Remote Patient Monitoring Market

Market Overview

The global remote patient monitoring market size was valued at USD 34.30 billion in 2022. It is estimated to reach USD 97.04 billion by 2031, growing at a CAGR of 12.25% during the forecast period (2023–2031). Increased chronic illness incidences due to lifestyle changes, an aging population, the requirement for home-based monitoring devices, and equipment's ease of use and portability are projected to propel the market forward.

Remote patient monitoring (RPM) is a sub-field of homecare telehealth that enables patients to collect and transmit patient-generated health data (PGHD) using mobile medical devices and technology. Vital signs, weight, blood pressure, and pulse rate are the physiological data typically collected by RPM programs. Patient data is delivered to a physician's office by a specialized telehealth computer system or software program installed on a smartphone, computer, or tablet following its collection.

RPM is frequently employed to assist patients requiring chronic, post-discharge, or senior care. Integrating high-risk patients with remote monitoring allows healthcare organizations to be alerted of potential health issues or trace patient data between visits. RPM could also be utilized by businesses desiring to track workers' compensation claims and ensure that employees are on the correct path to return to work. Remote patient monitoring decreases the number of hospital readmissions, hospitalizations, and durations of stay in the hospital, leading to improved quality of life and reduced costs.

Market Dynamics

Global Remote Patient Monitoring Market Drivers

Aging Population Vulnerable to Chronic Diseases

According to BMC Public Health, chronic diseases are more prevalent in the elderly worldwide. For instance, in the US, six out of 10 adults have a chronic disease, and four out of 10 persons have two or more, whereas, in Sweden, 56.3 % of adults have numerous chronic disorders. Thus, the rising prevalence of chronic diseases among the elderly raises the need for continual monitoring. This aspect is expected to boost the market size during the projected period.

Remote patient monitoring systems can help avoid and track death-causing characteristics of chronic diseases. The market for remote patient monitoring systems and services is likely to rise due to this. Due to the prevalence of many chronic health diseases rising with age, it is expected that as the population ages, the proportion of people with one or more chronic conditions will increase, as will the cost of treatment and the required device demand.

Global Remote Patient Monitoring Market Restraint

Low Awareness of Remote Monitoring in Developing Countries

Most patients are unaware of remote patient monitoring devices and their service options, likely limiting adoption. Developing regions have comparatively low Internet access and technological development for such services. The adoption of internet services itself is at a very early stage. According to researchers, elderly people with heart failure may not adhere to treatment due to a lack of health literacy and awareness and the necessity of self-management. As a result, a lack of understanding of remote patient monitoring is projected to reduce the number of patients monitored remotely.

Global Remote Patient Monitoring Market Opportunities

Growing Telemedicine Application

One of the most effective applications of remote patient monitoring is telemedicine. Remote monitoring aids, such as home healthcare monitoring devices, contribute to the growing use of telemedicine. An effective telemedicine environment establishes a sophisticated, AI-based, real-time interaction between patients, doctors, and home monitoring equipment based entirely on remote monitoring phenomena.

Telemedicine can also address inequalities and lack of healthcare access for rural women, who are typically hesitant to seek basic medical treatment. In these situations, a portable telemedicine kit can ensure that telemedicine services are available on the go while also improving healthcare. Hitachi MGRM Net has designed a lightweight, elegant, and portable Telemedicine Kit containing basic items such as a blood pressure monitor, pulse oximeter, fetal doppler, and ECG, empowering healthcare professionals and patients. As a result, telemedicine is likely to create opportunities for market growth by introducing new options for remote monitoring.

Regional Analysis

North America Dominates the Global Market

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

North America is the most significant global remote patient monitoring market shareholder and is estimated to grow at a CAGR of 12.34% over the forecast period. The main aspects driving the market in the region include the presence of key competitors and their growth strategies. Increased healthcare spending and awareness about the benefits of illness prevention drive North America's remote patient monitoring system and devices market. In addition, the rise in cardiac diseases, sedentary lifestyles, and the implementation of e-health in some rural areas contribute to increased dominance. The market in the region is likely to be boosted by the increased incidence of chronic diseases due to lifestyle changes, an aging population, and the surging demand for home-based monitoring devices.

Since the US is the region's largest economy, the country's population trend positively and negatively impacts the market being researched. For instance, in the US, the growing senior population is boosting the use of patient monitoring equipment. The government's participation in bringing telehealth to rural areas and the presence of large firms in the area also contribute to the market's growth.

Europe is predicted to exhibit a CAGR of 13.16% over the forecast period. The COVID-19 outbreak favorably impacted the European patient monitoring device industry, even though most medical equipment markets have witnessed losses. In addition, Philips Healthcare is the market leader in patient monitoring equipment in Europe, competing for multi-parameter vital signs, wireless ambulatory telemetry, telemedicine, fetal and neonatal monitoring, and pulse oximetry. The company will continue to expand in the European market through continued acquisitions and product improvements. Major factors such as increased chronic illness incidences due to lifestyle changes, an aging population, the need for home-based monitoring devices, and equipment ease of use and portability are expected to boost the market's growth.

