When patients are not physically present at the healthcare institution or may be in remote locations, such as their homes, remote patient monitoring (RPM) devices assist healthcare personnel in monitoring, reporting, &analyzing chronic or acute conditions of patients. RPM devices are becoming more popular because they enable medical staff to monitor patients’ health in real time, enabling the implementation of preventative measures if the patient’s health gadget provides signals of irregularities.
In 2021, the market worth of remote patient monitoring was USD 1.45 billion, and by 2030 it will be worth USD 4.07 billion, growing at an 8.74% CAGR during the forecast period.
Due to increasing efforts made by healthcare facilities to include RPM devices in their treatment plans, the market for remote patient monitoring devices will expand.
The prevalence of NCDs and chronic illnesses like cancer is rising, fueling the demand for remote patient monitoring. According to the CDC, approximately 660,000 Americans die from heart disease yearly, while the NICHD estimates that 140,000 Americans suffer a stroke yearly. The need for remote monitoring is driven by the growing number of patients with chronic ailments, causing the market trends for remote patient monitoring devices to change positively.
Patients are compelled to visit hospitals more frequently due to the high price of remote patient monitoring equipment. This could compel the government to reduce healthcare spending, limiting market expansion.
In order to prevent infectious diseases and outbreaks like COVID-19, there is an increasing demand for remote patient monitoring (RPM).
In 2021, 55 million individuals will have dementia, and 10 million new cases will be reported each year, according to the World Health Organization. In 2030, there will be 78 million cases of dementia, and by 2050, there will be 139 million cases. This might lead to a rise in the use of remote patient monitoring and industrial expansion.
The market is divided into vital sign monitors and specialized monitors based on products. Due to its capability to track clinically significant data before and after surgery and avoid complications, the special monitor sector led the industry in 2022 with the greatest share of more than 82.75% of total revenue. Advanced features, like wireless connection and iPad compatibility, enable early diagnosis and broaden the product’s applicability. A patient’s ECG, noninvasive blood pressure, body temperature, respiration rate, and brain activity can all be efficiently monitored with vital sign monitors.
The market is divided into cancer, cardiovascular diseases, diabetes, sleep disorders, weight management, fitness monitoring, bronchitis, infections, viruses, dehydration, and hypertension. In 2022, diabetes became the dominant application segment and contributed for about 13.10% of total revenue. Diabetes is a major cause of death; thus, blood glucose levels must be monitored constantly. It is known to impact many bodily processes, including kidney, liver, cardiac, and visual activities.
In 2022, the hospital end-use category ruled the market with the highest revenue share of 80.00%. Hospitals serve both inpatients and outpatients in considerable numbers. They have a larger technical staff and a wide range of diagnostic tests available to meet the needs of the patients. A huge patient base and an increase in tests being run are key factors in the segment’s growth. However, alternate site monitoring, particularly home healthcare, will show a strong CAGR throughout the forecast period.
In 2022, North America ruled the market globally, with more than 41.45% of the total revenue. The main causes of the regional market growth are the rise in the prevalence of chronic diseases, the need for wireless and portable systems, and the availability of complex reimbursement schemes designed to reduce out-of-pocket expenses.
Due to the existence of unexplored potential in the rising markets of India and China, the Asia Pacific region will experience the quickest CAGR throughout the projection period. Japan will be a significant source of revenue because of its large elderly population.
- Nihon Kohden Corporation
- Koninklijke Philips N.V.
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Smiths Medical
- Omron Corporation
- Welch Ally
- OSI Systems, Inc.
- F. Hoffmann-La Roche Ltd
- American Telecare
- Boston Scientific Corporation
- Dräger Medical
- GE Healthcare
- Johnson & Johnson
- Vitls, Inc
- Cerner Corporation
In 2021, the market worth of remote patient monitoring was USD 1.45 billion, and by 2030 it will be worth USD 4.07 billion, growing at an 8.74% CAGR during the forecast period. The growing elderly population, rising prevalence of chronic diseases, rising healthcare costs, and improvements in patient monitoring methods and healthcare IT technology are some factors propelling the growth of the global remote patient monitoring devices market.