Market Definition:
Remote patient monitoring refers to extensive usage of digital health techniques to measure, monitor, and record the key vitals, and other forms of disease-related data of a patient. The information collected is then electronically transferred to the healthcare providers for their instructions and further usage. The scope of the study includes the devices, software, and services altogether.
Market Insights:
The Saudi Arabia Remote Patient Monitoring System Market is projected to grow at a CAGR of around 18% during the forecast period, i.e., 2022-27. The market is driven primarily by the mounting focus of healthcare providers on improving customer experience, government’s push towards economic diversification from crude earnings to support medical tourism, and the integration of disruptive technologies such as AI, Blockchain, etc., in healthcare services to modernize the country's health infrastructure.
| Report Coverage | Details |
|---|---|
| Study Period | Historical Data: 2017-20 |
| Base Year: 2021 | |
| Forecast Period: 2022-27 | |
| CAGR (2022-2027) | 18% |
| Key Companies Profiled | Welch Allyn, Bosch, Johnson & Johnson, Intel, Roche, Philips Healthcare, Honeywell, American Telecare, Biotronik, Covidien Plc |
| Unit Denominations | USD Million/Billion |
In 2021, the Saudi government announced to invest around USD66 billion in healthcare infrastructure during 2022-30. Around 17% of this budget is likely to be invested in IT integration & upgrades. This massive push to modernization would create significant growth opportunities for remote patient monitoring services providers in the coming years.
In addition, the total number of hospitals in the country stood at around 507 in 2021. Nearly 31% of these hospitals have planned an IT overhaul & upgrade in the coming 3 years, which would comprise the mounting usage of advanced software & platforms.
With around 90% of total investments in the healthcare IT upgrade during 2022-30, the Saudi government would be the major spender on healthcare IT integration, and the remaining amount to be contributed by private healthcare institutions. Hence, a strong association with the government, and future tenders would contribute to the overall market growth.
Covid-19 Turned Out to be a Strategic Inflection Point for the Remote Patient Monitoring Market
Saudi Arabia was one of the most badly hit countries by the Covid-19 pandemic across the Middle East. Strict norms on social distancing extensively reduced mobility & community interactions. Healthcare providers were forced to opt for digital routes to monitor patients. In 2021, patients suffering from cardiovascular distress & diabetes completely outnumbered other patients while adopting remote patient monitoring services. On the other hand, patients with issues related to mental health, sleep deprivation, weight management, fitness monitoring, etc., contributed to the massive market growth in 2020. This rise in the patient count has been catalyzed majorly by the Covid-19 pandemic.
