years2016-2019
Base Year2020
Estimated Year2021
Forecast Period2022–2026
Objective of the Study
- To analyze the historical growth in market size of global remote patient monitoring system market from 2016 to 2020.
- To estimate and forecast the market size of global remote patient monitoring system market from 2021 to 2026 and growth rate until 2026.
- To classify and forecast global remote patient monitoring system market based on product, application, end user, region and company.
- To identify dominant region or segment in the global remote patient monitoring system market.
- To identify drivers and challenges for global remote patient monitoring system market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global remote patient monitoring system market.
- To identify and analyze the profile of leading players operating in global remote patient monitoring system market.
- To identify key sustainable strategies adopted by market players in global remote patient monitoring system market.
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Market insights research performed both primary as well as exhaustive secondary research for this study. Initially, Market insights research sourced a list of companies of remote patient monitoring system across the globe. Subsequently, Market insights research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, Market insights research could include the companies which could not be identified due to the limitations of secondary research. Market insights research analyzed the manufacturers, suppliers, distributors, and presence of all major players across the globe.
Market insights research calculated the market size of
Key Target Audience
- Hospitals, clinics, homecare centers and other stakeholders
- Remote patient monitoring system companies
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to remote patient monitoring systems
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as hospitals, clinics, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
