Remote Patient Monitoring Market Forecasts to 2030 – Global Analysis By Type (Monitoring Devices and Software & Services), Condition (Diabetes, Congestive Heart Failure, Blood Pressure, Chronic Obstructive Pulmonary Disease, Mental Health and Other Conditions), End User and By Geography
According to Stratistics MRC, the Global Remote Patient Monitoring Market is accounted for $2.6 billion in 2023 and is expected to reach $8.6 billion by 2030 growing at a CAGR of 18.3% during the forecast period. Remote patient monitoring, or RPM, is a part of the telehealth market. RPM is the process of gathering health-related information from people in one place using digital technologies, and then securely transmitting that information electronically to healthcare professionals in another location for evaluation and recommendations. With RPM, medical personnel can monitor a patient's vital signs and activities from a distance or even at different times.
According to the Center for Medicare and Medicaid Services 2021, every year, remote monitors assist several high-risk patients from the preventing to be  readmitted to the hospital.
Market Dynamics:Driver:Rising aging population
One of the main factors propelling the growth of the remote patient monitoring (RPM) market is the aging population. There is a strong demand for RPM's ability to monitor and manage chronic ailments, as the elderly are more prone to them. Since frequent medical attention for the elderly can be expensive, RPM is a cost-effective way to reduce healthcare costs. Additionally, the idea of ""aging in place"" has also emerged from the desire of many seniors to continue living comfortably in their homes.
Restraint:Healthcare fraud
One major obstacle hampering the growth of the remote patient monitoring (RPM) market is healthcare fraud. Because the healthcare sector is susceptible to fraud, trust may be damaged, and RPM solutions may not be adopted as widely. Unauthorized access to patient data and data breaches are two examples of healthcare fraud. Moreover, people's trust in RPM systems may be weakened by worries about privacy violations and data security, since they may be concerned about the security of their personal health information.
Opportunity:Rising cases of chronic diseases
Chronic conditions include diabetes, cardiovascular diseases, cancer, and other diseases that need continuous medical attention. Patients and physicians have benefited from the use of remote health monitoring techniques in the management of chronic illnesses. With more people becoming aware of the benefits of self-health care, the demand for remote health monitoring is growing. As these devices offer early indicators of unclear health issues before minor issues turn into major ones, people have recently begun focusing on early diagnosis and remote health monitoring devices to help them get proper health care. Therefore, rising cases of chronic diseases is a significant driver for the growth of the remote health monitoring market.
Threat:Privacy concerns and data safety issues
The remote health monitoring device carries health-related data. Simultaneously, hospital-imposed remote health monitoring systems contain payment-related data in addition to private patient health information. Moreover, every business in the market faces an increasing risk of cyber attacks, and the hospital administration may suffer a large loss if any patient data is lost. Therefore, the market is hindered by privacy concerns related to remote health monitoring technology.
Covid-19 ImpactThe COVID-19 pandemic had a beneficial effect on the market for remote patient monitoring. There were an excessive number of patients in hospitals and other healthcare facilities. In this case, doctors were able to treat patients at home with the help of telehealth and remote patient monitoring. Since COVID-19 is a highly contagious disease, COVID-19 monitoring platforms have been developed in response to the rising number of cases. With the use of remote patient monitoring tools, physicians could keep an eye on their patients' health from a distance. These elements significantly increased the need for monitoring tools like pulse oximeters and thermometers.
The home health care segment is expected to be the largest during the forecast period
The home health care segment is estimated to hold the largest share. The implementation and utilization of remote patient monitoring technologies for patients in the comfort of their own homes is a critical function of home health care agencies and providers. They are in charge of installing monitoring equipment in patients' homes, such as wearable sensors and vital sign monitors. These gadgets gather information and send it to medical professionals for review. To ensure accurate data collection and transmission, home health care providers also instruct patients on how to operate the monitoring devices.
The monitoring devices segment is expected to have the highest CAGR during the forecast period
The monitoring devices segment is anticipated to have lucrative growth during the forecast period. The rise in heart disease has boosted the demand for cardiac monitoring devices. Blood pressure cuffs, pulse oximeters, and wearable activity trackers are a few examples of cardiac remote health monitoring devices available on the market. Chronic disease-related, unpredictable risks have compelled medical facilities and cardiology departments to implement remote health monitoring systems in order to track patients' current health status. Hospitals are now able to manage multiple patients and their real-time health data simultaneously due to remote multi-parameter monitoring devices.
Region with largest share:Asia Pacific commanded the largest market share during the extrapolated period. These countries also have rapidly growing patient populations, which should open up opportunities for the use of remote patient monitoring tools and systems. The improvement of digital health infrastructure and technological breakthroughs are driving the Indian market's growth. Increased patient responsiveness to cardiac monitors and blood glucose monitoring devices contributes to increased device adoption in the area. The development of healthcare systems in countries like Southeast Asia, Australia, and India, as well as the expansion of businesses into rural areas, are expected to propel the market.
Region with highest CAGR:Europe is expected to witness profitable growth over the projection period. The rising demand for digital healthcare is increasing in the UK, France, and Italy, which is considered a driving factor for the growth of the remote health monitoring market. The industry's increasing expenditures on research and development (R&D) are thought to be another factor propelling the growth of the remote health monitoring market. Hospitals and diagnostic centers in the area are being compelled to implement sophisticated remote health monitoring systems due to the sharp rise in heart, cancer, diabetes, and sleep disorder patients.
Key players in the marketSome of the key players in the Remote Patient Monitoring Market include Medtronic, Cerner Corporation, Braster, LifeWatch, Siemens Healthineers, BioTelemetry, Koninklijke Philips N.V., Abbott, Transtek Medical, Boston Scientific Corporation, OMRON Corporation, Nihon Kohden Corporation, VitalConnect, Resideo Life Care Solutions, GE Healthcare, Alten Calsoft Labs, Preventice Solutions, Bio-Beat Technologies and Dexcom Inc.
Key Developments:In August 2022, Medtronic plc had announced it has entered into a strategic partnership with BioIntelliSense, a continuous health monitoring and clinical intelligence company, for the exclusive U.S. hospital and 30-day post-acute hospital to home distribution rights of the BioButton multi-parameter wearable for continuous, connected monitoring.
In July 2022, Biobeat has partnered with Medidata Solutions and become part of the Sensor Cloud Network. By using Biobeat’s medical-grade wearables, they are able to enhance clinical trials with vital signs collection to generate real-world evidence remotely and conveniently from the patient’s home.
Types Covered:
• Monitoring Devices
• Software & Services
Conditions Covered:
• Diabetes
• Congestive Heart Failure
• Blood Pressure
• Chronic Obstructive Pulmonary Disease
• Mental Health
• Other Conditions
End Users Covered:
• Home Health Care
• Diagnostic Centers
• Hospitals
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2021, 2022, 2023, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements