Remote Patient Monitoring Devices Market - By Product (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Neurological Monitoring Devices, Blood Glucose Monitoring Devices, Sleep Monitoring Devices), By Application (Cardiovascular Diseases, Ca

Remote Patient Monitoring Devices Market - By Product (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Neurological Monitoring Devices, Blood Glucose Monitoring Devices, Sleep Monitoring Devices), By Application (Cardiovascular Diseases, Cancer, Diabetes, Neurological Disorders, Infectious Diseases), By End-use (Home-care Settings, Long-term Care) & Forecast, 2023 - 2032

Global Remote Patient Monitoring Devices Market size is expected to expand substantially through 2032. Given the growing geriatric population, the rising adoption of remote patient monitoring devices in developed regions such as Europe and North America will strengthen the market outlook over the next ten years. As per Eurostat, in 2022, over 21.1%, which makes up around one-fifth of the EU population, was 65 years and above.

Many companies in this business vertical are focusing on collaboration strategies to enhance their industry standing. For instance, in October 2022, GE Healthcare, an American multinational medical technology company, inked a deal with AMC Health, a leading provider of remote patient monitoring solutions. The integration of the company’s acute patient monitoring solutions in hospitals and AMC Health’s specialization in remote patient monitoring through an FDA Class II 510(k)-approved platform will help in the extension of the non-acute care continuum.

The overall remote patient monitoring devices market is segmented on the basis of product, application, end use, and region.

The remote patient monitoring devices industry from the neurological segment is poised to garner considerable gains through 2032. Owing to the cost-effectiveness of these devices, many patients are turning to self-monitoring activities which may contribute to segment growth in the long run. Moreover, the growing prevalence of neurological disorders such as Parkinson’s disease, dementia, and others has further increased the product demand. According to WHO, around 55 million people globally are dealing with dementia, with an estimated 10 million new cases diagnosed every year.

With respect to application, the remote patient monitoring devices market revenue from the respiratory diseases segment is expected to reach over USD 6.5 billion in 2032. Rising occurrences of respiratory disorders such as COPD, fibrosis, asthma, and others have increased the need for remote patient monitoring devices. As per the WHO, COPD is the third-prominent cause of death globally, responsible for around 90% of mortalities in people under 70 years in low and middle-income economies every year.

In terms of end use, the overall market share from long-term care segment is anticipated to witness commendable growth through 2032. High availability of skilled healthcare professionals in these facilities has made them a preferred healthcare provider among patients that require remote monitoring services. They also help ensure faster and complete recovery, which increases patient footfalls in these facilities, thus, contributing to segment expansion.

Asia Pacific remote patient monitoring devices industry is expected to exhibit over 11.5% CAGR from 2023 to 2032. Rising elderly population suffering from chronic ailments has increased the need for remote patient monitoring devices in the region. As per China's National Health Commission, the population of people aged 60 and above in the country is estimated to increase from 280 million to over 400 million by 2035. The increasing disease burden will therefore favor the regional market expansion.