MarketDigits MR recently added Global Remote Patient Monitoring (RPM) Market Study that gives deep analysis of current scenario of the Market size, demand, growth, trends, and forecast. Revenue for Remote Patient Monitoring (RPM) Market has grown substantially over the five years to 2020 as a result of strengthening macroeconomic conditions and healthier demand, however with current economic slowdown and Face-off with COVID-19 Industry Players are seeing Big Impact in operations and identifying ways to keep momentum. Remote Patient Monitoring (RPM) Market estimates rely extensively on both the volume and value and due to slowdown price fluctuation in widening demand and supply gap.
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Report covers exhaustive analysis on:
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
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The global 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. 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.
COVID-19 IMPACT ON THE GLOBAL 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 22nd September 2020, 31.6 million cases have been reported worldwide, with 971,881 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..
REMOTE PATIENT MONITORING MARKET dynamics
Driver: rising Geriatic population and growing need to expand healthcare access
The growth of this population segment will boost the demand for healthcare and long-term care services and greatly increase the burden on governments and health systems. This will prove favorable to the market for remote patient monitoring. Remote patient monitoring can enhance the overall reach of and access healthcare while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling to meet healthcare professionals
Restraint : Healthcare Fraud
Healthcare fraud is an important consideration in the area of telehealth and telemedicine practices. There are numerous ways a patient or a physician can be victimized—for instance, the physician’s name and accounts can be used to receive payments from the insurance company, or non-eligible or non-listed institutional providers can practice improper coding and billing for false claims.
Opportunity: high utility of RPM in comabating infectious diseases and epidemics
Infectious diseases are among the most difficult conditions to treat in hospital facilities, as both patients and healthcare workers are at equal risk of contracting the infection. In such cases, telemedicine has great potential to limit the spread of epidemics and healthcare-associated infections owing to its inherent benefits, such as the early detection of diseases and virtual visits, consequently reducing overall patient exposure. It certainly reduces the total number of in-person visits and travel included in the process of treatment. It is a safer mode of care delivery and slows down the spread of infectious diseases.
North America accounted for the largest share of the global remote patient monitoring market in 2019.
In 2019, North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The large share of North America in the RPM market can be attributed to the rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing overall & geriatric population.
Some of the key players include BioTelemetry Inc. (US), 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).
Major Classifications are as follows:
By Device Type
- Heart Monitors
• Breath Monitors
- Cancer Treatment
• Cardiovascular Diseases
• Diabetes Treatment
• Weight Management and Fitness Monitoring
- Home Care Settings
- North America
- South America
- Rest of the World
- 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.
Remote Patient Monitoring (RPM) Market report provides statistics on the current state of the industry and thereby acts as a valuable source of guidance and direction for companies & investors interested in this market. Each of the topics is researched and analysed in depth for generating comprehensive Remote Patient Monitoring (RPM) Market research report. This Remote Patient Monitoring (RPM) Market report examines the market with respect to general market conditions, market status, market improvement, key developments, cost & profit of the specified market regions, position and comparative pricing between major players. Remote Patient Monitoring (RPM) Market report is an absolute background analysis of the industry which includes an assessment of the parental market.
Remote Patient Monitoring (RPM) Market Reports – Table of Contents
2. Assumptions and Research Methodology
3. Executive Summary: Global Remote Patient Monitoring (RPM) Market
4. Market Overview
5. Key Insights
6. Global Remote Patient Monitoring (RPM) Market Analysis and Forecast, By Product
7. Global Remote Patient Monitoring (RPM) Market Analysis and Forecast, By Detector
8. Global Remote Patient Monitoring (RPM) Market Analysis and Forecast, By Technology
9. Global Remote Patient Monitoring (RPM) Market Analysis and Forecast, By Application
10. Global Remote Patient Monitoring (RPM) Market Analysis and Forecast, By End-user
11. Global Remote Patient Monitoring (RPM) Market Analysis and Forecast, By Region
12. North America Remote Patient Monitoring (RPM) Market Analysis and Forecast
13. Europe Remote Patient Monitoring (RPM) Market Analysis and Forecast
14. Asia Pacific Remote Patient Monitoring (RPM) Market Analysis and Forecast
15. Latin America Remote Patient Monitoring (RPM) Market Analysis and Forecast
16. Middle East & Africa Remote Patient Monitoring (RPM) Market Analysis and Forecast
17. Competitive Landscape
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