Remote Patient Monitoring Market

Global Remote Patient Monitoring Market Size (2024 to 2032)

The global remote patient monitoring market size is expected to grow to USD 16609 Mn by 2032 from USD 5946 Mn in 2024, projecting a growth rate of 13.7% during the forecast period.

Current Scenario of the Remote Patient Monitoring Market

Remote patient monitoring is a part of telehealth, which utilizes digital technology to monitor patients. Most remote patient monitoring services allow healthcare providers to collect, analyze, and transmit the patient's health data. The data is collected by the devices like blood pressure monitors, pulse oximeters, and blood glucose measuring devices. Remote patient monitoring also includes wearable devices such as sensors, smartphones, smartwatches, and remote cardiac monitoring devices. The global remote patient monitoring market has accounted for prominent growth in the past years and is projected to have significant growth during the forecast period. Remote patient monitoring systems have comprehensive utilization in patients with chronic conditions, and this benefits healthcare providers and patients by reducing face-to-face interactions. Remote patient monitoring provides the scope of personalization, allowing the patients to access their own health data required for future reference.   

MARKET DRIVERS

The growing chronic disease patient population majorly propels the growth of the remote patient monitoring market.

The number of people diagnosed with chronic diseases is growing rapidly worldwide. As per the data published by the Centers for Disease Prevention and Control, every 6 in 10 people has at least one chronic disease in the U.S. Factors such as the growing aging population, increasing adoption of sedentary lifestyles and poor diets are majorly resulting in the diagnosis of chronic diseases. Using remote patient monitoring technologies, healthcare providers can track their health data, such as blood glucose levels, blood pressure, heart rate, and respiratory function, from home. The usage of remote patient monitoring technologies among the chronic disease patient population has increased rapidly in recent years. The technologies of remote patient monitoring have considerably reduced the number of in-person visits and hospitalizations for chronic disease patients and have given improved outcomes and lower costs for both patients and healthcare providers.

The growing aging population worldwide is fuelling the growth rate of the remote patient monitoring market.

As per the statistics published by the United Nations (UN), the population above the age of 60 years is anticipated to reach 2.1 billion by 2050. The aging population in the U.S. is growing rapidly and will reach 83.7 million by 2050 from 43.1 billion in 2012. The growing aging population is resulting in an increasing need for quality healthcare services and innovative healthcare solutions. The technology of remote patient monitoring can fill this gap by providing patients with access to healthcare services from the comfort of their own homes, which is significantly beneficial to older people who have difficulties traveling to healthcare facilities. The RPM technology further helps patients who require continuous health monitoring and shares real-time feedback with healthcare providers to avoid complications and improve overall healthcare outcomes. RPM is also a cost-effective solution that limits the number of hospital readmissions and reduces the need for in-person visits.

The growing number of initiatives from several governments in favor of remote patient monitoring further fuelling the remote patient monitoring market.

In recent years, many governments and healthcare organizations have supported the usage of RPM and encouraged people to adopt these solutions. The governments of various countries have launched numerous initiatives to support remote patient monitoring in terms of funding programs for the R&D and implementation of remote patient monitoring technologies and offered favorable regulatory environments to facilitate the usage of remote patient monitoring in healthcare settings. For instance, the Centers for Medicare and Medicaid Services (CMS) in the U.S. announced favorable reimbursement policies for remote patient monitoring services in 2019, which has resulted in the increasing adoption of remote patient monitoring technologies. Likewise, the NHS in the UK has launched several initiatives to encourage the usage of remote patient monitoring. For instance, the NHS announced an initiative to provide remote monitoring devices to COPD patients to manage their condition from home.  

Factors such as an insufficient number of healthcare staff in many countries, cost-effectiveness by reducing hospital stays, increasing the healthcare needs of the geriatric population and the growing awareness and acceptance of telemedicine boost the growth rate of the remote patient monitoring market. The growing efforts by device manufacturers to create innovative devices are expected to propel the market growth further. The growing need for modern technologies with new remote devices is likely to create an opportunity for new entrants to the market. Furthermore, the growing adoption of technological advancements favors the growth of the remote patient monitoring market. Due to recent technological developments, remote patient monitoring services have become accessible and affordable to many patients worldwide. Using Wearable devices, mobile apps, and other digital tools, it has become easy and convenient for patients to manage their health and share data with healthcare providers.

