Global Remote Patient Monitoring Market Research Report - Segmented By Product (Vital Sign Monitors (Blood Pressure Monitors, Pulse Oximeters, Heart Rate Monitor (ECG), Temperature Monitor, Respiratory Rate, Monitor Brain Monitoring (EEG)), Special Monitors ( Anesthesia Monitors, Blood Glucose Monitors, Cardiac Rhythm Monitor, Respiratory Monitor Capnography, Spirometers ), Fetal Heart Monitors, Prothrombin Monitors, Multi-Parameter Monitors (MPM), Others); By Application (Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorder, Weight management and Fitness Monitoring, Bronchitis, Infections, Eye infections, Sinus Infections, Strep Throat, Virus, Dehydration, Hypertension); By End-Use (Hospital-based Patients, Ambulatory Patients, Home Healthcare); and Region- Size, Share, Growth Analysis | Forecast (2024 2030)

Remote Patient Monitoring Market Overview (2024 – 2030)

The global remote patient monitoring market achieved a valuation of USD 37.08 billion and is poised to attain a market size of USD 103.73 billion by the conclusion of 2030, demonstrating a projected Compound Annual Growth Rate (CAGR) of 18.7% throughout the forecast period from 2024 to 2030.

REMOTE PATIENT MONITORING

The growth of the remote patient monitoring market is propelled by the prevalence of lifestyle-related issues, increased utilization of remote patient monitoring devices, and a rise in the elderly population. The user-friendly nature and accessibility of remote patient monitoring devices contribute to their growing popularity. Additionally, the elderly demographic, prone to chronic ailments, actively adopts remote patient devices, accentuating the demand for healthcare and long-term care services. As this demographic expands, it places additional strain on public health systems and governments.

This trend augments the remote patient monitoring market, facilitating enhanced healthcare accessibility while mitigating unnecessary visits, hospital admissions, readmissions, and associated travel costs and time. Addressing healthcare fraud is crucial in the realm of telehealth and telemedicine practices, where patients and doctors may fall victim to various schemes, such as unauthorized institutional providers engaging in incorrect coding and billing for spurious claims.

Key Market Insights:

To support fetal and maternal monitoring, Philips introduced the Avalon CL Foetal and Maternal Pod and Patch, enabling remote monitoring in regions including the US, Europe, Australia, New Zealand, and Singapore.

A collaboration between Koninklijke Philips and the American Telemedicine Association (US) has resulted in an increased adoption of telehealth across acute, post-acute, and home care settings.

BioTelemetry acquired Envolve People Care, Inc., a subsidiary of Centene Corporation, enhancing its portfolio with the On. Demand remote patient monitoring (RPM) and coaching platform, particularly focused on diabetes, hypertension, and chronic heart failure.

Global Remote Patient Monitoring Market Drivers:

The growth in the aging population and the escalating demand for healthcare access are the primary catalysts driving the remote patient monitoring market.

The surge in elderly patients requiring medical care propels the demand for remote patient monitoring systems, providing a simpler means for them to stay connected with healthcare providers. Additionally, the imperative to serve patients in remote and rural areas, coupled with the goal of reducing healthcare costs, further fuels the demand for remote patient monitoring systems.

The market's momentum is sustained by the invaluable role of remote patient monitoring in managing infectious diseases and epidemics.

By employing wireless technology, remote patient monitoring offers real-time monitoring of vital signs, physical activity, and sleep patterns, allowing healthcare professionals to identify potential concerns promptly. In the context of infectious diseases and epidemics, remote patient monitoring proves instrumental in early diagnosis and treatment, as well as in monitoring quarantined or isolated patients, mitigating the risk of disease spread.

Global Remote Patient Monitoring Market Challenges:

The installation and training process for remote patient monitoring systems entail significant expenses, potentially limiting market expansion.

Implementation costs, ranging from a few hundred to several thousand dollars, are contingent on system complexity. Additional costs, such as maintenance, updates, and technical support, may contribute to escalating expenses over time. The scalability and customization capabilities of the system also impact costs, with more advanced features potentially leading to higher expenditure. It is noteworthy, however, that despite upfront costs, a robust remote patient monitoring system can yield substantial long-term benefits, including heightened operational efficiency, reduced downtime, and enhanced asset management.

Global Remote Patient Monitoring Market Opportunities:

The remote patient monitoring market is witnessing growth alongside the increasing prevalence of chronic diseases.

 Chronic diseases, characterized by prolonged medical attention and management, are on the rise globally, constituting nearly 70% of all fatalities, according to the World Health Organization. Factors such as an aging population, sedentary lifestyles, poor nutrition, and environmental influences contribute to the heightened prevalence of chronic diseases. Remote patient monitoring and care present opportunities for healthcare professionals to manage chronic illnesses more effectively and efficiently. The market is expected to experience heightened demand for remote patient monitoring and care due to the rising prevalence of chronic conditions and the expanding utilization of healthcare data through portable devices.

