The global Remote Patient Monitoring market worth USD 16.9 billion by 2030, growing at a CAGR of 18.3%
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The global remote patient monitoring market is estimated to reach USD 1.9 billion mark by 2026, growing at a CAGR of 12.7% during the forecast period from 2020 to 2026. The role of remote patient monitoring systems in monitoring and management of chronic diseases is proven and well-established. The introduction of novel systems with alert systems and tracking has made the position of remote monitors more vital in the field of healthcare. As the global geriatric population base is increasing consistently, it is anticipated that the pool of non-communicable disease patients will also increase in-tow. Favorable government initiatives and support programs will assist the growth of this market. Furthermore, it is also witnessed that in order to reduce the duration of hospital stays, patients are either moved to post-acute care centers or home care. In such cases, remote monitoring devices have become incumbent for ensuring optimum self-health management.
Management of chronic and non-communicable diseases form over 75% of the healthcare expenditure, with conditions such as cardiovascular diseases, diabetes, and obesity topping the charts. Healthcare services providers are leveraging the power of remote monitoring for collecting vital patient statistics for ensuring prompt services through tools such as telemedicine as well as to make quick and appropriate treatment plan. Such streamlining in healthcare through remote patient monitoring allows healthcare personnel early intervention even before the patient experiences life-threatening complications.
Elective wellness is becoming the most popular trend among consumers, as more and more individuals are becoming health conscious and are believing in preventive healthcare. Fitness tracker and heart rate monitors form among the most prominent form of remote care devices which have surpassed the barrier of being used only for clinical purposes. The senescent population is also contributing to the growing demand for remote patient monitoring systems, as this set of population is highly vulnerable to develop chronic illnesses and their age challenges them in terms of care access.
Some most prominent players in the global remote patient monitoring market are Nihon Kohden Corporation, Omron Corporation, Koninklijke Philips N.V., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., OSI Systems, Inc., Welch Allyn, F. Hoffmann-La Roche Ltd., Smiths Medical, ALTEN Calsoft Labs, Abbott, Boston Scientific Corporation, American TeleCare, Dräger Medical, Honeywell Life Care Solutions, GE Healthcare, Johnson & Johnson Services, Inc., Masimo, Medtronic Plc and LifeWatch among others.
Remote Patient Monitoring Market Scope
| Metrics | Details |
| Base Year | 2023 |
| Historic Data | 2018-2022 |
| Forecast Period | 2024-2030 |
| Study Period | 2018-2030 |
| Forecast Unit | Value (USD) |
| Revenue forecast in 2030 | USD 16.9 billion |
| Growth Rate | CAGR of 18.3 % during 2020-2030 |
| Segment Covered | Product, Application, End Use, Region. |
| Regions Covered | North America, Europe, Asia Pacific, South America, Middle East and Africa |
| Key Players Profiled | Shenzhen Mindray Bio-Medical Electronics Co., Ltd., NIHON KOHDEN CORPORATION, Omron Corporation, OSI Systems, Inc., Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, Welch Allyn, Smiths Medical, Abbott, Boston Scientific Corporation, Dräger Medical, GE Healthcare, Honeywell |
Key Segment Of The Remote Patient Monitoring Market
Product, (USD Billion)
o Vital Sign Monitors
• Blood Pressure Monitors
• Pulse Oximeters
• Heart Rate Monitor (ECG)
• Temperature Monitor
• Respiratory Rate Monitor
• Brain Monitoring (EEG)
o Special Monitors
• Anesthesia Monitors
• Blood Glucose Monitors
• Cardiac Rhythm Monitor
• Respiratory Monitor
• Fetal Heart Monitors
• Prothrombin Monitors
• Multi Parameter Monitors (MPM)
• Others
Application, (USD Billion)
• Cancer
• Cardiovascular Diseases
• Diabetes
• Sleep Disorder
• Weight management and Fitness Monitoring
• Bronchitis
• Infections
• Virus
• Dehydration
• Hypertension
End Use, (USD Billion)
• Hospital Based Patients
• Ambulatory Patients
• Home Healthcare
Regional Overview, (USD Billion)
North America
• US
• Canada
Europe
• Germany
• France
• UK
• Rest of Europe
Asia Pacific
• China
• India
• Japan
• Rest of Asia Pacific
South America
• Mexico
• Brazil
• Rest of South America
Middle East and South Africa
Frequently Asked Questions (FAQ) :
The market value of remote patient monitoring market in 2030 was USD 16.9 billion.
Asia Pacific dominated the market for remote patient monitoring market and accounted for the largest revenue share.
The Global remote patient monitoring market is Segmented on the basis of Product, Application, Usage Area, Geography.
The technology of remote patient monitoring relied of dependable and secure networks and internet connection for transferring patient data from implants, and other devices to user interfaces. For many devices including the sophisticated continuous glucose monitors, the patients and care givers can have real time access to patient data through apps. This assists and empowers the patients to take the onus of their own health and allow healthcare personnel to devise an appropriate treatment plan and detect potential issues before emergencies.
Without reliable internet connections or networks, patients data cannot be efficiently and seamlessly transmitted, which means that the patients will need to manually alert the healthcare providers. Therefore, penetration of remote patient monitoring devices still remains a major challenge in rural and remote locations where the use of apps, internet and other connections is limited. Additionally, cybersecurity is also another prime concern for healthcare providers. The providers should adhere to HIPAA regulations for access and transmission of patient data.
Among the different vital signs monitors and specialty monitors, heart rate monitors is high, and the trend shall continue through the forecast period. Heart rate monitors are identified as prominent segment due to the growing patient pool for cardiovascular diseases. The growth in the number of patients with heart diseases has therefore led to high adoption of heart rate monitors in the global market. The market share of special monitors is also significantly high despite their moderate volume because of their high prices and sophisticated technologies. These devices and systems are capable of monitoring critical clinical data pre- and post- surgical intervention, and prevent complications or emergencies through prompt identification of symptoms. Based on applications, cardiovascular diseases segment occupies the largest market share in the base year 2019.
Between institutional and home care segments, institutional care segments takes the larger revenue share in the global market. High patient footfall and greater purchasing power of institutions enables the prominent position of this segment. Additionally, the home care segment is anticipated to garner rapid growth during the forecast period.
Based on regional demarcation, the global remote patient monitoring market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Among these region, North America led the global market in terms of both revenue and volume. Large pool of geriatric population, significantly high prevalence of chronic diseases, and demand for portable and wireless devices both among patients and care givers, along with greater purchasing power makes North America the largest market for remote patient monitoring devices. Moreover, the region also houses some of the largest market players, therefore giving early bird advantage to North America. Asia Pacific shall be witnessing the fastest growth during the forecast period. The region stores several untapped opportunities for market players in terms of both ready to adopt patients, as well as growing awareness in the consumers. Furthermore, increasing disposable incomes and healthcare expenditure in this region also enables potential growth in opportunity in Asia Pacific market.
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