23 Dec 2020
Posted in Medical Devices
Remote patient monitoring market set to surpass $645m by 2025 as COVID-19 pandemic drives growth
Remote patient monitoring (RPM) is set to benefit from the COVID-19 pandemic and the growing aging population around the world. The global market value for RPM is projected to grow by 18% in the next five years to surpass $645m by 2025, according to GlobalData, a leading data and analytics company.
Kevin Dang, Medical Devices Analyst at GlobalData, comments: “With the global pandemic forcing many to remain at home, there is now an emphasis on patient-centered care that is becoming more dependent on virtual medical treatments. Many individuals – the elderly, in particular – who suffer from chronic diseases require frequent check-ups and need to be properly monitored for the rest of their lives. It is time-consuming for them to drive back and forth to visit physicians, and other alternatives, such as in-house care, are unreasonably expensive for the majority of patients. These factors have led to the increased adoption of RPM.”
With the increase in usage of RPM during the pandemic, there has also been a surge in mergers and acquisitions (M&A). Philips has recently agreed to acquire BioTelemetry, a medical technology company that specializes in cardiac monitoring services. This deal will allow Philips to tap into the market growth by expanding its remote monitoring business beyond hospitals and into patient homes.
Dang concludes: “RPM can solve many problems that have developed from the pandemic and the growing elderly population. In the long run, the remote monitoring of patients will lead to improved management of patient health conditions, while saving them time and money.”