Published: 2019 April 09
Updated : 2023 February 07

Remote Patient Monitoring Market Size, Competitive Landscape and Market Forecast - 2030

SKU : MD74
180 pages
Report Summary
Table of Contents
List of Tables & Figures

Remote Patient Monitoring Market is segmented By Product Type (Services & Software, Devices), By Application (Cardiovascular Diseases), By End User (Payers, Providers, Patients), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa)– Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

Remote Patient Monitoring Market Overview

The global remote patient monitoring market size was valued at US$ 51,078.19 million in 2022 and is estimated to reach US$ 168,418.68 million by 2030, growing at a CAGR of 16.6% during the forecast period (2023-2030).

Remote patient monitoring (RPM) is a healthcare delivery process that uses information technology advancements to gather patient data outside traditional healthcare settings. RPM improves patient behavior by creating a system by which people are more engaged and accountable for their health. In addition, it is difficult for some patients to access caregivers in some regions; hence, remote patient monitoring increases the capacity for physicians to treat more patients.

 

Remote Patient Monitoring Market Scope

Metrics

Details

Market CAGR

14%

Segments Covered

By Product Type, By Application, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Remote Patient Monitoring Market Dynamics

The rising prevalence of chronic conditions, the need to reduce healthcare expenditure, and the increasing geriatric population are driving the growth of remote patient monitoring.

Supportive government programs and innovation drive the forecast period's global market growth. 

Increasing support for government programs and innovations is projected to drive the RPM market growth. For instance, the Centre for Technology and Aging, based in California, is devoted to rapid technological advancements in remote patient monitoring systems, leading to the maintenance of independent and healthier living. The demand for this equipment in post-acute care has increased the role of patients in self-health management. This ability to augment self-management skills with advanced tools is expected to impact market growth. Moreover, efforts from equipment manufacturers to develop superior products are expected to drive the remote patient monitoring Market growth. For instance, in July 2020, Philips and BioIntelliSense formed a vital collaboration to enhance remote patient monitoring products. Philips combined the latter’s BioSticker device into its remote patient monitoring (RPM) portfolio. It is a wearable device that monitors chronic conditions and keeps track of COVID-19 symptoms.

The American Heart Association (AHA) also supports initiatives that expand access to Remote Patient Monitoring (RPM) technologies for improved health management. Efforts by device manufacturers to develop advanced products are expected to drive growth even further. For instance, in August 2020, Stasis Lab introduced an app-connected remote monitoring platform in the U.S. wherein six body vital signs can be efficiently monitored remotely. Likewise, in August 2020, Validic publicized the introduction of a new remote patient monitoring solution that does not require additional EHR integration. Thus, from the data mentioned above, it is estimated that support from various government organizations and new product introduction will drive the global remote patient monitoring market throughout the forecast period.

Healthcare fraud will likely restrain the growth of the global remote patient monitoring market.

However, one of the factors hindering the market growth of remote patient monitoring is healthcare fraud. It is an essential consideration in the area of telehealth and telemedicine practices. Healthcare fraud has several ways a patient or a physician can be victimized. For instance, the physician’s details, such as name and account, can be used to receive payments from the insurance company, or non-listed institutional providers can practice improper coding and billing for false claims.

COVID-19 Impact on Remote Patient Monitoring Market

The COVID-19 pandemic has significantly boosted the global remote patient monitoring market. The need for remote patient monitoring devices caught undisturbed growth due to the significant elevation in the number of COVID-19 patients across medical centers and hospitals worldwide, as there was a lack of evident access associated with the tension concerned with hospital visits owing to the fear of receiving the COVID-19 infection, another element that played a primary role in promoting the growth of the remote patient monitoring market. Thus, the COVID-19 pandemic has positively impacted the global remote patient monitoring market.

Remote Patient Monitoring Market Segment Analysis

The devices segment is expected to dominate the market throughout the forecast period (2023-2030).

