USD 3.13 billion
Report ID: SQSG35A2022 | Region: Global | Published Date: November, 2022 | Pages: 242 | Tables: 89 | Figures: 76
Remote Patient Monitoring Devices Market size was valued at USD 3.13 billion in 2021 and is poised to grow from USD 4.4 billion in 2022 to USD 28.85 billion by 2030, growing at a CAGR of 18.5% in the forecast period (2023-2030).
Providers can monitor, record, and evaluate their patients' acute or chronic diseases using remote patient monitoring (RPM) devices from locations other than a hospital or clinic. They enable the practitioner to have real-time insight into the patient's illness condition and take preventive clinical actions. Continuous monitoring of vital signs is essential as chronic diseases including cardiovascular, diabetes, and respiratory illnesses have become more common. According to WHO report 2022, the primary causes of mortality among high-income countries were heart disease, dementia, and stroke, accounting for 87.8% of all fatalities. Lower respiratory infections, diarrheal illnesses, malaria, TB, and HIV were among the top 10 causes of mortality in low-income countries, accounting for over half of all fatalities together with maternal, perinatal, and nutritional disorders.
The COVID-19 pandemic has expedited the use of telehealth and other forms of virtual care. Eventually, as the market is moving ahead in the crisis and pandemic, the adoption of virtual health technologies is upsurging. Moreover, use of technologies for regular monitoring of health and diseases is becoming more common in the post pandemic world. Therefore, healthcare device manufacturers are now emphasizing on AI and machine learning to detect the occurrence of any chronic condition in patients. All these factors are expected to create conducive environment for market growth in the forthcoming years.
US Remote Patient Monitoring Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 3.13 billion
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Remote Patient Monitoring Devices Market is segmented based on the type, application, end-user, and region. Based on the type, the market is segmented into devices (multi-parameter monitoring, respiratory monitoring, blood glucose monitoring, cardiac monitoring, others), services. Based on application, the market is segmented into oncology, diabetes cardiovascular diseases, and others (weight management, fitness). Based on end-user, the market is segmented into payers, providers, and patients. Based on region, the global market spans North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Type
For example, in order to add Touch SurgeryTM Enterprise to Vizient's solutions, which are used by more than half of the country's healthcare providers, Medtronic plc, a pioneer in healthcare technology, has signed a deal with Vizient, a top supplier of healthcare performance improvement services in the U.S. Touch Surgery Enterprise, the first operating room (OR) AI-powered surgical video management and analytics platform, greatly streamlines the process of capturing, analyzing, and sharing the surgical footage, giving surgeons a potent new tool to enhance performance and instruct others.
Following this, the devices segment also experienced significant growth in 2021. This was due to the new device launches and the collaborations among the prominent players in the industry to provide better devices. For example, in order to improve patient treatment experiences and general results, Medtronic plc and DaVita Inc. announced their intention to establish a brand-new, independent medical device firm with a focus on renal care.
Analysis by Application
In 2022, the cardiovascular segment held the largest share in the global remote patient monitoring devices market. For patients who need critical care for chronic diseases including diabetes, hypertension, palpitations, and cardiac rhythm abnormalities, remote patient monitoring has revolutionized care and therapy.
Following this, the diabetes segment is expected to witness a fast growth rate during the forecast period. This is owing to the fact that there are rapid developments in the diabetes devices market to provide end-users with better facilities to monitor their health due to the prevalence of the disease, according to WHO reports 422 million across the world are suffering from diabetes and results in the death of approximately 1.5 million each year. For example, for those with type 1 diabetes, researchers are creating a small, painless wearable patch that will transmit vital data to their cellphones. The JDRF (previously known as the Juvenile Diabetes Research Foundation) is funding a novel initiative that uses hundreds of microscopic microneedles to measure ketone and glucose levels.
Analysis by End User
In 2022, the provider's sector dominated the global market. The rise in hospital patient visits has encouraged providers to install equipment in healthcare facilities. According to the National Center for Health Statistics, a division of the Centers for Disease Control and Prevention, hospital emergency departments in one nation see 145.6 million people annually, a record number of patients.
Following this, due to a rise in the patient population, the patient sector is predicted to grow more quickly throughout the projection period. The demand for real-time monitoring of health indicators has grown due to a rise in the number of persons with disorders.
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North America accounted for the highest portion of the global remote patient monitoring devices market in 2022. Higher use of these monitoring devices by patients and hospital settings characterizes the market in the region. Furthermore, the region's leading market position in 2022 is due to increasing investment in the introduction of advanced technology for high-quality patient care. Furthermore, a large population in the region suffering from chronic diseases is boosting the demand for various medical devices. About 133 million Americans suffer from chronic illnesses, accounting for more than 40% of the nation's population.
Following this, due to better legislative conditions, and availability of a healthcare infrastructure, and the quick uptake of the devices, Europe retained the second position in the market. Additionally, the rollout of these monitoring devices in the region is being aided by strategic alliances amongst the businesses to offer patients comprehensive remote patient monitoring, which will increase acceptance.
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Increase in Population with Chronic Illnesses:
By the year 2050, there will be 1.5 billion elderly people worldwide, according to the World Health Organization (WHO). During 2021–2028, it is also predicted that the prevalence of chronic illnesses affecting the older population would rise. Therefore, there is a growing demand for ongoing vital sign monitoring and efficient illness treatment. For instance, about 70% of elderly persons in India suffer from a chronic condition. About 18% of people between the ages of 45 and 49 have hypertension, which rises to 28% among people between the ages of 60 and 64 and 35% among people between the ages of 70 and 74. Diabetes and bone or joint problems are also some common problems among the elderly.
The COVID-19 pandemic has prompted the introduction of cutting-edge technology solutions that can assist with managing medications, tracking illness symptoms, and remote monitoring of vital signs. More health indicators may be examined as the next-generation patient monitoring technologies get more comprehensive. Consumers are increasingly drawn to using technology-driven systems and products. Wearables, most frequently a smartwatch, are used by 57 percent of women and 43 percent of men during the day, primarily to track their vitals and stay in shape.
Distribution of Technologies to Create an Imbalance
The U.S. has implemented legislative and payment adjustments to promote patient virtual monitoring, whilst such technologies are unavailable in countries with low-income groups. Another issue impeding the growth of the remote patient monitoring devices is the lack of knowledge among healthcare practitioners, restricted access to high-quality healthcare, and poor internet connection in low-to-middle-income countries (LMICs).
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The global remote patient monitoring devices market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, the Onyx Frontier drug-eluting stent has been approved by the U.S. Food and Drug Administration (FDA), according to Medtronic plc, a world leader in healthcare technology. Onyx Frontier DES, the newest member of the Resolute DES family, utilizes the same best-in-class stent technology as Resolute Onyx and has an improved distribution method that is intended to maximize acute performance in even the most difficult patients.
Top Players in the Global Remote Patient Monitoring Devices Market
Remote Patient Monitoring Devices Market Recent Developments
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According to global remote patient monitoring devices market report analysis, in terms of type, the services segment held the largest share in 2022 owing to the upsurge in demand as a result of the COVID-19 pandemic, which boosted revenues.
|Market size value in 2021||USD 3.13 billion|
|Market size value in 2030||USD 4.4 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Global Remote Patient Monitoring Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Remote Patient Monitoring Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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