USD 1.9 billion
Global Remote Patient Monitoring Market Size, Share, Growth Analysis, By Product(Vital Sign Monitors, Special Monitors), By Application(Cancer, Cardiovascular Diseases), By End-Use(Hospital-based Patients, Ambulatory Patients) - Industry Forecast 2024-2031
Report ID:
SQMIG35G2120 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
96 |
Figures:
76
Global Remote Patient Monitoring Market Insights
Remote Patient Monitoring Market size was valued at USD 1.9 billion in 2019 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).
The market 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 these systems is rising quickly.
The enhanced chronic disease management afforded by remote monitoring systems, including early warning indications and progress trackers, has increased demand for these systems on a global scale. 90% of yearly healthcare costs in the United States are attributable to chronic illnesses. 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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Special Monitoring
Fastest Growth
Special Monitoring
Growth Rate
16.3% CAGR
Global Remote Patient Monitoring Market ($ Bn)
Country Share for North America Region (%)
Global Remote Patient Monitoring Market By Product ($ Bn)
Global Remote Patient Monitoring Market By Product (%)
To get more reports on the above market click here to Buy The Report
Global Remote Patient Monitoring Market Segmental Analysis
Global remote patient monitoring market is segmented on the basis of product, application, end-use and region. By products, the market is segmented into special monitoring and vital sign monitoring. By application, the market is segmented into diabetes, cardiovascular diseases. By end-use the market is segmented on the basis of hospital-based patients, ambulatory patients, and home healthcare. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Remote Patient Monitoring Market Analysis by Solutions
The special monitors segment dominated the global remote patient monitoring and is anticipated to maintain its dominance throughout the forecast period. This dominance is due to its capability to track clinically crucial data before and after operation, recognize symptoms, and avoid problems. Additional features, like wireless connection and iPad compatibility, enable early diagnosis and broaden the product's applicability. A patient's ECG, noninvasive blood pressure, body temperature, respiration rate, and brain activity can all be efficiently monitored with vital sign monitors.
Throughout the forecast period, the popularity of these devices is expected to increase owing to the integration of several vital sign monitors into a single system. Over the projected period, the vital sign monitors category is anticipated to develop at the fastest rate. Due to the rise in cardiac problems worldwide, the heart rate monitor product sub segment is one of the most dominant ones. The rising use of these monitors is a result of the rise in people with heart conditions. During CES in 2019, Withings unveiled the most sophisticated and varied at-home cardiovascular monitoring. It is anticipated to be the first item to detect blood pressure, record ECG and heart data using a digital stethoscope.
Global Remote Patient Monitoring Market By Product, 2023 (%)
To get detailed analysis on other segments, Request For Free Sample Report
Global Remote Patient Monitoring Market Regional Insights
North America region dominated the meditation market in 2021 and is expected to maintain its dominance throughout the forecast period. The major causes of the regional market growth are the rise in the prevalence of chronic diseases, the demand for wireless and portable systems, and the availability of complex reimbursement schemes designed to reduce out-of-pocket expenses. Over the forecast period, Europe, particularly the Western European nations, is anticipated to continue to rank second in terms of generating income.
The increased mortality rate and growing demand for affordable treatment are to blame for this. Rising internal monitoring demand, helpful central data management systems, and improving RPM accuracy & efficiency are the key growth drivers for the region. Due to the existence of untapped opportunities in the emerging markets of India and China, the Asia Pacific region is anticipated to experience the fastest CAGR over the forecast period. Japan is anticipated to be a significant source of revenue because of its large elderly population.
Global Remote Patient Monitoring Market By Region, 2024-2031
- Largest
- Fastest
To know more about the market opportunities by region and country, click here to
Buy The Complete Report
Global Remote Patient Monitoring Market Dynamics
Remote Patient Monitoring Market Drivers
Growing adoption of Internet of Things (IoT) in remote monitoring devices to drive market growth
- The implementation of IoT components into medical equipment has made it possible to provide patients and the older population with chronic illnesses with care that is better quality and more efficient. Sensors, actuators, Bluetooth connectivity, and other communication tools have made it possible for patients and families to effortlessly communicate data to the doctor via a cloud-based platform.
