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).

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.