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

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).

The 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. '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'

North America accounted for the highest portion of the 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.