Remote Patient Monitoring Services Market Size by Regional Outlook, Competitive Strategies and Forecasts to 2025
Number of patients being diagnosed with chronic diseases are increasing with steeply growing aging population According to Center for Disease control and Prevention (CDC) over 70% of the U.S. healthcare spending goes for the treatment of chronic diseases. Remote patient monitoring services are provides excellent choice to reduce these healthcare spending. In all the developed countries including U.S., Japan and EU, major part of government healthcare spending is dedicated to chronic care management programs.
With efforts to reduce burden of chronic diseases, healthcare systems of these countries are thus turning to adopt remote patient monitoring services. Remote patient monitoring services offer great connectivity for remotely located patients to communicate with their healthcare providers and facilities. Remote patient monitoring services also avoids unnecessary hospitalization and help patients heal at home.
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These remote patient monitoring solutions combine advances in biosensors and machine learning that can significantly reduce the healthcare burden of chronic diseases due to dispensable hospitalization and readmission. These services are also expected to reduce overcrowding at hospitals and other healthcare facilities and thus are extremely helpful in densely populated regions or countries. Healthcare providers are also extending the adoption of remote patient monitoring services in order to enhance the excellence of their services and reduce expenses.
Evolution of new age healthcare IT technologies and need for health monitoring systems at home are the primary factors driving the growth of global remote patient monitoring services market. Massive saving on chronic disease expenditure is the important factor responsible for growing adoption of remote patient monitoring services by healthcare facilities. According to Qualcomm Life Inc.–provider of 2net patient monitoring platform –adoption of connected patient monitoring solutions in the U.S. would significantly impact the US$ 4.4 Mn preventable annual hospital admissions Moreover, increasing mobile and internet penetration, rapid technological changes such as introduction of 4G and 5G networks, shift towards accountable care etc. are the factors expected to influence the global remote patient monitoring market. However, limited access to internet in developing and under developed countries, lack of awareness and value recognition of remote patient monitoring services are the factors expected to limit the growth of global remote patient monitoring services over the forecast period.
The global market for remote patient monitoring services is segmented on basis of services, revenue generation model, end user and geography:
- Segmentation by Services
- Services to Patients
- Services to Healthcare Providers
- Segmentation by Revenue Generation Model
- Subscription Based
- Segmentation by End User
- Home Care Settings
- Long Term Care Centers
On the basis of end users, the global remote patient monitoring services market has been segmented into hospitals, Clinics, home care settings and long-term care centers. Hospital end user segment is anticipated to contribute the maximum share among all four end users. Some of the well-known remote patient monitoring solutions include Wellness Connected (A&D Medical), Biotronik Home Monitoring (Biotronik), Latitude NXT (Boston Scientific), Apex Pro CH (GE Healthcare), Genesis Touch (Honeywell), Vital Sync (Medtronic Inc.), EncorePro 2 (Philips Healthcare), etc. among others.
Hospitals are increasingly using remote patient monitoring services to enhance care delivery and improve patient outcomes. Recently introduced integrated remote patient monitoring solutions with messaging alert system have enabled healthcare providers to obtain real-time information of their patients’ critical risk indicators such as blood glucose, blood pressure etc.
On the basis of regional presence, global remote patient monitoring market is segmented into five key regions viz. North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America will continue to dominate the global remote patient monitoring market due to highest adoption rates and prevalence of chronic diseases. Europe is expected to hold second largest market share in global remote patient monitoring market.
Some of the major players in global remote patient monitoring services market include Qualcomm Life, Inc., Tech Mahindra Limited, Wipro Limited, Honeywell Life Care Solutions, Medtronic Inc., A&D Medical, Boston Scientific Corporation, Nihon Kohden Corporation, Philips Healthcare, Spacelabs Healthcare, St. Jude Medical(Abbott) etc. among others.