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

Global Remote Patient Monitoring Market size was valued at USD 1.9 billion in 2021 and is poised to grow from USD 2.2 billion in 2022 to USD 8.5 billion by 2030, growing at a CAGR of 16.3% in the forecast period (2023-2030).

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 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 Report Snapshots

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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'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: '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.'

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.

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.

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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

Global Remote Patient Monitoring Market Regional Insights

Global Remote Patient Monitoring Market Report Snapshots

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