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The global remote patient monitoring system market was valued at USD 3.8 billion in 2021 and is projected to reach USD 16.9 billion by 2030 at a CAGR of 18.3%. Predominant factors determining the market growth include the growing geriatric population, advancements in telecommunications, increasing need for expansion of healthcare access, monetary benefits of telehealth, and RPM benefits to lower the burden on the medical resource. The increasing occurrence of chronic diseases with the rapidly growing population, and a demand to improve healthcare infrastructure, contribute to the overall market growth.
Remote patient monitoring collects extensive health including clinical data, current health status, and patient registry transmitted to the healthcare provider through digital technologies. The increase in disposable income especially in developed and developing countries is a driving factor for the market. Additionally, it saves time and money on hospitalization and care and is easily accessible from the patient’s home.
The COVID-19 pandemic affected the remote patient monitoring system market significantly, amid cost-effective treatment and the increasing prevalence of chronic conditions. The COVID-19 pandemic stimulated the demand for remote patient monitoring devices and services owing to the overflow of infected COVID-19 patients in hospitals. Additional obstructions like constraints on undertaking a few major surgeries enhanced the demand for such devices, ultimately contributing to the market expansion.
A major drawback of the remote patient monitoring system market highlight the growing prevalence of fraud in the healthcare sector, especially in telehealth and telemedicine practices. For instance, the account details of the physicians remains vulnerable to hackers and data thefts. In addition, phishing and scamming such as payment requests for medical billing from unknown sources has been constraining the market growth.
The markets within Asia Pacific include countries like South Korea, China, and Thailand that have witnessed a growing prevalence of chronic diseases due to the changing lifestyle is projected to become a key revenue generator in the forthcoming years. Remote patient monitoring gadgets are portable owing to their smaller and more convenient size, which helps in home-based monitoring, and hence, are highly in demand. The advanced chronic illness management that the remote patient monitoring system provides together with early warning and progress trackers is projected to globally enhance the demand for remote patient monitoring systems.
Research Support Specialist, USA