CHICAGO , March 25, 2022 /PRNewswire/ — 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 market for Remote Patient Monitoring is anticipated to reach $175.2 billion by 2027 from $53.6 billion in 2022, at a CAGR of 26.7% over the forecast period.
Explore the detailed table of contents at “Remote Patient Monitoring (RPM) Market”
157 – Tables
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The increase in the geriatric population and the growing need to expand access to health care, the cost benefits of telehealth and remote patient monitoring, the benefits of RPM in reducing the burden on medical resources, advances in telecommunications, the increasing incidence of chronic diseases and the increase in investments in telehealth and RPM are the main factors driving the growth of this market. However, regulatory variations between regions, healthcare fraud, and informal use of social media practices are expected to restrain 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 population health and a huge economic impact in most countries. From December 31, 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 that is capable of minimizing exposure. In line with this, remote patient monitoring represents an attractive, effective and affordable option. Additionally, this technology is critically important to keeping healthcare providers safe.
Software and services to dominate the remote patient monitoring market in 2021.
Based on 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 primarily due to increased reimbursement from RPM programs and an increased number of chronic diseases, leading to a increasing adoption of RPM. services around the world.
The provider segment accounted for the majority 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 vendor 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 elderly patients, advancements in RPM monitoring devices, and the growing number of RPM services offered by providers. .
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North America is the largest regional market for remote patient monitoring in 2021.
In 2021, North America accounted for the largest share of the remote patient monitoring market, followed by Europe. The great part of North America in the market can be attributed to the increasing prevalence of chronic diseases, the need to reduce health care expenses and the increase in the general and geriatric population.
Prominent players in the RPM market are Koninklijke Philips NV (Netherlands), Medtronic (Ireland), GE Healthcare (USA), Cerner Corporation (USA), Siemens Healthineers AG (Germany), OMRON Health (Japan), Boston Scientific Corporation (USA), Abbott Laboratories (USA), Resideo Life Care Solutions (USA), Vivify Health, Inc. (USA), ALTEN Calsoft Labs (France), Preventice Solutions (USA), Bio-Beat Technologies (Israel), VitalConnect (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), iRhythm Technologies, Inc. (US) ) and VivaLNK Inc. (USA).
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