MARKET RESTRAINTS

Limited reimbursement policies for remote patient monitoring are one of the major factors hampering the remote patient monitoring market growth.

The usage of remote patient monitoring systems is limited due to a lack of reimbursement policies from insurance companies and governmental organizations. Remote patient monitoring systems need access to patients' sensitive information. Data security and privacy concerns associated with the usage of remote patient monitoring systems hinder market growth. High costs associated with the initial implementation of remote patient monitoring systems and ongoing costs such as maintenance, upgrades, and training are further limiting the adoption of remote patient monitoring and the market’s growth rate. Poor awareness among people and healthcare providers regarding the potential benefits of RPM technologies and limited access to technology in rural areas showcases a negative impact on the RPM market growth.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Global Remote Patient Monitoring Market Analysis By Type

The breath monitor segment held the major share of the global remote patient monitoring market in 2023 and is expected to grow promisingly during the forecast period. The recent COVID-19 pandemic has contributed to segmental growth. Factors such as the growing prevalence of infectious diseases and the increasing patient population suffering from respiratory diseases such as asthma, chronic obstructive pulmonary disease (COPD), and sleep apnea drive segmental growth. In addition, the growing air pollution levels in several countries and increasing consumption of tobacco contribute to the growth rate of the segment.

The heart monitors segment is expected to grow at the fastest CAGR during the forecast period owing to the growing funds from governmental organizations and rapid adoption of the latest technologies. In addition, factors such as the increasing prevalence of cardiovascular diseases such as hypertension, coronary artery disease, and arrhythmia, the rise in the geriatric population and sedentary lifestyle habits fuel the growth rate of the segment.

The physical activity monitor segment is predicted to witness a healthy CAGR during the forecast period. The growth of the segment is primarily driven by the growing number of fitness enthusiasts, the increasing number of various fitness applications in Android and IOS and the rising adoption of wearable devices that can track physical activity levels such as steps taken, distance traveled and calories burned. Furthermore, the growing incidence of lifestyle diseases such as diabetes and obesity propel segmental growth.

The hematological monitors segment is expected to occupy a moderate share of the worldwide market during the forecast period owing to the growing prevalence of diabetes and increasing demand for hematology monitoring devices. The rising prevalence of blood disorders such as anemia, leukemia, and thrombosis, the growing demand for point-of-care testing (POCT), and the development of advanced monitoring technologies further contribute to segmental growth.

Global Remote Patient Monitoring Market Analysis By Application

The cardiovascular diseases segment held the major share of the worldwide remote patient monitoring market in 2023 and is expected to continue to dominate throughout the forecast period owing to the growing aging population and increasing number of favorable policies from several governments. The growing demand for continuous heart health monitoring solutions favors segmental growth. The American Heart Association (AHA) says an estimated 17.9 million people die of CVDs yearly. The need to track heart health is growing significantly owing to the growing patient population and increasing number of mortalities from CVDs. The growing usage of remote patient monitoring devices for the prevention and management of CVD further promotes segmental growth.

The cancer treatment segment is predicted to hold a considerable share of the worldwide market and witness a notable CAGR during the forecast period owing to the growing cancer patient population and increasing adoption of sedentary lifestyles. Cancer is one of the leading causes of death worldwide and WHO says an estimated 9.6 million cancer deaths were recorded in 2018 worldwide. In addition, the growing adoption of technological advancements and increasing R&D activities to develop wearable medical devices for cancer monitoring fuels segmental growth. Furthermore, the growing disposable income in developed countries and developing countries, increasing availability of various healthcare technologies and ongoing research activities to develop advanced remote patient monitoring devices support the growth rate of the segment.