- Thus, there is a growing demand for ongoing vital sign monitoring and efficient illness management. For instance, remote patient monitoring improves patient participation for managing chronic illnesses, according to a study published in the Journal of American Medical Informatics Association (JAMIA). Thus, it is projected that the older population's adoption of remote systems to prevent frequent hospital visits will propel market expansion throughout the anticipated period.
Remote Patient Monitoring Market Restraints
Lack of accessibility to remote monitoring solutions in developing countries
- Despite the rising demand for remote monitoring solutions, it is projected that the lack of device and software adoption in low- and middle-income countries will restrain market growth throughout the forecast period. One aspect of the fall in usage in these countries is the high implementation cost of remote patient monitoring systems. The adoption of these solutions needs appropriate funding, providers, and IT staff to ensure a smooth transition and the provision of high-quality patient care. For instance, the Journal of Telemedicine and Telecare reported that the annual cost per patient for equipment purchases, servicing, and monitoring ranged from USD 275 to USD 7,963.
Request Free Customization of this report to help us to meet your business objectives.
Global Remote Patient Monitoring Market Competitive Landscape
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. in February 2021. 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. In June 2020, 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 Market Top Player’s Company Profiles
- Medtronic plc
- Philips Healthcare
- Boston Scientific Corporation
- GE Healthcare
- Abbott Laboratories
- Omron Healthcare, Inc.
- Honeywell International Inc.
- Smiths Medical
- McKesson Corporation
- Biotronik SE & Co. KG
- Cisco Systems, Inc.
- Qualcomm Life, Inc.
- Koninklijke Philips N.V.
- Welch Allyn
- Nihon Kohden Corporation
- Resideo Life Care Solutions
- Masimo Corporation
- iRhythm Technologies, Inc.
- Hill-Rom Holdings, Inc.
- Vivify Health, Inc.
Remote Patient Monitoring Market Recent Developments
- In March 2021, Henry Kravis, George Roberts, and other investors announced a USD 25 million series investment in 100Plus for remote patient monitoring. In addition, 6 out of 10 persons in the United States have a chronic condition, according to the Centers for Disease Control and Prevention (CDC).
- In April 2020, Caretaker Medical announced that Australia's first "virtual hospital" had installed its Caretaker Remote Monitoring Platform to keep tabs on COVID-19 patients who were being treated at home. A significant undertapped market in the lower-income countries is also anticipated to fuel the expansion of the Asia Pacific market.
Global Remote Patient Monitoring Key Market Trends
- Due in large part to the growing incidence of several chronic conditions among the senior population, RPM technology and home-based care are generating excellent returns for investors. According to a KLAS Research study of 25 healthcare organizations, 38% of those with RPM programs for chronic care management reported fewer admissions, while 17% reported cost savings.
- Hospitalization costs are already being reduced by providers employing RPM-enabled home health monitoring systems and other telehealth delivery techniques. By providing patients with tablets and RPM equipment, the University of Pittsburgh Medical Center, for instance, decreased the incidence of hospital readmissions by 76% while maintaining patient satisfaction rates above 90%.
Global Remote Patient Monitoring Market SkyQuest Analysis
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 global remote patient monitoring market analysis, 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 appearance since the pandemic. Due to the increased willingness of users to sign up for the healthcare apps, this modification has sped up recovery rates which are anticipated to propel the demand for remote patient monitoring over the forecast period.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 1.9 billion |
| Market size value in 2031 | USD 8.5 billion |
| Growth Rate | 16.3% |
| 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:-
|
| Historical Year | 2019 |
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
Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Remote Patient Monitoring Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Remote Patient Monitoring Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global 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 Global 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.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global 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 Global 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.
Global Remote Patient Monitoring Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 617-230-0741
