Remote Patient Monitoring Devices Market

Market Overview

The global remote patient monitoring devices market size was valued at USD 15 billion in 2022. It is estimated to reach USD 38 billion by 2031, growing at a CAGR of 18.7% during the forecast period (2023–2031). Factors such as rising prevalence of chronic conditions and increasing geriatric population, significantly dirves the remote patient monitoring devices market demand by 2031.

Remote patient monitoring (RPM) devices allow healthcare providers to remotely monitor, report, and analyze their patients' acute or chronic conditions. They enable the practitioner to understand the patient's disease state and take preventative clinical actions. The monitoring devices gather various health information from point-of-care tests, including blood pressure, blood oxygen levels, heart rates, electrocardiograms, and blood sugar levels.

Healthcare workers in various settings, including hospitals, intensive care units, and nursing homes, get the data collected by the devices for further evaluation. Handy patient monitors are made to be portable and power-efficient so that they can be used by paramedics or others in remote locations to help track and communicate data to healthcare providers in other areas. Remote patient monitoring devices encourage daily interaction and a greater understanding of a patient's health. Patients are more likely to have long-lasting, beneficial health outcomes when they regularly engage with their health using RPM devices.

Highlights

• Specialized monitors dominate the product segment
• Diabetes dominates the application segment
• Hospital-based patients dominate the end-user segment
• North America is the highest shareholder in the global market

Market Dynamics

Remote Patient Monitoring Devices Market Drivers

Rising Prevalence of Chronic Conditions

According to the World Health Organization, cancer, diabetes, respiratory disorders, cardiovascular diseases, and other life-threatening conditions account for 60% of all fatalities and 43% of the global disease burden. This figure will likely increase to 73.0% of the total deaths and 60.0% of the global burden of diseases by 2020. Cardiac arrhythmia, hypertension, ischemic conditions, sleep apnea, diabetes, asthma, hyperlipidemia, and Chronic Obstructive Pulmonary Disease (COPD) are other prevalent chronic conditions reported globally.

Remote patient monitoring applications provide healthcare professionals with a broad range of real-time health data, making timely intervention possible, thus making it a far more reliable option than a conventional medical consultation with doctors. In addition, stringent government policies coupled with favorable WHO regulations for remote patient monitoring devices are expected to encourage many organizations to develop novel drugs for treating chronic diseases such as CVDs, cancers, diabetes mellitus, and chronic respiratory diseases. The increasing prevalence of chronic conditions directly affects ICU usage. Therefore, market growth is anticipated to be profitable because of the advantages of remote patient monitoring devices, such as shorter hospital stays, fewer side effects, and faster recoveries.

Increasing Geriatric Population

The increasing geriatric population in both developed and developing nations are anticipated to drive the market for remote patient monitoring devices. Over 40 million people aged 65 and older are in the U.S. alone, which is estimated to double by the year 2050. Due to the country's high senior population, Japan provides growth opportunities for this market. According to the WHO, the geriatric population is expected to reach 22.0% by 2050. Aging is considered as the foremost risk factor for chronic conditions. Therefore, the increasing geriatric population, at a higher risk of chronic conditions like diabetes, cardiovascular disorders, and sleep disorders, is expected to boost market growth.

Remote Patient Monitoring Devices Market Restraint

Lack of Supportive Reimbursement Coverage

Reimbursement coverage is a tax benefit plan. The lack of medical reimbursement facilities and the increasing cost of medical diagnosis and surgeries discourage patients from availing of treatments at the right time. Remote patient monitoring aids in preventing costs incurred for diagnosing a condition. Furthermore, remote patient monitoring systems reinforce patient confidence, increasing patient compliance and willingness to adhere to treatment plans to be cured early. Even though CMS has introduced new codes for the reimbursement of RMPD, the reimbursement framework is still developing in most countries. For instance, several developing countries, such as India, are yet to establish appropriate reimbursement frameworks for these devices, thus limiting the market penetration of these devices.

Remote Patient Monitoring Devices Market Opportunities

Technological Advancements

Rapid investments in research and development have led to the introduction of technologically advanced drugs and devices in the healthcare sector. Demand and supply for on-site medical diagnosis and follow-up consultations are drastically out of balance due to the increasing frequency of chronic illnesses and the scarcity of medical professionals. On the other hand, in remote patient monitoring systems, patient medical records are transferred to hospital Electronic Medical Record (EMR) systems, thereby ensuring effective and efficient treatment delivery while minimizing the throughput time.

