Remote Patient Monitoring Systems Market
Remote Patient Monitoring Systems Market Study by Vital Sign Monitoring, Diagnosis Monitoring, and Specialized Monitoring for Home Care Telehealth and Hospitals from 2023 to 2033
Analysis of Remote Patient Monitoring Systems Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Remote Patient Monitoring Systems Market Outlook (2023 to 2033)
Age-related chronic diseases have increased as a result of the combined senior and geriatric population's ongoing and significant growth. Along with the rising demand for healthcare services, this condition leads to a scarcity of healthcare workers.
The need for technologies that enable remote patient monitoring is undoubtedly growing, especially given the anticipated increase in healthcare costs and the fact that only a small percentage of people could afford private home-care assistance.
Considering the same in the last two decades’ technologies such as radar and Wi-Fi have been attracting global attention. Major characteristics of these technologies including high speed and interconnectivity could be used to learn the distance of various subjects, moments, and remote monitoring of patients. The monitoring can be effectively done without compromising the privacy of subjects and adverse health impacts.
Homecare telehealth is among those essential factors that transform the sector as facilitated by remote monitoring where patients can use ambulatory of medical devices that transmit real-time tests automatically to doctors.
These systems include daily use monitors, such as blood pressure or heart rate monitors, for heart patients and glucose level detectors for diabetes patients. The data recorded by the systems can be accessed by physicians from any compatible remote network-connected device. The data obtained from these systems is recorded in a relational database.
This feature enables the physician to view data from monitoring systems as a trend and as a specific instance. They are mostly used by chronically ill and elderly patients. Remote patient monitoring systems enable physicians to monitor the medical conditions of patients closely and intervene in case their health deteriorates.
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What are the demand drivers for the market?
Mushrooming patient engagement technologies to favor the growth of this market.
The rise in the adoption of wearable devices has propelled access to telemedicine and improved patient engagement. Fitness trackers or Fitbit, smart watches, smart clothing, and wristbands have more than doubled in terms of space from USD 325 Million in 2016 to USD 722 Million in 2019. This further was anticipated to cross a valuation of 1 Billion by 2022.
As the amount of chronic diseases among elderlies is greater the implementation of monitoring systems enhances the quality of life of patients. Remote monitoring systems allow patients to prevent unforeseen health complications, minimize overall healthcare costs and maintain independence. By incorporating these systems, patients can avoid last-minute clinic visits and doctor appointments.
These factors are expected to maintain the growth of the global market. Moreover, they also offer physiological parameters-based trend analysis, which enables the early detection of health deterioration. The requirement of wireless mobility in the healthcare sector enhances the adoption of such systems in institutional as well as community settings. The implementation increases healthcare efficiency and enables healthcare providers to communicate and educate their patients remotely.
What concern hinders the penetration of remote patient monitoring?
- Patient opposition is the sector's biggest obstacle to overcome. The patients don't want to use the remote monitoring gadgets, which could make them less interested. Both doctors and patients must actively participate in digital health.
- The uptake of digital tools among elderly patients is hindered by a lack of user informatics. Online check-ups are frequently avoided because of privacy and security precautions.
- Lack of functional awareness is also a reason for resistance from the patient’s side. Manufacturers are expected to create awareness regarding their services and operational factors to increase the adoption of e-health applications.
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Trends and Recent developments in the field
The US corporations give patients a variety of digital channels to choose from for communication, including emails, phone calls, web portals, live chats, video chats, and others. 41% of them chose web portals, while 83% of those selected phones. Only 4% of individuals felt comfortable using video chats to communicate with healthcare insurance companies.
This demonstrates how both customers and healthcare service providers are embracing digital platforms. Understanding the patient’s comfort zone is key to penetrating the market while keeping the privacy of customers intact. This is likely to address the resistance factor which otherwise could hinder the adoption of remote health services.
The remote patient monitoring systems for the home care telehealth segment are expected to register the highest growth rate in the market. These systems integrated into hospitals hold the largest market share in the industry.
Key players
Some of the major players operating in the global market include Drager Medical GmbH; Abbott Laboratories; Covidien Ltd.; Masimo Corporation; GE Healthcare; Johnson and Johnson, Inc.; Natus Medical, Inc.; Medical International Ltd.; Mortara Instrument, Inc. and Roche Diagnostics Ltd., among others.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Regional Outlook
North America holds the largest market share globally and is expected to maintain a steady growth rate over the forecast period. The growth in North America can be attributed to the ever-rising trend of home and industrial automation in the healthcare sector.
The rise in disposable income in the residential sector also plays a major role in driving the global market. Southeast Asia and Other Asia Pacific economies are expected to register a significant growth rate in the forecast period 2023- 2033. Western and Eastern European countries are also expected to generate a steady growth rate during the forecast period.
Segmentation
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By Monitoring Type :
- Vital Sign Monitoring
- Diagnosis Monitoring
- Specialized Monitoring
-
By End Users :
- Home Care Telehealth
- Hospitals
-
By Component :
- Hardware
- Software
-
By Region :
- North America
- US
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Chile
- Peru
- Rest of Latin America
- Europe
- EU – 4 (Germany, France, Italy, Spain)
- UK
- BENELUX (Belgium, Netherlands, Luxemburg)
- NORDIC (Norway, Denmark, Iceland, Sweden)
- Eastern Europe (Poland, Ukraine, Czech Republic, etc.)
- Rest of Europe
- CIS & Russia
- Japan
- APEJ
- Greater China
- India
- Korea
- ASEAN Countries
- Rest of APEJ
- Middle East & Africa
- GCC Countries
- Turkey
- Iran
- Israel
- South Africa
- Rest of MEA
- North America
- FAQs -
Which are the segments covered in the report?
The market is segmented on the basis of Type (Vital Sign Monitoring, Diagnostic Monitoring, Specialized Monitoring), & By End User.
What are the drivers of demand for the market?
The increased proportion of chronic diseases and lack of healthcare staff are key motivators for remote health monitoring requirements.
Which region dominates market share in 2023?
North America reigns in terms of the high market share at present due to technological advancements in 2023.
What are the key factors manufacturers need to understand while designing their products?
Understanding the patient’s comfort zone is key to penetrating the market while keeping the privacy of customers intact. This is likely to address the resistance factor which otherwise could hinder the adoption of remote health services.