AI in Remote Patient Monitoring Market Size to Witness CAGR of 13.2% from 2019-2025
AI in Remote Patient Monitoring Market to witness a CAGR of 13.2% by 2025; Increasing need in managing Essential Healthcare Information Globally to Drive Market Growth
The global AI in Remote Patient Monitoring Market is valued at USD 810.4 million in 2019 and is expected to grow at a CAGR of 13.2% by 2025, according to a new research report by iCognition Insights Pvt. Ltd. This global report on AI in Remote Patient Monitoring focuses on market size and forecast at global, segmental, regional and country level providing an end-to-end market overview of the industry segment for period 2019-2025. The report further delivers key insights on the historical market size, drivers, restraints, future opportunities, and dynamics driving the growth by 2025. iCognition Insights have analyzed the competition- key market leaders and new entrants offering deep-dive intelligence on their strategies and market approaches, mergers and acquisitions, disruptive technologies which could alter or change the entire market trend.
Remote patient monitoring is a method of managing acute or chronic disease using RPM technology, while securely collecting and exchanging patient data, thereby simplifying the care of high-risk patients by collecting and analyzing health data and quickly determining if their condition is stable or worsening. Artificial intelligence in remote patient monitoring provides virtual support or assistance for common medical conditions and track vitals such as heart rate, blood pressure, sleep pattern; thereby offering high convenience and care personalization. It offers several other benefits such as assisted clinical results with informative insights, improved patient engagement, minimum hospital readmissions and comfortable access to the healthcare consulting. With rapid increase in the number of patients and the shortage of health professionals, the pressure on existing health workers has increased significantly thereby increasing the demand for AI technology in remote patient monitoring and fueling the growth of global market. According to estimates from the American Association of Medical Colleges, there can be a shortage of 54,100 to 139,000 physicians by 2033 in U.S. thereby surging the clinical urgency for a better healthcare service involving artificial technology in remote monitoring. Additionally, requirement of technology to organize and interpret huge amount of disparate healthcare data and growing need to manage essential healthcare information is fostering the demand for AI technologies in remote patient monitoring. However, inadequate healthcare infrastructure is the major aspect that hinders the growth potential.
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The Artificial Intelligence in Remote Patient Monitoring report is segmented based on Product (Vital monitors and Special monitors), by Solution (hardware, software and services), by Technology (speech recognition (SR), querying method (QM), natural language processing (NLP), machine learning (ML), and others), by application (cancer, cardiovascular diseases, diabetes, sleep disorder, respiratory issues, weight management & fitness monitoring, infections, dehydration, viral infection, and others) and by Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa).
Global AI in Remote Patient Monitoring Market Share Analysis:
- In 2019, Special monitor product segment accounted for the largest revenue share owing to its clinical importance in pre- and post-operative procedures.
- The software solution segment accounted for the largest revenue share in 2019 owing to its high implementation rate enabling effective management along with cost effectiveness. The hardware segment is projected to grow at a lucrative CAGR owing to increase in home care patient monitoring market.
- In 2019, the machine learning technology segment held the largest market share owing to growing adoption in healthcare sector especially in disease diagnosis, drug recommendation, and medical imaging. Additionally, the increase in demand for patient centric services is expected to fuel the growth.
- The cardiovascular diseases segment leads the revenue share in 2019 owing to increasing prevalence of geriatric population and the development of advanced technologies.
- North America accounted for the highest revenue share in 2019 and is projected to maintain its dominance during the forecast period due to increased adoption of remote patient monitoring products. According to a survey by American Medical Association (AMA), remote monitoring experienced the second highest increase in adoption rate from 14% (2016) to 28% (2019).
Key Industry Developments:
- April 2021: Global Communications Company Viasat Inc. and 19Labs, a leader in telemedicine platforms, announced a collaboration for delivering an enhanced telemedicine and remote monitoring (RPM) solutions in real-time, designed to deliver a comprehensive and affordable clinical experience where patients, clinicians and healthcare providers can connect and securely share healthcare information.
- June 2020: Royal Philips, a global leader in healthcare technology, announced a collaboration with the American Telemedicine Association (ATA) to help promote the adoption of telemedicine across the industry and promote the adoption of strategies of telemedicine throughout the hospital environment into the home propelled by COVID-19.
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Key Leading Companies Profiled in the AI in Remote Patient Monitoring Market Analysis Report:
This exhaustive research report analyzes 10 global companies that are adopting innovative technologies and approaches to gain market leadership.
- Atomwise, Inc. (U.S.)
- International Business Machines Corporation (U.S.)
- Berg LLC (U.S.)
- Zebra Medical Vision Ltd. (Israel)
- Modernizing Medicine, Inc. (U.S.)
- Caption Health, Inc. (U.S.)
- ly Inc. (U.S.)
- AiCure llc (U.S.)
- Medasense Biometrics Ltd. (Israel)
- Nuance Communications (U.S.)
Research Scope and Market Segmentation of AI in Remote Patient Monitoring Report:
|Segmentation||Product, Solution, Technology, and Application|
|Based on Product||
|Based on Solution||
|Based on Technology||
|Based on Application||
|Based on Geography||