Remote Patient Monitoring (RPM) Market 2020-2026 Scenario by Statistics & Growth | Global Players are Abbott, GE Healthcare, Johnson & Johnson, Agilent, Siemens AG
The Global Remote Patient Monitoring (RPM) Market size was $703 million in 2020 and is expected to grow at a CAGR of 17.0% to reach $2,130 million by 2026. Remote Patient Monitoring (RPM) is a technology used to collect medical and health-related data from individuals at one location and electronically transmit it to a healthcare provider at another location.
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RPM is used to remotely monitor and analyze physiological parameters such as blood oxygen levels, vital signs, blood pressure, heart rate, and blood sugar, which improves the quality of care, quality of life, and allows early prediction of aggravations and exacerbations. This reduces the number of emergency department visits, and duration of hospitalization. This is attributed to the large undiagnosed patient population, improving access to healthcare systems, and a high risk of developing chronic disease due to rapid urbanization. In addition, the increase in incidences of chronic diseases, such as diabetes and COPD, are responsible for the high growth rate.
Key Players: Microchip Biotechnologies, Beckman Coulter (Fullerton, CA), Abbott Laboratories, GE Healthcare Life Sciences, Johnson & Johnson, Commonwealth Biotechnologies, ZS Genetics, Agilent Technologies, Siemens AG, and Pacific Biosciences among others.
To accomplish supreme level of market insights & get knowhow of the best market opportunities into the specific markets, Remote Patient Monitoring (RPM) Market research report is the perfect key. This report comprises of a market data that provides a detailed analysis of the industry & its impact based on applications & on different geographical regions, & systemic analysis of growth trends & future prospects. The report consists of reviews about key players in the market, major collaborations, merger & acquisitions along with trending innovation & business policies. The Remote Patient Monitoring (RPM) Market business report gives CAGR value fluctuation during the forecast period of 2021-2026 for the market.
The whole Remote Patient Monitoring (RPM) Market document can be divided into four major areas which include market definition, market segmentation, competitive analysis & research methodology. Important industry trends, market size, market share estimates are analysed & mentioned in the report. This marketing report helps the firm in exploring new uses & new markets for its existing products & thereby, increasing the demand for its products. The Remote Patient Monitoring (RPM) Market report offers an in-depth overview of product specification, technology, product type & production analysis considering major factors such as revenue, cost, gross & gross margin. A winning Remote Patient Monitoring (RPM) Market report is comprehensive & opens a door of international market for the products.
Multi Parameter Monitors Segment is Expected to Show Better Growth over the Forecast Period
Multi-parameter monitors are devices that monitor various parameters, such as arterial blood pressure, heart rate, body and skin temperature, oximetry, and capnography, with a single device. These devices have become popular as they are small, portable, and user-friendly. The multi-parameter remote monitoring devices are used not only by medical professionals but also by the health-conscious population, as sleep and activity monitors fall in these categories. The increased death rate due to chronic diseases across the developed countries, such as the United States, and the developing countries, raises awareness among the people to use early and easy monitoring devices.
Furthermore, their high capability to monitor various chronic conditions, such as diabetes, cardiovascular conditions, and cancer, is expected to fuel the demand for Remote Patient Monitoring Market. Hence, the increasing focus on a healthy lifestyle, the growing trend of self-monitoring and preventive medicine, and increasing concern for the constant monitoring of health parameters of patients are expected to drive the growth of the overall market.
North America is Expected to be the Major Contributor to the Market over the Forecast Period
North America is leading the remote patient monitoring devices market globally, and it is anticipated to dominate the market in the future. There is a growing trend of shifting treatment from hospitals to homes, in order to reduce hospital bills. The increasing economic burden on hospitals due to a large number of inpatients, coupled with penalties imposed under the Hospital Readmissions Reduction Program formed by the Patient Protection and Affordable Care Act, is resulting in the increased adoption of remote patient monitoring devices in the United States. Furthermore, patients prefer home healthcare due to its cost-effectiveness, privacy, and convenience, thus, boosting the market growth.
- The global remote patient monitoring report provides an extensive analysis the current trends and highlighting the market potential from 2018 to 2026, 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.
Remote Patient Monitoring Market Key Segments:
The global remote patient monitoring market segmentation is illustrated as follows:
- Congestive Heart Failure (CHF)
- Chronic Obstructive Pulmonary Disease (COPD)
- Blood Pressure
- Mental Health
- North America
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- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
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