Cost Benefits of Telehealth and Remote Patient Monitoring Market Development
Market growth influenced due to following factors-
- 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.
- Increasing investments in telehealth and RPM.
Global market size-
According to the new market research report the global remote patient monitoring market is projected to reach $117.1 billion by 2025, at a CAGR of 38.2% between 2020 and 2025.
Some of the prominent players in the remote patient monitoring market are BioTelemetry Inc. (US), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG Germany, OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care Solutions (US), Vivify Health, Inc. (US), ALTEN Calsoft Labs (France), Preventice Solutions (US), Bio-Beat Technologies (Israel), VitalConnect (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), iRhythm Technologies, Inc. (US), and VivaLNK Inc. (US).
Top Market Segments-
Based on the product, the market is segmented into software & services and devices. The software and services segment accounted for the largest share of the global market in 2019. 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 market is broadly segmented into providers, payers, patients, and other end users. The providers' segment accounted for the largest share of the global market in 2019.
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Geographic Overview -
In 2019, North America accounted for the largest share of the market, 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.