Remote Patient Monitoring Market : Emerging Market Trends, Top Growing Segments and Future Trends
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 the remote patient monitoring 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.
According to research report the global remote patient monitoring market size 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.
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Based on the product, the remote patient monitoring market is segmented into software services and devices. The software and services segment accounted for the largest share of the global remote patient monitoring systems market in 2021. The large share 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.
Based on end users, the global remote patient monitoring market is broadly segmented into providers, payers, patients, and other end users. The providers' segment accounted for the largest share of 33.3% of the global market in 2021.
This can be attributed to the increased adoption of remote monitoring in chronically ill and old aged patients, advancements in RPM monitoring devices, and the increasing number of RPM services offered by providers.
The global remote patient monitoring market is segmented into North America, the Asia Pacific, Europe, Latin America, and the Middle East Africa. North America (comprising the US, Canada and Mexico) is expected to account for the largest share of the global remote patient monitoring systems market in 2021, 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.
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This market research study involved the extensive use of secondary sources, directories, and databases to identify and collect information useful for this technical, market-oriented, and financial study of the global remote patient monitoring market. In-depth interviews were conducted with various primary respondents, including key industry participants, subject-matter experts (SMEs), C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information and to assess market prospects. The size of the remote patient monitoring systems market was estimated through various secondary research approaches and triangulated with inputs from primary research to arrive at the final market size.
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