Remote Patient Monitoring Market to reach USD 2,130 Mn by 2022 | Growing CAGR of 17.0%
Pune, Maharashtra, India, December 16 2020 (Wiredrelease) Allied Analytics –:The Global Remote Patient Monitoring Market size was $703 million in 2015 and is expected to grow at a CAGR of 17.0% to reach $2,130 million by 2022. 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.
Rising incidence of chronic diseases, and high-end technological advancements, have fueled the growth of the global remote patient monitoring market. On the other hand, unstable reimbursement regulations, and limited awareness about the technology have happened to curb the growth to some extent. However, growing developments in emerging markets have created a number of lucrative opportunities in the segment.
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By condition the CHF segment accounted for the largest revenue in 2015 and is expected to dominate during the study period. On the other hand, the diabetes segment is anticipated to grow at the fastest CAGR throughout 2015-2022. By component, the devices segment will be both the highest revenue generating and fastest growing segment of the global remote patient monitoring (RPM) market. Based on geography, U.S. contributed to the largest share in 2015 and is projected to be dominant till 2022. Simultaneously, Saudi Arabia market is anticipated to grow at the fastest CAGR of 21.3% throughout the period.
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 key players profiled in the report include Boston Scientific Corporation, General Electric Company, Nihon Kohden Corporation, Johnson and Johnson and Omron Corporation Aerotel Medical Systems (1988) Ltd., Medtornic Plc, Masimo Corporation, Abbott Laboratories, and Biotronik SE & Co. KG. They have adopted a number of high-end strategies to retain a strong stand in the industry. The other players discussed in the value chain take in Jawbone, Microlife Corporation, SHL Telemedicine, Schiller AG, A&D Company Limited, Aipermon GmbH & Co. KG, Sorin Group, and Docobo Ltd.
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Key Findings of the Remote Patient Monitoring (RPM) Market:
CHF was the leading segment in 2015, and is expected to maintain its lead throughout the analysis period.
Diabetes will be the fastest growing segment throughout the analysis period.
Devices will be both the highest revenue generating and fastest growing segment of the global remote patient monitoring (RPM) market.
Saudi Arabia market for remote patient monitoring is projected to grow at a high CAGR of 21.3%.U.S. was the largest country market in 2015, and is projected to maintain its lead until 2022.
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