Remote Patient Monitoring System Market Projected to Grow at a CAGR of 20.2% from 2022-2030

Posted on 2022-06-28 by researchinsights in Healthcare // 0 Comments

San Francisco, California , USA, June 28, 2022 — /EPR Network/ —

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. Asia Pacific is also projected to be a key revenue generator in the coming years. The region is backed by developing countries such as China, South Korea, and Thailand which are witnessing an increase in the number of chronic diseases owing to lifestyle changes. Cardiovascular disease is among the leading cause of death in these countries. The remote patient monitoring system is expected to play a key role in the early detection and timely management of these diseases.

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.
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.

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.
The hypertension application segment is also expected to witness significant growth over the forecast period. Hypertension increases the risk of cardiovascular diseases.

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.
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.

Remote Patient Monitoring System Regional Outlook

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

Key Companies Profile

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.

Some prominent players in the global 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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