Global Remote Patient Monitoring Market

Remote Patient Monitoring Market Size, Share, Growth Analysis, By Type (Software & Services, Devices), By Application (Diabetes, Hypertension), By End User (Providers, Patient), 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.

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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 and holds a 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 market growth.

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Global Remote Patient Monitoring Market

Report ID: SQMIG35G2120

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