Remote Patient Monitoring Market Vital Role in Healthcare Evolution

Posted by Priya on December 12th, 2023

The global Remote Patient Monitoring (RPM) market is poised for robust growth as healthcare technology continues to advance, enabling more efficient and patient-centered care. RPM solutions, which allow for the remote monitoring of patients' health and vital signs, have gained significant traction in recent years, driven by the growing need for continuous health monitoring and the widespread adoption of digital health technologies.

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The global remote patient monitoring market is projected to reach USD 175.2 Billion by 2027 from USD 53.6 Billion in 2022, at a CAGR of 26.7% during the forecast period. 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.

Key Highlights:

Technological Advancements: The RPM market is benefiting from significant technological advancements in wearable devices, connected health platforms, and data analytics.

Chronic Disease Management: RPM plays a vital role in the management of chronic diseases such as diabetes, hypertension, and heart disease.

Telehealth Integration: RPM is increasingly integrated with telehealth solutions, allowing for remote consultations between patients and healthcare providers.

Cost Savings: Healthcare organizations are embracing RPM to reduce costs associated with hospital readmissions and emergency room visits.

Regulatory Compliance: As the RPM market expands, regulatory compliance becomes paramount. Ensuring data privacy, security, and adherence to telehealth reimbursement regulations is crucial for healthcare providers and technology companies.

Global Growth: The RPM market is experiencing rapid global growth, driven by the aging population, the desire for seniors to age in place, and the COVID-19 pandemic, which accelerated the adoption of telehealth and remote monitoring solutions.

Despite its immense potential, the RPM market faces challenges related to data security, interoperability, and equitable access. Industry stakeholders are actively addressing these challenges to ensure the widespread adoption of RPM solutions and their benefits for all patient populations.

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Key Market Players

The prominent players operating in the remote patient monitoring market 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)., among others

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.

Medtronic (Ireland) held the second position in the global remote patient monitoring market. 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.

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