In Asia-Pacific, the remote patient monitoring devices market is predicted to expand rapidly over the projected period. Remote monitoring devices are in high demand due to technological improvements and the surging use of digital healthcare in emerging countries. Heart monitors are among these products or systems in high demand in developing countries such as India and China. In Asia-Pacific, cardiovascular disorders are one of the primary causes of increased morbidity and mortality. According to the National Hospital Morbidity Database of the Australian Institute of Health and Welfare (AIHW), 1.2 million Australian adults aged 18 and above had one or more diseases connected to heart or vascular disease, including stroke. As a result, the rising prevalence of such diseases is likely to boost the market demand for monitoring systems during the forecast period.

In the Middle East and Africa region, the need for home-based monitoring devices and an increase in the chronic illness population and the aging population are all important drivers fueling the development of the remote patient monitoring market. As per the South African Council for Medical Schemes, the prevalence and the incidence of chronic diseases in Africa are increasing, and hypertension, hyperlipidemia, and diabetes mellitus II are the most common disorders in the continent. As a result, the need for remote patient monitoring equipment is increasing.

Segmental Analysis

The global remote patient monitoring market is bifurcated into components, applications, and end-users.

Based on components, the global remote patient monitoring market is segmented into devices and software and services. 

The devices and software segment is the highest contributor to the market and is projected to grow at a CAGR of 12.33% over the forecast period. The devices and software segment is further divided into cardiac, respiratory, blood glucose, fetal and neonatal monitoring devices, and other rpm devices. The cardiac monitoring devices contributed to the largest market share, growing at a CAGR of 12.69%. Cardiac Event Monitoring (CEM) is long-term cardiac monitoring that extends beyond 24-48 hours. In theory, event monitoring is intended to detect and record cardiac events over a three-day to three-year timeframe. In addition, CEM has grown through time to include a wide range of technologies. Traditional "loop" event monitors have been used to capture the symptoms that patients experience and perceive. There is currently a new event monitoring device that automatically detects and records cardiac events, regardless of whether the patient is feeling symptoms.

Remote patient monitoring manufacturers also provide service facilities. Many companies collaborate with manufacturers and provide devices and software in the form of services. These services help patients to monitor health parameters continuously. In addition, the service-providing firm provides these parameters to the patient's medical practitioners. Service providers are focused and designed so that the parameters of the patient's health are notified immediately. All these factors promote the usage of remote patient monitoring services and increase its adoption rates. This is expected to propel the service market size for the remote patient monitoring market.

Based on application, the global remote patient monitoring market is segmented into cardiology, endocrinology, pulmonology, and others. 

The cardiology segment is the largest contributor to the market and is projected to exhibit a CAGR of 12.24% over the forecast period. Remote patient monitoring (RPM) is leading a shift in cardiac practice, and its use was elevated to a new all-time high during the COVID-19 pandemic due to evolving technology such as Bluetooth. Remote patient monitoring (RPM) is leading a shift in cardiac practice. Connected health and RPM are more crucial than ever as they allow clinicians to monitor patients without contacting them, minimizing the danger of virus spread. In addition, RPM has various important uses in cardiology, including treating hypertension, heart failure, and abnormal heart rhythm. RPM might be highly beneficial in a country such as India as it would allow doctors to monitor and manage patients in rural areas and provide therapy with the help of a tertiary care consultant.

Although chronic obstructive pulmonary disease (COPD) is incurable, it can be managed and treated. Pulmonologists collaborate with patients to create a treatment plan that includes medication, oxygen therapy, rehabilitation, and emotional support. Pulmonologists can undertake effective and timely COPD supervision with the help of remote patient monitoring. As a result, decision support and patient compliance with information and suggestions improve. A remote electronic respiration monitor also enables pulmonologists to remotely support patients while eliminating the risk of COVID-19 exposure for anybody in their practice, especially when patients undergo lung function tests and measurements.

Based on end-users, the global remote patient monitoring market is bifurcated into hospitals and specialty clinics, homecare settings, ambulatory surgical centers, long-term and acute care centers, and others. 

The hospitals and specialty clinics segment dominates the global market and is predicted to exhibit a CAGR of 12.41% during the forecast period. In response to the epidemic, healthcare systems worldwide created and implemented RPM platforms over the last year. Many of these programs have focused on COVID-19 monitoring after patients have been discharged from the hospital. RPM platforms allow doctors to discharge patients early and monitor them remotely after they leave the hospital, allowing more inpatient beds to be available.

A long-term acute care facility is a specialty care hospital for patients with serious medical conditions who require intensive, specialized therapy for a lengthy period, usually months or years. Compared to a skilled nursing facility, nursing home, or acute rehabilitation center, LTACs provide more specialized and resource-intensive care. Patients are usually transferred to a long-term acute care hospital from a standard hospital's intensive care unit because they no longer require the intense diagnostic treatments that a traditional facility can provide.

Recent Developments

• August 2023- CloudMD Software & Services Inc., an innovative health services firm transforming the delivery of care, announced a contract to provide Remote Patient Monitoring ("RPM") for the eligible patient population of a major regional hospital system in the United States ("Hospital Partner"). The RPM is delivered via the HealthyLYF patient app and portal, which connects to care providers.
• August 2023- Iron Bow Healthcare Solutions, the foremost provider of technology solutions for government, commercial, and healthcare markets, announced the general availability of Remote Patient Monitoring powered by Carium.