USD 3.13 billion
Remote Patient Monitoring Devices Market Size, Share, Growth Analysis, By Type(Devices, Services), By Application(Oncology, Diabetes Cardiovascular Diseases, Others), By End-User(Payers, Providers, Patients), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35A2717 |
Region:
Global |
Published Date: February, 2024
Pages:
242
|Tables:
89
|Figures:
76
Remote Patient Monitoring Devices Market Insights
Remote Patient Monitoring Devices Market size was valued at USD 3.13 billion in 2019 and is poised to grow from USD 4.4 billion in 2023 to USD 28.85 billion by 2031, growing at a CAGR of 18.5% in the forecast period (2024-2031).
Providers can monitor, record, and evaluate their patients' acute or chronic diseases using remote patient monitoring (RPM) devices from locations other than a hospital or clinic. They enable the practitioner to have real-time insight into the patient's illness condition and take preventive clinical actions. Continuous monitoring of vital signs is essential as chronic diseases including cardiovascular, diabetes, and respiratory illnesses have become more common. According to WHO report 2022, the primary causes of mortality among high-income countries were heart disease, dementia, and stroke, accounting for 87.8% of all fatalities. Lower respiratory infections, diarrheal illnesses, malaria, TB, and HIV were among the top 10 causes of mortality in low-income countries, accounting for over half of all fatalities together with maternal, perinatal, and nutritional disorders.
The COVID-19 pandemic has expedited the use of telehealth and other forms of virtual care. Eventually, as the market is moving ahead in the crisis and pandemic, the adoption of virtual health technologies is upsurging. Moreover, use of technologies for regular monitoring of health and diseases is becoming more common in the post pandemic world. Therefore, healthcare device manufacturers are now emphasizing on AI and machine learning to detect the occurrence of any chronic condition in patients. All these factors are expected to create conducive environment for market growth in the forthcoming years.
US Remote Patient Monitoring Devices Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Devices
Fastest Growth
Devices
Growth Rate
18.5% CAGR
Global Remote Patient Monitoring Devices Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
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Remote Patient Monitoring Devices Market Segmental Analysis
Remote Patient Monitoring Devices Market is segmented based on the type, application, end-user, and region. Based on the type, the market is segmented into devices (multi-parameter monitoring, respiratory monitoring, blood glucose monitoring, cardiac monitoring, others), services. Based on application, the market is segmented into oncology, diabetes cardiovascular diseases, and others (weight management, fitness). Based on end-user, the market is segmented into payers, providers, and patients. Based on region, the global market spans North America, Europe, Asia-Pacific, Latin America, and MEA.
Remote Patient Monitoring Devices Market Analysis by Type
For example, in order to add Touch SurgeryTM Enterprise to Vizient's solutions, which are used by more than half of the country's healthcare providers, Medtronic plc, a pioneer in healthcare technology, has signed a deal with Vizient, a top supplier of healthcare performance improvement services in the U.S. Touch Surgery Enterprise, the first operating room (OR) AI-powered surgical video management and analytics platform, greatly streamlines the process of capturing, analyzing, and sharing the surgical footage, giving surgeons a potent new tool to enhance performance and instruct others.
Following this, the devices segment also experienced significant growth in 2021. This was due to the new device launches and the collaborations among the prominent players in the industry to provide better devices. For example, in order to improve patient treatment experiences and general results, Medtronic plc and DaVita Inc. announced their intention to establish a brand-new, independent medical device firm with a focus on renal care.
Remote Patient Monitoring Devices Market Analysis by Application
In 2022, the cardiovascular segment held the largest share in the global remote patient monitoring devices market. For patients who need critical care for chronic diseases including diabetes, hypertension, palpitations, and cardiac rhythm abnormalities, remote patient monitoring has revolutionized care and therapy.
Following this, the diabetes segment is expected to witness a fast growth rate during the forecast period. This is owing to the fact that there are rapid developments in the diabetes devices market to provide end-users with better facilities to monitor their health due to the prevalence of the disease, according to WHO reports 422 million across the world are suffering from diabetes and results in the death of approximately 1.5 million each year. For example, for those with type 1 diabetes, researchers are creating a small, painless wearable patch that will transmit vital data to their cellphones. The JDRF (previously known as the Juvenile Diabetes Research Foundation) is funding a novel initiative that uses hundreds of microscopic microneedles to measure ketone and glucose levels.
Remote Patient Monitoring Devices Market Analysis by End User
In 2022, the provider's sector dominated the global market. The rise in hospital patient visits has encouraged providers to install equipment in healthcare facilities. According to the National Center for Health Statistics, a division of the Centers for Disease Control and Prevention, hospital emergency departments in one nation see 145.6 million people annually, a record number of patients.
Following this, due to a rise in the patient population, the patient sector is predicted to grow more quickly throughout the projection period. The demand for real-time monitoring of health indicators has grown due to a rise in the number of persons with disorders.
Global Remote Patient Monitoring Devices Market by Type, 2021 (%)
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Remote Patient Monitoring Devices Market Regional Insights
North America accounted for the highest portion of the global remote patient monitoring devices market in 2022. Higher use of these monitoring devices by patients and hospital settings characterizes the market in the region. Furthermore, the region's leading market position in 2022 is due to increasing investment in the introduction of advanced technology for high-quality patient care. Furthermore, a large population in the region suffering from chronic diseases is boosting the demand for various medical devices. About 133 million Americans suffer from chronic illnesses, accounting for more than 40% of the nation's population.
