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Global Remote Patients Monitoring Market Size, Trends, and Analysis- Forecasts To 2026 By Product(Software, Service, Devices), By End User(Providers, Payers, Patients, Other End Users), By Region (North America, Asia Pacific, CSA, Europe, and the Middle East and Africa); End-User Landscape, Company Market Share Analysis & Competitor Analysis
Remote patient monitoring as a tooluses the latest technology in collecting the patient’s records and data beyond the premise of conventional healthcare settings. The remote monitoring helps the treatment of an increased number of patients, improves the delivery of healthcare services, and gives easy access to data to the healthcare providers.The rising technological trends in the healthcare domain would support the market for remote monitoring.As the world moves towards more smart app-based healthcare services, more rising penetration of smartphones among the middle class and internet providers, the market would benefit from these drivers and have a rising upward growth in the coming years. Europe’s inclination towards home healthcare settings and rising budget expenditure in the US for the home healthcare domain would support the market for remote patientmonitoring.The growing aging population in the European region and doubled investment efforts by the government in the telehealth domain would accelerate the market growth in the aforementioned period. The ongoing crisis of the COVID-19 pandemic added more to the market growth as it required less contact with the patients thus justifying the remote monitoring process.
Based on the product, the market studies devices, software, and services into being. The software section would be analyzed to have a huge market value given its multifold uses. The various software available in the market helps the caregivers to have access to patient’s data and healthcare records. It reduces burnout among physicians and home health care providers. RPMPro software is available to cater topatients with a high risk of chronic diseases and also long term healthcare units. The devices unit too would be growing at a high rate in the market. The device manufactured by Altum View Systems for senior care consists of a smart visual sensor, mobile app, and cloud server. The increased demand for the devices meant for senior health and care in the COVID-19 crisis acted as a strong factor for the device segment in the market domain.
Based on the end-users, the market analyses payers, patients, providers, and other end users into being. The providers would have huge market penetration owing to the presence of a wide market base for home care settings and long-term care units. The need for smart based apps and software required in hospitals and clinics to access critical data and health records of the patients would be accelerating the market growth in an upward direction. HealthKOS, Hale, Chronic Watch, and Virtual Care Management Software among others are varied software catering to the needs of the provider end-user division of the market.
Based on the region, the market considers North America to be a dominant region in the market. The rising prevalence of telehealth in the USA, sudden rise in the COVID-19 patients all leading to remote monitoring and evaluating, and the presence of specific software provision for the US market would enhance the market growth in the region.
Key players operating in the market include Biotronick Home Monitoring, Latitude NXT, GE Healthcare, Honeywell, Medtronic, Nihon Koden, Philips Healthcare, Spacelabs Healthcare, OSP, Leaf Healthcare, SmartCardia, VivaLnk, Cloud, G Medical Innovations among others.
Please note: This is not an exhaustive list of companies profiled in the report.
In September 2020, Roche launched a new remote monitoring tool for the diabetes care platform.
In September 2020, Bioformunis received $100M for its remote monitoring and digital therapeutics segment.
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The Global Remote Patients Monitoring Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Remote Patients Monitoring Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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