Remote Patient Monitoring Market Size, Share, Growth Analysis, By Type(Software & Services, Devices (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Neurological Monitoring Devices), By Application(Oncology, Hypertension, Cardiovascular Diseases, Diabetes), By End User(Providers (Hospitals & Clinics, Home Care Settings and Long-term Care Centers, Ambulatory Care Centers, Others)), 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 Regional Insights

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.

Europe, particularly the western European nations, is expected to continue to rank second in terms of generating income over the forecasted period due to the higher mortality rate and increasing demand for low-cost treatment in this region. The rising demand for in-house monitoring is further driving the market. The region has supportive central data management systems which provide accuracy and efficiency of remote patient monitors which are highly impacting the market growth.

Remote Patient Monitoring Market Report Snapshots

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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.

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Remote Patient Monitoring Market Regional Insights

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