Remote patient monitoring (RPM)/telemonitoring is a subset of telehealth. It is a technology that enables monitoring of patients outside of conventional clinical settings. Personal health and medical data are collected from an individual at home or remote area and are transmitted via electronic communication technologies to a provider in a different location for use in a treatment plan and related support. Health data such as blood pressure, blood sugar, oxygen saturation, heart rate, respiratory rate, electrocardiograms, body temperature, weight, activity, body posture, fall detection, among others are collected and are transmitted to healthcare professionals.
Market - Headwinds & Tailwinds
The global remote patient monitoring market is mainly driven by Covid-19, introduction of new CPT reimbursement codes by the CMS (2019), rising demand for home-based monitoring solutions, growing investments in RPM and telehealth, technological advancements, foray of number of new players, growing market consolidation through acquisitions agreements/partnerships/collaborations, increasing prevalence of chronic & infectious diseases and growing geriatric population. Increasing role of AI in healthcare is also playing a pivotal role in contributing to growth of the market globally. However, issues related to data security and data integration (RPM data with EHR) is likely to hinder the growth of the market to a certain extent.
Market Segmentation & Insights
The global remote patient monitoring market has been analyzed from three main perspectives: Application, End User and Region.
Remote Patient Monitoring Market, By Application
Based on application, the remote patient monitoring market has been segmented into chronic disease management, clinical trials, post-acute care and others. The chronic disease management segment holds the largest share in the market. The growth of the segment can mainly be attributed to rising prevalence of various chronic diseases and growing demand for their early detection and treatment. RPM can be used for monitoring of various chronic diseases such as cardiovascular diseases, neurological diseases, and respiratory diseases. Furthermore, it is also used in monitoring of blood glucose and blood pressure. It allows patients to remain independent, prevent complications and minimize personal costs.
Remote Patient Monitoring Market by End User
Based on end user, the remote patient monitoring market has been segmented into providers, payors, health plans, employers, home health agencies (HHAs) and others (pharma companies, patients, etc.). The providers segment holds the largest share in the market. The growth of the segment can be attributed to RPM addition to CMS CPT codes that are making RPM more favorable to providers, need to curtail cost, emergency department visits, hospital readmissions & lengthy stays, rising geriatric patients suffering from various chronic diseases. RPM also allows providers to deliver personalized monitoring plans and to track healthcare data of patient from home care settings after discharge from hospital, thereby reducing readmission rates.
The remote patient monitoring market is marked by presence of prominent players such as Teladoc, Medtronic, Philips, Vivify Health, Current Health, Health Recovery Solutions (HRS), VitalTech, AMC Health, Omada Health, CareTaker Medical, Anelto and Biobeat Technologies. Other players operating in the market are EarlySense, VitalConnect, Biofourmis, CareClix, Nonin Medical, Accuhealth Technologies, Vheda Health, Validic, CareClix, CAREMINDr, among others.
Snapshot: Industry Developments
• In May 2021, Essence SmartCare, announced the launch of VitalOn. VitalOn is a comprehensive remote patient monitoring (RPM) platform for active seniors and older adults living with chronic conditions
• In Mar 2021, Dozee launched a contactless remote patient monitoring solution for hospitals. This remote patient monitoring solution features an AI-powered triaging system that enables remote monitoring of patients outside of the ICU
• In Jan 2021, Boston Scientific entered into a definitive agreement to acquire Preventice Solutions, Inc., a privately-held company which offers a full portfolio of mobile cardiac health solutions and services, ranging from ambulatory cardiac monitors to cardiac event monitors and mobile cardiac telemetry
• In Dec 2020, Sensyne Health plc, the British Clinical AI technology company, announced the launch of its remote monitoring solution for diabetes in pregnancy, GDm-Health