Additionally, the doctor-patient relationship strengthens as more data about the patient's condition becomes available to medical staff. This expedites diagnosis and aids in the development of a treatment plan. In addition, it helps keep track of a patient's medical history to analyze and devise various treatment options. With the advent of advanced wireless devices, there is decreased noise, which makes the data more accurate and reliable. Technologically advanced products have led to the emergence of minimally invasive diagnostic and surgical procedures, which are estimated to create tremendous opportunities for Remote Patient Monitoring Devices Market growth.

Regional Analysis

Based on region, the global remote patient monitoring devices market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global remote patient monitoring devices market shareholder and is anticipated to exhibit a CAGR of 19.5% during the forecast period. The expansion of the North American market can be attributed to many multinational players, technological advancements, and a favorable reimbursement framework. North America is the most developed remote patient monitoring devices industry. Increasing the use of remote patient monitoring for regular, continuous, and long-term monitoring of patients and reducing the frequency of hospital visits are anticipated to expedite the growth of this market over the forecast period. In addition, the increase in chronic diseases that need routine monitoring and sophisticated healthcare infrastructure will further drive the market. Medical practitioners and patients increasingly adopt these devices due to their advantages.

Europe is estimated to exhibit a CAGR of 19.2% over the forecast period. Rising demand for in-house monitoring and supportive central data management systems and growing accuracy and efficiency of remote patient monitors are the high-impact rendering drivers for the market for remote patient monitoring devices in the European nations. This region is strategically very important for the distribution of remote patient monitors, as approval by one regulatory authority gives access to the entire region. In addition, the region's per capita expenditure on healthcare is relatively higher than in developing countries, which aids the growth of the medical devices market. This indirectly fuels the growth of remote patient monitors.

Furthermore, the imminent implementation of the In-vitro Diagnostics Regulation (IVDR) and the new Medical Device Regulation (MDR) is anticipated to drastically change the medical device regulatory scenario in the European Union. Some key changes expected to occur upon implementing these regulations are costly certification of new products and recertification of existing products due to reclassification of devices as per new regulations and increased requirements for clinical testing of medical devices, especially for IVDs. Therefore, these new regulations are anticipated to increase the time and cost required to enter a European market.

The Asia-Pacific region is anticipated to experience exponential growth during the forecast period. Favorable government initiatives supporting the adoption of advanced medical devices, a growing geriatric population, and rising healthcare expenditures are significant market growth drivers. The demand for these services is estimated to rise as the need to reduce healthcare expenditures grows. In addition, China is the leading producer of low-cost electronic chips and products, which is expected to attract investors in other Asian countries. Due to low manufacturing prices and easy access to labor, the Asia-Pacific area has high business accessibility. This important factor is expected to aid regional market growth. In January 2020, MobiHealthNews reported that Shanghai Public Health Clinical Center (SPHCC) was using California-based connected health start-up VivaLNK's continuous temperature sensor to monitor COVID-19 patients. These body temperature sensors are applied directly to patients to provide continuous, real-time monitoring of any changes in body temperature. Such collaborations during the pandemic are expected to increase the region's adoption of temperature sensors and other vital sign monitoring devices.

South Africa is the leading revenue contributor in the Middle East and Africa region. South Africa is a developing nation receiving assistance from countries such as the U.S. and Canada to provide primary care to patients belonging to all age groups. Moreover, the country is characterized by funding issues, staff shortages, and poor infrastructure, especially in public healthcare organizations. However, due to a sophisticated private healthcare system, the country represents substantial market opportunities for high-tech, innovative, and cost-effective consumables (such as blood pressure cuffs and others) by foreign companies, as nearly 93% of medical equipment is imported. In addition, chronic illnesses, such as cancer and diabetes, accounted for 28% of all deaths in 2018, while according to the Global Health Report, 23.6 million adults in the country are projected to have diabetes by 2030. This high prevalence and incidence is anticipated to facilitate market growth.

Segmental Analysis

The global remote patient monitoring devices market is segmented by product, application, and end-user.

