Remote Patient Monitoring Market Size, Share, Growth Analysis, By Type (Software & Services, Devices (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Neurological Monitoring Devices)), By Application (Oncology, Hypertension, Cardiovascular Diseases, Diabetes), By End User (Providers (Hospitals & Clinics, Home Care Settings and Long-term Care Centers, Ambulatory Care Centers, Others)), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35G2120 | Region: Global | Published Date: August, 2024
Pages: 157 |Tables: 96 |Figures: 76

Remote Patient Monitoring Market Insights

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.

Market snapshot - 2024-2031

Global Market Size

USD 1.9 billion

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 (%)

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Remote Patient Monitoring Market Segmental Analysis

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.

Global Remote Patient Monitoring Market By End User

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Remote Patient Monitoring Market Regional Insights

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.

Global Remote Patient Monitoring Market By Region
  • Largest
  • Fastest

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Remote Patient Monitoring Market Dynamics

Remote Patient Monitoring Market Drivers

Growing adoption of Internet of Things (IoT) in remote monitoring devices is expected 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. 

Remote Patient Monitoring Market Restraints 

Lack of accessibility to remote monitoring solutions in under 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.

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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. 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

  • Medtronic plc (US) 
  • Philips Healthcare (Netherlands) 
  • Boston Scientific Corporation (US) 
  • GE Healthcare (US) 
  • Abbott Laboratories (US) 
  • Omron Healthcare, Inc. (Japan) 
  • Honeywell International Inc. (US)  
  • McKesson Corporation (US) 
  • Biotronik SE & Co. KG (Germany) 
  • Cisco Systems, Inc. (US) 
  • Bio-Beat (Israel) 
  • Nihon Kohden Corporation (Japan) 
  • Resideo Life Care Solutions (US) 
  • Masimo Corporation (US) 
  • iRhythm Technologies, Inc. (US) 
  • HEALTH BEATS (Singapore) 
  • STARLING MEDICAL (United States) 
  • ALIVE COR, INC. (United States) 
  • AKTIIA (Switzerland) 
  • TYTOCARE (United States) 
  • VIVALNK INC. (United States)

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.

Remote Patient Monitoring Key Market Trends

  • The Adoption of RPM-enabled Home Health Monitoring Systems: 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. The RPM enabled home health monitoring systems panda other telehealth delivery systems help in reducing the cost of hospitalization. For instance, the University of Pittsburgh Medical Center reduced the incidents of readmissions in hospitals by 75% by providing patients with RPM equipment and thus, maintaining patients' satisfaction.

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 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
  • Type
    • Software & Services, 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)
  • Application
    • Oncology, Hypertension, Cardiovascular Diseases, Diabetes, Sleep Disorders, Weight Management and Fitness Monitoring
  • End User
    • Providers (Hospitals & Clinics, Home Care Settings and Long-term Care Centers, Ambulatory Care Centers, Others), Payers, Patients, and Others
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
  • Medtronic plc (US) 
  • Philips Healthcare (Netherlands) 
  • Boston Scientific Corporation (US) 
  • GE Healthcare (US) 
  • Abbott Laboratories (US) 
  • Omron Healthcare, Inc. (Japan) 
  • Honeywell International Inc. (US)  
  • McKesson Corporation (US) 
  • Biotronik SE & Co. KG (Germany) 
  • Cisco Systems, Inc. (US) 
  • Bio-Beat (Israel) 
  • Nihon Kohden Corporation (Japan) 
  • Resideo Life Care Solutions (US) 
  • Masimo Corporation (US) 
  • iRhythm Technologies, Inc. (US) 
  • HEALTH BEATS (Singapore) 
  • STARLING MEDICAL (United States) 
  • ALIVE COR, INC. (United States) 
  • AKTIIA (Switzerland) 
  • TYTOCARE (United States) 
  • VIVALNK INC. (United States)
Customization scope

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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 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
  • 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 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
  • 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
  • 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(%)

Methodology

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.

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 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.

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FAQs

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).

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.   'Medtronic plc (US) ', 'Philips Healthcare (Netherlands) ', 'Boston Scientific Corporation (US) ', 'GE Healthcare (US) ', 'Abbott Laboratories (US) ', 'Omron Healthcare, Inc. (Japan) ', 'Honeywell International Inc. (US)  ', 'McKesson Corporation (US) ', 'Biotronik SE & Co. KG (Germany) ', 'Cisco Systems, Inc. (US) ', 'Bio-Beat (Israel) ', 'Nihon Kohden Corporation (Japan) ', 'Resideo Life Care Solutions (US) ', 'Masimo Corporation (US) ', 'iRhythm Technologies, Inc. (US) ', 'HEALTH BEATS (Singapore) ', 'STARLING MEDICAL (United States) ', 'ALIVE COR, INC. (United States) ', 'AKTIIA (Switzerland) ', 'TYTOCARE (United States) ', 'VIVALNK INC. (United States)'

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. 

The Adoption of RPM-enabled Home Health Monitoring Systems: 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. The RPM enabled home health monitoring systems panda other telehealth delivery systems help in reducing the cost of hospitalization. For instance, the University of Pittsburgh Medical Center reduced the incidents of readmissions in hospitals by 75% by providing patients with RPM equipment and thus, maintaining patients' satisfaction.

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.

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