The 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, growing incidences of chronic diseases, and increasing investments in telehealth and RPM are the major factors driving the growth of this market.
According to the new market research report the remote patient monitoring market is projected to reach USD 117.1 billion by 2025 from USD 23.2 billion in 2020, at a CAGR of 38.2% between 2020 and 2025.
The prominent players operating in the remote patient monitoring market include BioTelemetry Inc. (US), Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG Germany, OMRON Healthcare (Japan), ALTEN Calsoft Labs (France), Preventice Solutions (US), VitalConnect (US), Welch Allyn (US), Teladoc Health Inc. (US), Dexcom Inc. (US), Boston Scientific Corporation (US), Abbott Laboratories (US), Resideo Life Care Solutions (US), Vivify Health, Inc. (US), Bio-Beat Technologies (Israel), iRhythm Technologies, Inc. (US), and VivaLNK Inc. (US)., among others.
Players in this market focused on partnerships, collaborations, agreements, acquisitions, mergers, expansions, and product launches & approvals to expand their market presence between January 2017 and July 2020.
KONINKLIJKE PHILIPS N.V. (NETHERLANDS)
Koninklijke Philips N.V. (Netherlands) is the leading player in the remote patient monitoring market. The company’s expertise, experience, and comprehensive capabilities in various industries and business functions enable it to maintain its leading position in the market. The company has a wide global presence with North America, the Asia Pacific, the Middle East, Africa, Latin America, and Europe.
The company focuses on achieving sustainable growth by enhancing its operating base and launching competitive technologies. In 2020, Philips launched the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in the US, Europe, Australia, New Zealand, and Singapore to support fetal & maternal monitoring. Also, in 2020, the company launched data-driven personalized connected care solutions for oral health, mother & childcare, and sleep care — Sonicare oral healthcare ecosystem, Avent mother and childcare ecosystem, and SmartSleep ecosystem in the remote patient monitoring market.
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