(PharmaNewsWire.Com, August 10, 2021 ) According to the new market research report the remote patient monitoring market is projected to reach USD 117.1 billion by 2025 from USD 23.2 billion in 2020, at a CAGR of 38.2% between 2020 and 2025.
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.
Based on the product, the market is segmented into software & services and devices. The software and services segment accounted for the largest share of the global market in 2019. 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.
The prominent players operating in the remote patient monitoring market include BioTelemetry Inc. (US), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG Germany, OMRON Healthcare (Japan), ALTEN Calsoft Labs (France), Preventice Solutions (US), Boston Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care Solutions (US), Vivify Health, Inc. (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 2017 and July 2020.
KONINKLIJKE PHILIPS N.V. (NETHERLANDS)
Koninklijke Philips N.V. (Netherlands) is the leading player in the remote patient monitoring market. The company’s expertise, experience, and comprehensive capabilities in various industries and business functions enable it to maintain its leading position in the market. The company has a wide global presence with North America, the Asia Pacific, the Middle East, Africa, Latin America, and Europe. The company focuses on achieving sustainable growth by enhancing its operating base and launching competitive technologies. 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 & maternal monitoring. Also, in 2020, the company launched data-driven personalized connected care solutions for oral health, mother & childcare, and sleep care—Sonicare oral healthcare ecosystem, Avent mother and childcare ecosystem, and SmartSleep ecosystem in the remote patient monitoring market.
MEDTRONIC (IRELAND)
Medtronic (Ireland) held the second position in the global remote patient monitoring market in 2019. The company has a wide geographic base—it operates in more than 350 locations in over 150 countries, with subsidiaries in Ireland, Israel, and the US. The company markets many products and care management services, including remote monitoring platforms and patient-centered software. Medtronic focuses on long-term growth strategies of therapy innovation, globalization, and economic value to increase its market share. The company has also demonstrated a commitment to inorganic growth strategies by adopting partnerships, agreements, and collaborations to strengthen its remote patient monitoring market position.
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 rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing overall & geriatric population.
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