• In Jul 2020, DarioHealth Corp., entered into a new strategic partnership with Williams Medical to make the its remote patient monitoring (RPM) digital therapeutics platform available to Healthcare Professionals (HCPs) across the U.K and Ireland
• In Apr 2020, VitalTech, a leader in virtual care, announced its partnership with VIVUS, Inc, a biopharmaceutical company with an aim to leverage VitalTech’s virtual care platform and comprehensive medical device product line
Key Insights Captured in the Report
• Quantitative (market size and forecasts) and qualitative insights of the market across years - historical years, current year and forecasted years
• Deep-rooted insights on headwinds, tailwinds and opportunities prevailing in the market
• Quantitative (market size and forecasts) and qualitative insights at segment and sub-segment level
• Comprehensive quantitative (market size and forecasts) and qualitative insights on geographic, regional and country level markets
• Granular insights on the competitive landscape prevailing in the market
• Competitive mapping of strategic developments
|Market Size Period||2018-2031|
|Market Segments||Asessment of Remote Patient Monitoring Market By:
|Geographic Scope||• North America
◦ Rest of Europe (RoE)
• Asia Pacific
◦ Rest of Asia Pacific (RoAPAC)
• Rest of the World
◦ Latin America
◦ Middle East & Africa
|Companies Covered||Teladoc, Medtronic, Philips, Vivify Health, Current Health, Health Recovery Solutions (HRS), VitalTech, AMC Health, Omada Health, CareTaker Medical, Anelto and Biobeat Technologies, EarlySense, VitalConnect, Biofourmis, CareClix, Nonin Medical, Accuhealth Technologies, Vheda Health, Validic, CareClix, CAREMINDr, among others.|
1 RESEARCH ENVELOPE
1.1 Market Classification
1.2 Scope of the Study
1.2.1 Timeline Considered for Market Study
• Historic Years – 2018 & 2019
• Base Year – 2020
• Projected Years – 2021 to 2031
1.3 Currency Used in the Report
2 RESEARCH METHODOLOGY
2.1 Research Approach
2.2 Data Collection Methodology
2.3 Data Sources
2.3.1 Secondary Sources
2.3.2 Primary Sources
2.4 Market Crackdown Methodology
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Data Forecasting Model
2.6 Limitations and Assumptions for Study
3 HEADWINDS & TAILWINDS ASSESSMENT
4 MARKET OPPORTUNITIES ASSESSMENT
5 PREMIUM INSIGHTS
5.1 Key Market Trends
5.2 Key Players & Their Competitive Positioning (2020)
5.3 COVID-19 Impact Assessment
5.4 Business Model Assessment
6 GLOBAL REMOTE PATIENT MONITORING MARKET - ANALYSIS & FORECAST, BY APPLICATION
6.1 Chronic Disease Management
6.2 Clinical Trials
6.3 Post-Acute Care
7 GLOBAL REMOTE PATIENT MONITORING MARKET - ANALYSIS & FORECAST, BY END-USER
7.2 Payors, Health Plans, Employers
7.3 Home Health Agencies (HHAs)
7.4 Others (Pharma Companies, Patients, Etc.)
8 GLOBAL REMOTE PATIENT MONITORING MARKET - ANALYSIS & FORECAST, BY REGION
8.1 North America Remote Patient Monitoring Market
8.1.1 North America Remote Patient Monitoring Market, By Country
8.1.2 North America Remote Patient Monitoring Market, By Application
8.1.3 North America Remote Patient Monitoring Market, By End User
8.2 Europe Remote Patient Monitoring Market
8.2.1 Europe Remote Patient Monitoring Market, By Country/Region
18.104.22.168 Rest of Europe (ROE)
8.2.2 Europe Remote Patient Monitoring Market, By Application
8.2.3 Europe Remote Patient Monitoring Market, By End User
8.3 Asia Pacific Remote Patient Monitoring Market
8.3.1 Asia Pacific Remote Patient Monitoring Market, By Country/Region
22.214.171.124 Rest of Asia Pacific (RoAPAC)
8.3.2 Asia Pacific Remote Patient Monitoring Market, By Application
8.3.3 Asia Pacific Remote Patient Monitoring Market, By End User
8.4 Rest of the World (RoW) Remote Patient Monitoring Market
8.4.1 Rest of the World Remote Patient Monitoring Market, By Region
126.96.36.199 Latin America
188.8.131.52 Middle East & Africa
8.4.2 Rest of The World Remote Patient Monitoring Market, By Application
8.4.3 Rest of The World Remote Patient Monitoring Market, By End User
9 COMPANY PROFILES
9.1.1 Business Overview
9.1.2 Financial Metrics*
9.1.3 End-user Portfolio
9.1.4 Key Developments
9.4 Vivify Health
9.5 Current Health
9.7 AMC Health
9.8 Omada Health
9.9 CareTaker Medical
9.10 Biobeat Technologies
9.11 Health Recovery Solutions (HRS)
9.12 Anelto Inc.
*Insights on financial metrics is subject to availability of information in the public domain
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