Global Remote Patient Care Market, By Type of Device (Heart Monitors, Breath Monitors, Hematology Monitors, Multi-Parameter Monitors, Others), Application (Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Management and Fitness Monitoring, Others), End User (Home Care Settings, Clinics, Hospitals, Others) – Industry Trends and Forecast to 2029
Market Analysis and Size
Recently, the remote patient care market is anticipated to grow rapidly owing to the prevalence of COVID-19 pandemic. The COVID-19 epidemic imposed huge strain on hospitals and healthcare systems around the world, which were already understaffed and overburdened. But with the emergence of remote patient monitoring technology, patient remained safe at their homes and the stress on hospitals, emergency departments, and front-line healthcare professionals were reduced. Hence this will enhance the demand for remote patient care market.
Data Bridge Market Research analyses that the remote patient care market is expected to reach the value of USD 1590.91 million by the year 2029, at a CAGR of 6.05% during the forecast period.
Market Definition
Remote patient care or remote patient monitoring (RPM) is a subset of telemedicine that uses digital technologies to collect medical and other types of data about patients outside of the healthcare context. Weight, blood pressure, blood sugar, blood oxygen levels, heart rate, and electrocardiograms are all illustrations of data that can be transferred to healthcare providers using a telehealth computer system and software that can be loaded on a computer, smartphone, or tablet. RPM assists health professionals in monitoring the condition of patients from all over the world and enhancing the quality of care they receive.
Remote Patient Care Market Dynamics
Drivers
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The rise in chronic disease incidences rate
The increasing incidences of chronic disorders due to hectic and continuously changing lifestyle will act as major driver influencing the market’s growth rate.
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Development in telecommunication and telehealth
The surge in the advancement of telecommunications and cost benefits associated with telehealth and remote patient monitoring will accelerate the demand for remote patient care market.
Additionally, the rising awareness and increasing number of geriatric population will act as major driver influencing the remote patient care market’s growth rate. The increase in awareness about the benefits of RPM to reduce the burden on medical resources will increase the demand for remote patient care and further propel the market’s growth rate. Another significant factor resulting in the expansion of market is the advancement of technology. Furthermore, surging healthcare spending capacity and advancement in healthcare infrastructure are the major drivers that will enhance the growth of market. Rapid urbanisation and rise in the level of disposable incomes in developing and developed countries will influence the growth rate of remote patient care market.
Opportunities
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Growth of AI in remote patient monitoring
The rise in the utilization of artificial intelligence in remote patient care and high utility of RPM in combating infectious diseases and epidemics will provide beneficial opportunities for the remote patient care market growth. Moreover, the increasing demand from emerging markets and increasing government investments for the development of telehealth and RPM will further expand the remote patient care market’s growth rate in the future.
Restraints/Challenges
On the other hand, high cost associated with technology and informal use of social media practices will obstruct the market growth. Also, behavioural barriers, healthcare affordability and the dearth of awareness will challenge the remote patient care market. However, the dearth of skilled professionals and data accessibility issues will act as restrain and further impede the growth rate of market during the forecast period of 2022-2029.
This remote patient care market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the remote patient care market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on Remote Patient Care Market
Since its emergence in December 2019, the COVID-19 virus has spread to nearly every country on the planet, prompting the World Health Organization (WHO) to declare it a public health emergency. The COVID-19 outbreak in 2019 has a favourable impact on the remote patient monitoring sector. Healthcare institutions and patients seek to avoid physical trips to hospitals in order to prevent the spread of virus. To maintain track of a patient's health, several hospitals and healthcare facilities have installed a remote patient monitoring system. Furthermore, because a high majority of COVID-infected patients were home isolated, they needed to keep track of their oxygen levels and heart rates. All of these variables have a beneficial impact on the industry, which is expected to grow at a high rate during the forecast period.
Recent Development
- In 2020, Koninklijke Philips had announced its collaboration with American Telemedicine Association (ATA). This collaboration aided in increasing telehealth use in acute, post-acute, and home care settings.
- In August 2021, CareVention HealthCare a division of Tabula Rasa had launched remote patient monitoring service. Biosensors and artificial intelligence are used in this service to monitor patients' vital signs and warn health care providers if necessary.
Global Remote Patient Care Market Scope
The remote patient care market is segmented on the basis of type of device, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Type of Device
- Heart Monitors
- Breath Monitors
- Hematology Monitors
- Multi-Parameter Monitors
- Others
Based on type of device, remote patient care market is segmented into heart monitors, breath monitors, hematology monitors, multi-parameter monitors and others.
Application
- Cancer Treatment
- Cardiovascular Diseases
- Diabetes Treatment
- Sleep Disorder
- Weight Management and Fitness Monitoring
- Others
Based on application, remote patient care market is segmented into cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorder, weight management and fitness monitoring and others.
End User
- Fertility Clinics
- Hospitals
- Other
Remote patient care market has also been segmented based on the end user into home care settings, clinics, hospitals and other.
Remote Patient Care Market Regional Analysis/Insights
The remote patient care market is analysed and market size insights and trends are provided by country, type of device, application and end user as referenced above.
The countries covered in the remote patient care market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the remote patient care market because of the well-established healthcare sector and high adoption rate of remote patient care monitoring devices in this region.
Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the surging healthcare expenditure, high disposable income and increasing number of geriatric people in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The remote patient care market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for remote patient care market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the remote patient care market. The data is available for historic period 2010-2020.
Competitive Landscape and Remote Patient Care Market Share Analysis
The remote patient care market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to remote patient care market.
Some of the major players operating in the remote patient care market are Abbott, Aerotel Medical Systems Ltd., AMD Global Telemedicine, Inc., Baxter, Boston Scientific Corporation, Medtronic, GENERAL ELECTRIC COMPANY, Honeywell International Inc., Masimo, OMRON Healthcare, Inc., Proteus Digital Health, Inc., Nihon Kohden Corporation, Johnson & Johnson Services, Inc., BIOTRONIK SE & Co. KG, A&D Company, Limited, Docobo Ltd, Microlife Corporation, SCHILLER, and SHL Telemedicine, among others.
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