Global Remote Patient Monitoring Market Segmentation: By Product

• Vital Sign Monitors
• Blood Pressure Monitors
• Pulse Oximeters
• Heart Rate Monitor (ECG)
• Temperature Monitor
• Respiratory Rate
• Monitor Brain Monitoring (EEG)
• Special Monitors
• Anesthesia Monitors
• Blood Glucose Monitors
• Cardiac Rhythm Monitor
• Respiratory Monitor
• Capnography
• Spirometers
• Fetal Heart Monitors
• Prothrombin Monitors
• Multi-Parameter Monitors (MPM)
• Others

The market is segmented into vital sign monitors and specialized monitors based on products. The specialized monitors sector, leading the market in 2022, accounted for over 82.75% of the total market share. This dominance is attributed to its ability to track clinically significant data, recognize symptoms, and prevent issues before and after surgery. Advanced features such as wireless connectivity and iPad compatibility enhance early diagnosis and product utility. Vital sign monitors efficiently monitor a patient's ECG, noninvasive blood pressure, body temperature, respiration rate, and brain activity.

The vital sign monitors category is expected to witness the fastest growth during the projection period, driven by the integration of multiple monitors into a single system. Heart rate monitors, a subsegment of vital sign monitors, are anticipated to grow rapidly due to the increasing prevalence of cardiac problems worldwide. Withings introduced a comprehensive at-home cardiovascular monitoring system at CES 2019, capable of detecting blood pressure and recording ECG and cardiac data using a digital stethoscope.

Global Remote Patient Monitoring Market Segmentation: By Application

• Cancer
• Cardiovascular Diseases
• Diabetes
• Sleep Disorder
• Weight Management and Fitness Monitoring
• Bronchitis
• Infections
• Eye infections
• Sinus Infections
• Strep Throat
• Virus
• Dehydration
• Hypertension

The market is categorized into applications such as cancer, cardiovascular diseases, diabetes, sleep disorders, weight management, fitness monitoring, bronchitis, infections, viruses, dehydration, and hypertension. In 2022, diabetes emerged as the dominant application sector, contributing approximately 13.10% to the total market. Constant monitoring of blood glucose levels is crucial due to diabetes being a major cause of mortality, affecting various biological functions.

The remote patient monitoring (RPM) devices play a vital role in frequent and continuous monitoring, addressing the needs of over 1 billion individuals suffering from hypertension globally. The cardiovascular disease sector is expected to experience profitable growth during the projection period, driven by the increasing prevalence of the condition.

Global Remote Patient Monitoring Market Segmentation: By End-Use

• Hospital-based Patients
• Ambulatory Patients
• Home Healthcare

In 2022, the hospital end-use category held the highest market share at 80.00%. Hospitals, serving both inpatients and outpatients in significant numbers, benefit from a larger technical team and a wide range of available diagnostic tests. However, alternative site monitoring, especially home healthcare, is projected to exhibit a strong Compound Annual Growth Rate (CAGR) throughout the projection period. The cost-effectiveness and availability of competent resources in home healthcare are expected to drive its expansion.

Remote patient monitoring (RPM) offers significant opportunities for market participants to collaborate with hospitals and healthcare venues, creating new products to facilitate accessible treatment at patients' homes. The COVID-19 pandemic further accelerated the trend of online communication between patients and doctors, favoring the adoption of RPM devices.

Global Remote Patient Monitoring Market Segmentation: By Region

• North America
• Europe
• Asia-Pacific
• South America
• Middle East and Africa

In 2022, North America led the global market with more than 41.45% of the total market share. The region's growth is attributed to the rising prevalence of chronic illnesses, the demand for wireless and portable systems, and complex reimbursement schemes aimed at reducing out-of-pocket expenses. The Asia Pacific region is expected to experience the fastest Compound Annual Growth Rate (CAGR) due to untapped potential in developing economies like China and India. Japan, with its large elderly population, is anticipated to be a significant revenue source.

COVID-19 Impact on Global Remote Patient Monitoring Market:

The COVID-19 pandemic had a positive impact on the remote patient monitoring market, as stringent regulations and lockdowns prompted the adoption of telehealth and remote monitoring. These tools enabled doctors to treat patients at home, reducing the strain on hospitals. The demand for monitoring tools like thermometers and pulse oximeters surged, and the U.S. FDA approved Emergency Use Authorizations (EUA) for wearable or remote patient monitoring devices in July 2021, making them more accessible. The epidemic increased the usage of remote patient monitoring systems, reducing healthcare workers' exposure to SARS-CoV-2.

Global Remote Patient Monitoring Market Recent Developments:

Key trends include advancements in existing technologies, product introductions, product line diversification, and collaborations with healthcare organizations. Philips' acquisition of BioTeIemetry, Inc. is expected to enhance its patient monitoring offering. Market players are expanding operations into countries with large populations and high disease rates, creating renowned centers for research, development, production, and operation of medical equipment systems.

Key Players:

1. Koninklijke Philips N.V.
2. Medtronic
3. GE Healthcare
4. Cerner Corporation
5. Siemens Healthineers AG
6. OMRON Healthcare
7. Boston Scientific Corporation
8. Abbott Laboratories
9. Resideo Life Care Solutions
10. Vivify Health, Inc.

• In March 2022, Wipro GE Healthcare announced the opening of its new Medical Device Manufacturing factory in Bengaluru, India, in line with the "Atmanirbhar Bharat" National Agenda.
• In September 2021, Medtronic's Indian business collaborated with Stasis Health to increase access to the Statis Monitor, a linked care bedside multi-parameter monitoring device, across India.