Global Remote Patient Monitoring (RPM) Market Report 2022-2027: Significant Opportunities in Data Monetization of Patient Data

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Nov 25, 2022, 06:00 ET

DUBLIN, Nov. 25, 2022 /PRNewswire/ -- The "Remote Patient Monitoring (RPM) Market 2022" report has been added to ResearchAndMarkets.com's offering.

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%

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.

Software and services segment is expected to grow at the highest rate during the forecast period

Based on product, remote patient monitoring is segmented into software & services and devices. The software & services segment is projected to register a higher CAGR during the forecast period. The high growth rate of this segment is mainly due to the increasing reimbursement for RPM programs and the rising number of chronic illnesses, thus leading to the growing adoption of RPM services across the globe.

Cardiac monitoring devices segment is estimated to account for the largest share of the RPM devices market in 2022

On the basis of type, the devices market is further segmented into cardiac monitoring devices, blood glucose monitoring devices, neurological monitoring devices, respiratory monitoring devices, multiparameter monitoring devices, fetal & neonatal monitoring devices, and other monitoring devices. In 2021, the cardiac monitoring devices segment accounted for the largest share of the market. The rising incidence of hypertension and cardiovascular diseases will give an impetus to the growth of this market.

North America is expected to dominate the remote patient monitoring market in 2022

In 2021, 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.

The market in the Asia Pacific region, on the other hand, is projected to register the highest CAGR during the forecast period. Emerging countries in the APAC region, such as India and China, offer lucrative growth opportunities for market players, primarily due to increasing the geriatric population, improving healthcare infrastructure, rapid economic growth, and rising living standards.

Premium Insights

Cost Benefits of Telehealth & Telemedicine Coupled with the Rising Technological Advancements in Remote Patient Monitoring Devices Are the Key Growth Drivers for this Market
Providers Accounted for the Largest Share of the Rpm Market in 2021
The US Accounted for the Largest Share of the Market in North America for Remote Patient Monitoring in 2021
Asia-Pacific Market to Register the Highest Growth Rate During the Forecast Period

Market Dynamics

Drivers

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
Increasing Investments in Telehealth & Rpm

Restraints

Regulatory Variations Across Regions
Healthcare Fraud
Informal Usage of Social Media Practices

Opportunities

Role and Impact of Ai in Remote Patient Monitoring
High Utility of Rpm in Combating Infectious Diseases & Epidemics
Significant Opportunities in Data Monetization of Patient Data

Challenges

Data Privacy Concerns, Healthcare Affordability, and Limited Awareness
Data Accessibility Issues
Impact of COVID-19 on the Remote Patient Monitoring Market

Key Industry Trends

Software and Services: Convenience and the High Utility of Rpm Are the Key Factors Driving the Demand for Remote Monitoring Software & Services

Devices

Cardiac Monitoring Devices: The Rising Incidence of Cardiovascular Diseases Drives the Demand for Ecg Monitors, Thus, Driving the Market Growth in this Segment
Blood Pressure Monitoring Devices: Convenience and the Growing Demand for Blood Pressure Meters Have Ensured High Market Growth in this Segment
Neurological Monitoring Devices: Growing Prevalence of Neurological Diseases to Drive the Growth of this Segment
Respiratory Monitoring Devices: The Growing Adoption of Pulse Oximeters for Self-Monitoring During the COVID-19 Pandemic is a Key Factor Driving the Market Growth of this Segment
Multiparameter Monitoring Devices: The Increasing Prevalence of Chronic Diseases is a Major Factor Driving the Market Growth for this Segment
Blood Glucose Monitoring Devices: Growth in the Global Diabetic Population Will Ensure a Strong Demand for Blood Glucose Monitoring Devices
Fetal & Neonatal Monitoring Devices: Rising Number of Preterm Births Globally, to Ensure the Strong Demand for Rpm Solutions in this Segment
Weight Monitoring Devices: Rising Obesity Levels Ensure a Strong Demand for Weight Monitoring Devices, Thus Driving the Market Growth for this Segment

Providers

Hospitals and Clinics: Hospitals and Clinics Contribute to the Highest Share of the Providers Market in the Remote Patient Monitoring Market in 2021
Home Care Settings and Long-Term Care Centers: A Rise in the Global Geriatric Population Requiring Long-Term Care to Support the Growth of this End-User Segment
Ambulatory Care Centres: The Gradual Shift of Patient Care from Inpatient to Outpatient Settings Drives the Growth of this End-User Segment
Payers: Increasing Reimbursements for Remote Patient Monitoring to Drive the Segment Growth
Patients: Cost-Benefits and the Emergence of Advanced Wearable Monitors to Support the Demand for Rpm Devices Among Patients

Company Profiles