Koninklijke Philips N.V. (Netherlands) and Medtronic (Ireland) are Leading Players in the Remote Patient Monitoring (RPM) Market
The global remote patient monitoring market is projected to reach USD 207.5 billion by 2028 from USD 71.9 billion in 2023, at a CAGR of 23.6% between 2023 and 2028. The aging population and the increasing need for healthcare access are driving the growth of the telehealth and remote patient monitoring (RPM) market. Telehealth and RPM offer cost benefits and can reduce the burden on medical resources. However, regulatory variations across regions may restrain market growth.
The prominent players operating in the remote patient monitoring market are Clear Arch, Inc (US), TytoCare Ltd. (US), Teledoc Health Inc. (US), Vivify Health, Inc. (US), Bardy Diagnsotics, Inc. (US), Biotronik SE & Co. KG (Germany), Alive Cor, Inc. (US), Koninklijke Philips N.V. (Netherlands), Brook Inc. (US), Blue Spark Technology (US), Oracle (US), Siemens Healthineers AG (Germany), Omron Healthcare (Japan), Boston Scientific Corporation (US), Welch Allyn (US), Health Beats (Singapore),Medtronic (Ireland), GE Healthcare (US), Abbott Laboratories (US), Alten Calsoft Labs (France), Bio-Beat (Israel), VitalConnect (US), VivaLNK Inc. (US), and iRhythm Technologies (US).
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Koninklijke Philips N.V. (Netherlands) Philips is the leader in the remote patient monitoring market. Its expertise, experience, and wide range of capabilities in various industries and business functions allow it to stay ahead of the competition. Philips is present all over the world, including in North America, the Asia Pacific, the Middle East, Africa, Latin America, and Europe. The company operates in four reportable segments, namely, Diagnosis and treatment business, Connected care business, personal health business, and others. Remote patient monitoring devices are offered through Connected care businesses. The company focused on product approvals and collaborations to strengthen its product portfolio and revenue growth.
Medtronic (Ireland) a global healthcare technology company headquartered in Dublin, Ireland, is the leader in the field. It serves healthcare systems, doctors, clinicians, and patients in over 150 countries worldwide. Medtronic has four operating and reportable segments that develop, manufacture, distribute, and sell device-based medical therapies and services: the Cardiovascular Portfolio, the Medical Surgical Portfolio, the Neuroscience Portfolio, and the Diabetes Operating Unit. The company provides telehealth solutions through all of its segments.
Medtronic focuses on product approvals and partnerships to strengthen its product portfolio. In September 2022, Medtronic announced that the LINQ II Insertable Cardiac Monitor (ICM) system is the first and only ICM to receive 510(k) clearance from the U.S. Food and Drug Administration (FDA) for use in pediatric patients over the age of 2 who have heart rhythm abnormalities and require long-term, continuous monitoring.
Omron Healthcare, Inc. (Japan) develops and sells health equipment for home and medical use, including blood pressure monitors, body composition monitors, digital thermometers, and electric toothbrushes. It provides remote patient monitoring services and solutions. The company's key remote patient monitoring product is Vitalsight, a program that allows patients to take in-home blood pressure and/or weight measurements. OMRON Healthcare stands as the preeminent global brand in the digital blood pressure monitor industry, having successfully sold over 200 million BPMs worldwide. Within the regions of Europe, Middle East, and Africa, it reigns supreme as the foremost brand in the realm of blood pressure monitors. It operates in the Asia Pacific, China, Europe, the US, Japan, South Korea, Taiwan, and Brazil. OMRON Healthcare Europe B.V. is the healthcare division for Europe, Russia, Middle East, and Africa and provides service to customers in more than 74 countries. In July 2020, the company collaborated with EPIC Health, to address health inequities and reduce heart attack and stroke risk in underserved Detroit communities. The program will feature VitalSight, OMRON’s first remote patient monitoring service designed specifically for patients afflicted by high blood pressure and especially those with uncontrolled Stage 2 hypertension.
Related Reports:
Remote Patient Monitoring (RPM) Market by Product (Software, Services, Devices, Cardiology, Neurological, BP Monitors, Neonatal, Weight, Temperature, Neuro) End user (Providers, Hospitals, Clinics, Home care, Patients, Payers) - Global Forecast to 2028
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