Remote Patient Monitoring (RPM) Market Report, published by Allied Market Research, forecasts that the global market is expected to garner $2,130 million by 2022, registering a CAGR of 17% during the period 2014-2022.Congestive heart failure segment is estimated to lead the market throughout the analysis period, closely followed by diabetes. Three-fourths of the remote patient monitoring market share was captured by North America and Europe in 2015.
RPM is an innovative care delivery model that securely transmits patients data to healthcare teams, and alerts the providers about the early signs of clinical deterioration, and thus creates opportunities for timely intervention. It allows hospital and healthcare systems to improve and ensure compliance with post-discharge plans. This is because the doctor has access to patients vitals outside the hospital premises. They identify any potential health problems using the historical track records and time-based monitoring, and intervene before they cause any emergency.
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This reduces readmissions and prevents avoidable hospitalizations. Moreover, these technologies decrease a number of unnecessary trips to the doctors office by automatically updating the patients vital sign database at regular intervals and reduce travel-related expenses. These factors are necessary to receive quality medical care and drive the RPM market growth. However, unfavorable reimbursement policies and limited awareness about the RPM devices restrains the market growth.
The congestive heart failure (CHF) is the highest revenue-generating segment in this market owing to the high-risk and life-threatening consequences associated with heart failure, which can be avoided using RPM technologies. In addition, the increase in geriatric population that leads to increase in incidences of age-related heart problems will further drive the market growth. Whereas, diabetes would account for the fastest growing segment owing to the increase in incidence of diabetes, presence of well-established smart glucose monitoring technologies in the market and rise in adoption by end users. The diabetes segment would exhibit significant growth in the Asia-Pacific and LAMEA, supplemented by the increase in awareness and adoption among end users.
The devices segment occupied the major market share in 2015, and is expected to grow during the analysis period. This is due to the high one-time capital cost associated with the purchase of RPM devices. Also, improved highly sensitive devices, additional features, and added connectivity will help devices market to grow at a faster pace as compared to software.
Presently, North America and Europe are the most lucrative markets supplemented by factors, such as high purchasing power leading to rapid adoption of innovative technologies, increase in prevalence and incidences of chronic diseases in these region owing to the sedentary lifestyle, and established reimbursement policies along with the improved awareness. The Asia-Pacific RPM market is projected to be fastest growing geography globally. The market growth in this region is primarily attributed to the large undiagnosed patient population, improving access to the healthcare systems, and a high risk of developing chronic disease due to rapid urbanization.
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The global remote patient monitoring report provides an extensive analysis the current trends and highlighting the market potential from 2014 to 2022, in terms of value.
The market scenario is comprehensively analyzed with respect to the conditions and components.
Comprehensive analysis of the patents and clinical trials is provided to determine the prevailing opportunities.
Recent developments, key manufacturers, and the global remote patient monitoring market shares are listed in this report to analyze the competitive scenario of the market.
In-depth analysis of the market based on geography gives an understanding of the regional market, which assists in strategic business planning.