Based on the product, the global remote patient monitoring devices market is segmented into vital signs monitors and specialized monitors. 

The specialized monitor segment owns the highest market share and is predicted to exhibit a CAGR of 19.3% during the forecast period. Special monitors are devices developed for regularly monitoring patients with specific health conditions. Functionally, these monitors are categorized as blood glucose, cardiac rhythm, and anesthesia monitors. Fetal heart monitors measure the fetus' heart rate, and prothrombin monitors, which follow warfarin anticoagulant medication in patients with artificial heart valves, are other specialized monitors. In addition, the specialized monitor segment dominated the market due to its ability to monitor clinically important pre- and post-surgery data to identify symptoms and prevent complications. Advanced features such as wireless communication and iPad connectivity facilitate early diagnosis and boost the adoption of these devices.

The vital signs monitors are considered surveillance systems that continuously record, monitor and analyze a patient's vital signs. They provide healthcare professionals with accurate data that help understand the patient's condition and provide proper treatment. Vital signs monitoring refers to measurements of the body's basic functions, such as pulse rate, temperature, blood pressure, and respiration rate. In addition, vital signs monitors include blood pressure monitors, pulse oximeters, heart rate monitors (ECG), brain monitors (EEG), temperature monitors, and respiratory rate monitors. Integration of more than one vital sign monitor in a single system is expected to boost the popularity of these products, thereby leading to increased adoption during the forecast period.

Based on application, the global remote patient monitoring devices market is divided into cancer, cardiovascular diseases, diabetes, sleep disorder, weight management and fitness monitoring, virus, infections, dehydration, and hypertension. 

The diabetes segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 19.7% over the forecast period. Diabetes is among the leading causes of death, requiring continuous monitoring of blood glucose. It is known to affect various functions of the body, including heart activity, vision, liver function, and renal activity. The likelihood of developing cardiac, renal, and retinal problems increases with the duration of diabetes. Hence, continuous and routine monitoring is required, which can be easily accomplished using remote patient monitoring devices. In April 2020, Roche offered free access to its mySugr Pro app to enable several people with diabetes in the U.S. to regularly monitor their sugar levels at home during the COVID-19 pandemic. Such initiatives are anticipated to promote the use of remote monitoring devices in diabetes patients.

Cancer patients need continuous monitoring to evaluate their progress with the prescribed treatment plan. Continuous monitoring enables doctors to evaluate and adjust the dosage for completely eradicating tumor cells. Statistics, such as clinical intervention and medication adherence data, regarding cancer patients, are poorly documented, which leads to a rise in preference for specialized, real-time remote monitoring support systems. Anti-cancer treatment has various adverse effects that need regular and constant monitoring. Hence, multiparameter monitors or devices that measure heart rate, blood pressure, respiratory rate, and brain activity are necessary.

Based on the end-user, the global market for remote patient monitoring devices is bifurcated into hospital-based patients, ambulatory patients, and home healthcare. 

The hospital-based patient segment dominates the global market and is projected to exhibit a CAGR of 19.3% over the forecast period. Vital signs are continuously monitored to determine the nature and cause of diseases. Hospitals cater to a large number of outpatients as well as inpatients. They offer a large number of diagnostic tests and have a larger technical staff for catering to the needs of the patients. The large patient pool and an increasing number of tests being performed are vital drivers for segment growth.

Ambulatory monitors help determine the cause of the disease and identify the potential risk involved within ambulatory settings. It is possible to monitor atrial fibrillation and other cardiac conditions to determine the cause of a stroke, thereby aiding in the choice of treatment. Growing demand for early diagnosis is expected to fuel the ambulatory-based patients market growth during the forecast period.

Recent Developments

• June 2023- REMware, a Florida-based company, partnered with Side Health, a virtual medical practice, to provide patients with a home diagnostic solution for sleep apnea. Dream Clear from REMware is a remote sleep apnea testing device designed for patient use at home, and its home sleep test (HST) app transmits the recorded data to your doctor or healthcare provider.
• April 2023- Philips and Masimo announced that they are extending their remote patient monitoring collaboration to include the W1 wearable developed by Masimo. The collaboration enables vital sign data from the W1 to watch to be transmitted to Philips' patient monitoring ecosystem, allowing clinicians to monitor patients following hospital discharge.