Following this, due to better legislative conditions, and availability of a healthcare infrastructure, and the quick uptake of the devices, Europe retained the second position in the market. Additionally, the rollout of these monitoring devices in the region is being aided by strategic alliances amongst the businesses to offer patients comprehensive remote patient monitoring, which will increase acceptance.
Global Remote Patient Monitoring Devices Market By Geography, 2021 - 2028
- Largest
- Fastest
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Remote Patient Monitoring Devices Market Dynamics
Remote Patient Monitoring Devices Market Drivers
Increase in Population with Chronic Illnesses:
- By the year 2050, there will be 1.5 billion elderly people worldwide, according to the World Health Organization (WHO). During 2021–2028, it is also predicted that the prevalence of chronic illnesses affecting the older population would rise. Therefore, there is a growing demand for ongoing vital sign monitoring and efficient illness treatment. For instance, about 70% of elderly persons in India suffer from a chronic condition. About 18% of people between the ages of 45 and 49 have hypertension, which rises to 28% among people between the ages of 60 and 64 and 35% among people between the ages of 70 and 74. Diabetes and bone or joint problems are also some common problems among the elderly.
- The COVID-19 pandemic has prompted the introduction of cutting-edge technology solutions that can assist with managing medications, tracking illness symptoms, and remote monitoring of vital signs. More health indicators may be examined as the next-generation patient monitoring technologies get more comprehensive. Consumers are increasingly drawn to using technology-driven systems and products. Wearables, most frequently a smartwatch, are used by 57 percent of women and 43 percent of men during the day, primarily to track their vitals and stay in shape.
Remote Patient Monitoring Devices Market Restraint
Distribution of Technologies to Create an Imbalance
- The U.S. has implemented legislative and payment adjustments to promote patient virtual monitoring, whilst such technologies are unavailable in countries with low-income groups. Another issue impeding the growth of the remote patient monitoring devices is the lack of knowledge among healthcare practitioners, restricted access to high-quality healthcare, and poor internet connection in low-to-middle-income countries (LMICs).
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Remote Patient Monitoring Devices Market Competitive Landscape
The global remote patient monitoring devices market is relatively fragmented, with a high level of competition. The prominent players operating in the market are constantly adopting various growth strategies to stay afloat in the market. Product launches, innovations, mergers, and acquisitions, collaborations and partnerships, and intensive R&D are some of the growth strategies that are adopted by these key players to thrive in the competitive market. For example, the Onyx Frontier drug-eluting stent has been approved by the U.S. Food and Drug Administration (FDA), according to Medtronic plc, a world leader in healthcare technology. Onyx Frontier DES, the newest member of the Resolute DES family, utilizes the same best-in-class stent technology as Resolute Onyx and has an improved distribution method that is intended to maximize acute performance in even the most difficult patients.
Top Players in the Global Remote Patient Monitoring Devices Market
- Medtronic plc
- Koninklijke Philips N.V.
- GE Healthcare Inc.
- Abbott Laboratories
- Boston Scientific Corporation
- Nihon Kohden Corporation
- Omron Corporation
- Masimo Corporation
- BioTelemetry, Inc.
- Hill-Rom Holdings, Inc.
- Smiths Group plc
- ResMed Inc.
- Biotronik SE & Co. KG
- AliveCor, Inc.
- iRhythm Technologies, Inc.
- Welch Allyn, Inc.
- General Electric Company
- Nonin Medical Inc.
- Honeywell International Inc.
- McKesson Corporation
Remote Patient Monitoring Devices Market Recent Developments
- In July 2022, the first 5G Innovation Lab for GE Healthcare globally was opened in Bengaluru, India. GE Healthcare is a prominent pioneer in medical technology, diagnostics, and digital solutions. The patient care continuum might be disrupted by 5G, which has the benefit of large capacity, fast data rates, low latency, and very dependable connectivity. This would change the diagnosis, therapy, and prognosis.
- In May 2022, the breakthrough devices used in sinus treatments to enhance post-operative outcomes and treat nasal polyps have been added to Medtronic plc's entire ear, nose, and throat (ENT) portfolio with the completion of the company's purchase of Intersect ENT, according to the announcement.
Remote Patient Monitoring Devices Key Market Trends
- Increase in Use of Virtual Technology: Incorporation of IoT elements into medical equipment has made it possible to provide patients and the older population with chronic illnesses with the care that has better quality with more efficiency. Sensors, actuators, Bluetooth connections, and other communication tools have made it possible for patients and caregivers to effortlessly communicate data to the doctor via cloud-based platform.
- Emphasis on Cutting-Edge Technologies: To minimize costs and provide patients with value-based treatment, medical device businesses concentrate on releasing cutting-edge and next-generation equipment. For instance, GE Healthcare is dedicated to assisting doctors to employ image guidance technologies to their full potential by reducing obstacles in order to give high-quality treatment to patients for improved clinical and operational results as the need for minimally invasive surgery continues to increase.
Remote Patient Monitoring Devices 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 utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to global remote patient monitoring devices market report analysis, in terms of type, the services segment held the largest share in 2022 owing to the upsurge in demand as a result of the COVID-19 pandemic, which boosted revenues.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 3.13 billion |
| Market size value in 2031 | USD 28.85 billion |
| Growth Rate | 18.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| 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:-
|
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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 Devices 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 Remote Patient Monitoring Devices 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 Remote Patient Monitoring Devices 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 Devices 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 Devices 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 Devices 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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