June 30, 2022/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Remote Patient Monitoring Market.
It was estimated prior to this unanticipated outbreak that the Remote Patient Monitoring Market estimated to grow from USD 23.1 billion in 2020 to USD 123.5 billion by 2026 at a healthy CAGR of 33.1% during the forecast period.
Remote Patient Monitoring is a healthcare method that involves the usage of technology to gather patient data outside healthcare facilities. It helps to collect medical data of patients from one place and transmit the healthcare provider at different locations electronically for assessment and recommendation. It allows the healthcare provider to track data of a patient discharged from hospital to home or a care facility and thus, helps to reduce readmission rates.
Market Dynamics
The global market growth is primarily driven by rapid urge in number of hospitals using telehealth to provide healthcare services remotely.
- Remote patient monitoring helps to reduce healthcare costs and reduce burden on the medical resources.
- Additionally, rising prevalence of chronic diseases among consumers such as cancer, cardiovascular diseases, bronchitis and diabetes coupled with expanding geriatric populace is expected to drive the market growth at a significant rate during the review period.
- Furthermore, increasing demand for technologically advanced solutions in the healthcare industry to treat infectious diseases is projected to create substantial growth opportunities for the market players.
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Segments' Analysis
End User Trends
Based on end user, the market has been divided into hospital-based patients, ambulatory patients, and home healthcare.
- The hospital-based patients segment accounted for the substantial market share in 2020.
- The segment growth can be attributed to prevalence of large number of patients in the hospitals.
- The home healthcare segment is projected to register fastest CAGR due to increasing number of people interacting with the doctors at home coupled with convenience, availability of skilled staff and cost efficiency.
Regional Trends
The market in North America accounted for the largest share in 2020 and is projected to continue its dominance during the review period due to the increasing prevalence of chronic diseases, expanding geriatric populace, and high demand for low-cost healthcare treatment.
The market in the Asia-Pacific region is projected to register a healthy growth rate on account of the rising number of people suffering from chronic diseases and the increasing adoption of digitally advanced solutions.
Key Players:
Key players operating in the global Remote Patient Monitoring market are-
- Abbott Laboratories (The U.S)
- Mindray Medical International Limited (China)
- Johnson & Johnson (The U.S)
- GE Healthcare (The U.S)
- Omron Corporation (Japan)
- Nihon Kohden Corporation (Japan)
- Honeywell Life Care Solutions (The U.S)
- Koninklijke Philips N.V. (Netherlands)
- OSI Systems, Inc. (The U.S)
- F. Hoffmann-La Roche AG (Switzerland)
- Smiths Medical, Inc. (The U.S)
- Boston Scientific Corporation (The U.S).
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Remote Patient Monitoring analysis report discusses the following heads in great detail:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- COVID-19 Impact Assessment
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for the existing and new players
- Key success factors
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