USD 1.9 billion
Report ID:
SQMIG35G2120 |
Region:
Global |
Published Date: August, 2024
Pages:
157
|Tables:
96
|Figures:
76
Global Remote Patient Monitoring Market size was valued at USD 1.9 Billion in 2022 and is poised to grow from USD 2.2 Billion in 2023 to USD 8.5 Billion by 2031, growing at a CAGR of 16.3% in the forecast period (2024-2031).
Remote patient monitoring market size the market's growth is attributable to the prevalence of lifestyle disorders, increased use of remote patient monitoring devices, and an increase in the number of elderly people. As the elderly population requires ongoing monitoring of their health problems, the demand for remote patient monitoring systems is rising quickly. The rising demand for remote patient monitoring systems is due to the advanced chronic disease management which offers remote monitoring systems like early warning indications and progress trackers. More than 88% of the healthcare costs in the U.S. around the year are because of the chronic diseases. This can be avoided if patients receive prompt assistance through a remote monitoring system.
While the telemedicine software helps in digitizing and automating crucial tasks, which decreases hospital administrative tasks and increases product consumption, it can delay ER visits and hospitalizations. At the time of COVID-19 pandemic patients are warned against physically visiting hospitals due to the risk of contracting an infection, especially those with chronic illnesses. The global market was subsequently developed as a result. Companies make a significant number of investments by partnering, buying, and cooperating with newly emerging startups.
US Remote Patient Monitoring Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 1.9 billion
Largest Segment
Special Monitoring
Fastest Growth
Special Monitoring
Growth Rate
16.3% CAGR
To get more reports on the above market click here to Buy The Report
Global remote patient monitoring market is segmented based on Type, Application, End-use and region. Based on Type, the market is segmented into Software & Services, And Devices (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Neurological Monitoring Devices, Respiratory Monitoring Devices, Multiparameter Monitoring Devices, Blood Glucose Monitoring Devices, Fetal and Neonatal Monitoring Devices, Weight Monitoring Devices, Others). Based on Application, the market is segmented into Oncology, Hypertension, Cardiovascular Diseases, Diabetes, Sleep Disorders, And Weight Management and Fitness Monitoring. Based on End User, the market is segmented into Providers (Hospitals & Clinics, Home Care Settings and Long-term Care Centers, Ambulatory Care Centers, Others), Payers, Patients, and Others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America.
Remote Patient Monitoring Market Analysis by End User
The provider segment is the largest segment by end user in the global remote patient monitoring market. The hospital segment contributes towards its dominance which holds the share of about 78%. The hospitals deal to many outpatients and inpatients. The hospitals provide many diagnostic tests and have a larger staff to work according to the patient's needs. The increase in the adoption of the RPM technology to enhance patient care and optimize operational efficiency is further contributing to the segmental growth. The rising occurrence of chronic diseases is also driving the market. The increase in the demand for cost effective healthcare solutions contributes to the dominance of the segment.
However, the patient segment is the fastest growing segment in the global remote patient monitoring market. The patients are continuously using variable devices and health applications to track their health from the comfort of their homes. Therefore, the rising adoption of the RPM technologies among patients is contributing to the market growth. These encourage patients to actively engage in their own healthcare by providing convenience and accessibility to them. Furthermore, the increase in the aging population who requires continuous monitoring is driving the expansion of remote healthcare solutions.
Remote Patient Monitoring Market Analysis by Application
Diabetes is the largest segment in the remote monitoring market by application and is expected to hold a market share of about 12.8%. It requires continuous monitoring of blood glucose levels and is one of the leading causes of death around the world. It affects different functions of the body which include heart activity, vision, liver function, and renal activity which drives the demand for continuous and routine monitoring. Therefore, there is a rising demand for remote patient monitoring devices contributing to the market growth.
On the other hand, the hypertension segment is the fastest growing segment in the remote monitoring market by application and is expected to witness significant growth during the forecasted period. For instance, according to a World Health Organization report, over 1.2 billion people are having hypertension worldwide. Remote patient monitoring will contribute as a key factor for controlling hypertension, therefore contributing to segmental growth.
To get detailed analysis on other segments, Request For Free Sample Report
North America is the largest region in the remote patient monitoring market share of about 40.9%. The rise of chronic diseases is driving the demand for wireless and portable systems which is contributing towards regional growth. The presence of reimbursement structures which help in the research and development are further propelling the remote patient monitoring market growth.
Europe, particularly the western European nations, is expected to continue to rank second in terms of generating income over the forecasted period due to the higher mortality rate and increasing demand for low-cost treatment in this region. The rising demand for in-house monitoring is further driving the remote patient monitoring market. The region has supportive central data management systems which provide accuracy and efficiency of remote patient monitors which are highly impacting the market growth.
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Remote Patient Monitoring Market Drivers
Growing adoption of Internet of Things (IoT) in remote monitoring devices is expected to drive market growth
Remote Patient Monitoring Market Restraints
Lack of accessibility to remote monitoring solutions in under developing countries
Request Free Customization of this report to help us to meet your business objectives.
The market's key trends include the improvement of current technologies, the introduction of new products, the diversification of the product line, and mergers or partnerships with healthcare organisations. Philips purchased BioTelemetry, Inc. by integrating the cardiac diagnostics and monitoring equipment from BioTelemetry, this acquisition is anticipated to help Philips expand its patient monitoring portfolio.
Another strategy being used by players right now is to expand industrial operations into countries with large populations and high illness rates. Mindray declared the expansion of its new R&D plant in China. This facility is developed into a renowned center for the R&D, production, and operation of medical equipment systems. The following are a few of the well-known top companies in the global market for remote patient monitoring systems:
Remote Patient Monitoring Industry Top Player’s Company Profiles
Recent Developments in Remote Patient Monitoring Industry
In June 2024, Smart Meter announced the launch of e-commerce platform for RPM production services to provide smooth customer experience for delivering RPM products and services directly to the patient for better healthcare monitoring.
In January 2024, Blue Spark Technologies Inc, launched a multi sensor remote patient monitoring platform, VitalTraq. It includes Remote Photoplethysmography (rPPG), contactless vital sign measurement sensor to date. Patients and doctors can collect digital measurements including heart rate, blood pressure, respiratory rate and others.
In October 2023, Dozee has announced the launch of ambulatory connected the patient monitoring system, Dozee Pro Ex. It will provide continuous patient monitoring of ECG Rhythm, blood pressure, heart rate, respiration rate, oxygen saturation, and temperature.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the personalized telemedicine software offers a platform for communication for remote and in-person patient monitoring that serves as a link between the patient and provider. This step-change, which was driven by necessity, has completely altered the market's appearance since the pandemic. The diabetes segment is having the highest share whereas the hypertension segment is growing quickly. North America holds the highest position where as Asia-Pacific continues to grow at a quick pace during the forecasted period. The main trend is the adoption of the RPM enabled home healthcare monitoring systems. Due to the increased willingness of users to sign up for the healthcare apps, this modification has sped up recovery rates which is anticipated to propel the demand for remote patient monitoring over the forecast period.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 1.9 Billion |
Market size value in 2031 | USD 8.5 Billion |
Growth Rate | 16.3% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
|
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) |
Companies covered |
|
Customization scope | Free report customization with purchase. Customization includes:-
|
To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.
Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share
Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Remote Patient Monitoring 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 Remote Patient Monitoring 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.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Remote Patient Monitoring Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Remote Patient Monitoring Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.
Report ID: SQMIG35G2120
sales@skyquestt.com
USA +1 351-333-4748