What is the Global market size of the Remote Patient Monitoring Devices Market?

Global 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).

What is the key driver of the Global Remote Patient Monitoring Devices Market?

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.

What is the key market trend for the Global Remote Patient Monitoring Devices Market?

Increase in Use of Virtual Technology: Incorporation of IoT elements into medical equipment has made it possible to provide patients and the older population with chronic illnesses with the care that has better quality with more efficiency. Sensors, actuators, Bluetooth connections, and other communication tools have made it possible for patients and caregivers to effortlessly communicate data to the doctor via cloud-based platform.

Global Remote Patient Monitoring Devices Market Size, Share, Growth Analysis, By Type(Devices, Services), By Application(Oncology, Diabetes Cardiovascular Diseases), By End-User(Payers, Providers) - Industry Forecast 2024-2031

Report ID: SQMIG35A2717 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 89 | Figures: 76

Global Remote Patient Monitoring Devices Market Insights

Remote Patient Monitoring Devices Market size was valued at USD 3.13 billion in 2019 and is poised to grow from USD 4.4 billion in 2023 to USD 28.85 billion by 2031, growing at a CAGR of 18.5% in the forecast period (2024-2031).

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 Remote Patient Monitoring Devices Market Report Snapshots

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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. 'Medtronic plc', 'Koninklijke Philips N.V.', 'GE Healthcare Inc.', 'Abbott Laboratories', 'Boston Scientific Corporation', 'Nihon Kohden Corporation', 'Omron Corporation', 'Masimo Corporation', 'BioTelemetry, Inc.', 'Hill-Rom Holdings, Inc.', 'Smiths Group plc', 'ResMed Inc.', 'Biotronik SE & Co. KG', 'AliveCor, Inc.', 'iRhythm Technologies, Inc.', 'Welch Allyn, Inc.', 'General Electric Company', 'Nonin Medical Inc.', 'Honeywell International Inc.', 'McKesson Corporation'

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.

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Global Remote Patient Monitoring Devices Market Size, Share, Growth Analysis, By Type(Devices, Services), By Application(Oncology, Diabetes Cardiovascular Diseases), By End-User(Payers, Providers) - Industry Forecast 2024-2031

Global Remote Patient Monitoring Devices Market Insights

Global Remote Patient Monitoring Devices Market Report Snapshots

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What is the global market size of Remote Patient Monitoring Devices Market?

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