The devices segment is expected to dominate the global remote patient monitoring market throughout the forecast period owing to the increasing market product introductions. For instance, in 2020, Philips introduced the Avalon CL Fetal and Maternal Pod and Patch for remote monitoring in Europe, Singapore, New Zealand, the U.S., and Australia to support maternal and fetal monitoring. Similarly, in July 2020, Medtronic received the U.S. FDA and the European C.E. mark for its Linq II insertable cardiac monitor (ICM), equipped with remote programming that permits clinicians to observe patients' vitals and change device settings without the bodily requirement of patients in hospitals and clinics. Likewise, in July 2021, the U.S. FDA gave Emergency Use Authorizations (EUA) for certain wearable or remote patient monitoring devices, increasing patients' accessibility to remote services. In addition, remote patient monitoring limited healthcare providers' vulnerability to SARS-CoV-2 during the COVID-19 pandemic. The adoption of remote patient monitoring devices has grown after the pandemic due to the launch of new RPM technologies. For example, in January 2020, the U.S. FDA approved BioIntelliSense Inc.'s BioSticker on-body sensor designed to monitor vital signs continuously. Also, in April 2020, 100Plus introduced three new RPM devices: the digital weight scale, Blood glucose monitor, and 100Plus blood pressure cuff. Therefore from the data mentioned above, it is estimated that remote patient monitoring.

Remote Patient Monitoring Market Geographical Analysis

The North American region holds the largest global remote patient monitoring market share. 

North America holds most of the global remote patient monitoring market share. It is predicted to dominate during the forecasted period (2023-2030). The growing chronic disease cases, geriatric population and increasing market developments are contributing to the dominance of North America in the global remote patient monitoring market in the forecast period. For instance, the American population is at a rising threat of respiratory disorders owing to rising air pollution and lifestyle choices. Such as according to the USEPA, around 67 million tons of air pollutants were deposed into the atmosphere in the United States in 2021.

Moreover, the American Lung Association State of the Air 2022 report indicates that despite decades of advancement in cleansing up the air pollution origins, exceeding 40% of Americans, i.e., 137 million, are living in regions with increased rates of harmful particle pollution, which has grown by 2.1 million American compared to the last year's reported number. Besides, the lifestyle choices like increasing tobacco consumption in America assures this region's dominance over the global market. For example, according to the CDC, an estimated 12.5% of U.S. adults smoked cigarettes in 2020, and as to the National Youth Tobacco Survey (NYTS) by the FDA and CDC, more than 2.5 million U.S. middle and high school students used e-cigarettes in 2022. 

Furthermore, the market developments by North America-based key players guarantee this region's dominance over the global remote patient monitoring device market. For instance, in January 2020, Masimo Corporation obtained NantHealth, Inc. Also, in May 2021, Vyaire Medical partnered with GenWorks, a healthcare solutions provider in 140 locations in India. Thus, with the data mentioned above, it is indicated that North America will dominate the global remote patient monitoring device market in the projected period.

Remote Patient Monitoring Market Competitive Landscape

The remote patient monitoring market is moderately competitive due to the new market entrants and favorable regulatory policies. Some key players are Koninklijke Philips N.V., Medtronic, GE Healthcare, Abbott Laboratories, BioTelemetry Inc., Siemens Healthineers AG, Boston Scientific Corporation, OMRON Healthcare, Teladoc Health Inc., Welch Allyn, Wellue Health, Transtek among others. These key players hold the major share of the market through innovations, product launches, collaborations, acquisitions, and alliances. For instance, in April 2020, GE Healthcare launched a new software solution to uphold clinicians and health systems in treating COVID-19 patients.

Medtronic plc.

Overview: 

Medtronic plc is Ireland based American medical device company. Medtronic was founded in 1949 and is headquartered in Minneapolis, Minnesota, United States. Medtronic deals with four different businesses: the Minimally Invasive Therapies Group, the Diabetes Group, the Restorative Therapies Group, and the Cardiac and Vascular Group.

Product Portfolio:

Medtronic plcs’ remote patient monitoring product portfolio has Nellcor pulse oximetry: The Nellcor pulse oximetry system with OxiMax technology establishes a new milestone in patient safety monitoring that can impact clinical settings from every day to the extraordinary.

The global remote patient monitoring market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages. 

 

 

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