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

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.