The diabetes segment is predicted to register a healthy CAGR during the forecast period owing to the patient population suffering from diabetes and rising awareness over the availability of different treatment procedures for diabetes. The population suffering from diabetes worldwide is growing significantly with each passing year and the total diabetic population is expected to reach 700 million by 2045, as per IDF. The growing demand for continuous monitoring of blood glucose levels and the availability of advanced remote patient monitoring devices fuels the growth rate of the segment.

Global Remote Patient Monitoring Market Analysis By End-User

The hospital segment is expected to hold the leading share of the global RPM market during the forecast period owing to the growing number of hospitals constructed worldwide, hospitals being the primary choice to patients for treatment needs, and increasing the number of improvements in the global infrastructure.

The ambulatory care centers segment is expected to grow at a higher CAGR during the forecast period owing to the rising adoption of the latest technologies in ambulances to give proper treatment to patients before reaching hospitals.

REGIONAL ANALYSIS

The North American region had the largest share of the worldwide market in 2023, which was 39.1%. The domination of the North American region is expected to continue in the global market throughout the forecast period. Factors such as the presence of international market participants, the growing patient population of chronic diseases, the availability of sophisticated healthcare infrastructure and rising awareness among the North American population regarding the benefits of home healthcare and telemedicine are some of the key factors driving the remote patient monitoring market in North America. In addition, the growing aging population in North America, favorable government policies, growing funding for R&D activities and rising demand for home-based monitoring solutions are fuelling the regional market growth. The U.S. held the major share of the North American market in 2023, followed by Canada and this trend is expected to continue in the coming years owing to the growing adoption of remote patient monitoring by the population suffering from Chronic obstructive pulmonary disease (COPD) and congestive heart failure (CHF).

The European market is another notable region for remote patient monitoring worldwide and is expected to capture a substantial share of the worldwide market during the forecast period. The growth of the European market is attributed to the rising patient population suffering from CVDs and the rising demand for efficient healthcare delivery systems. In addition, factors such as the growing adoption of advanced technologies, favorable government initiatives, and the presence of well-established healthcare infrastructure in Europe further promote the growth of the European remote patient monitoring market. Germany occupied the leading share of the European market in 2023, followed by the UK, France and Spain.

The Asia-Pacific region is predicted to be the fastest-growing regional market for remote patient monitoring worldwide and is expected to be the most lucrative regional market of all. The growth of the APAC remote patient monitoring market is primarily attributed to the growing investments by governmental and non-governmental organizations to develop healthcare infrastructure, the increasing aging population, and the rising demand for affordable healthcare solutions. In addition, factors such as the growing adoption of digital health technologies, growing medical tourism, the presence of a large patient pool, and increasing awareness among people about the benefits of remote patient monitoring favor the growth rate of the APAC market. Japan accounted for the leading share of the APAC market in 2023 and is expected to grow at a promising CAGR during the forecast period. On the other hand, countries such as India, China and South Korea are predicted to grow at a healthy CAGR during the forecast period and hold a considerable share of the APAC market.

Latin America captured a considerable share of the worldwide market in 2023 and is expected to progress at a steady pace during the forecast period. The growth of the Latin American remote patient monitoring market is driven by the increasing adoption of remote patient monitoring systems by healthcare providers and the growing adoption of digital health technologies. Brazil accounted for the major share of the Latin American market in 2022 and the same is expected to continue during the forecast period.

MEA held a moderate share of the global market in 2023 and is expected to grow at a sluggish CAGR in the coming years. Favorable policies from the governments of MEA countries, the growing prevalence of chronic diseases and the increasing adoption of digital healthcare technologies drive the MEA market growth. However, the regional market is facing challenges such as a lack of proper healthcare infrastructure and poor awareness among people regarding the benefits of remote patient monitoring.

KEY PLAYERS IN THE REMOTE PATIENT MONITORING MARKET

Some of the notable companies dominating the global remote patient monitoring market include Welch Allyn, Bosch, Johnson & Johnson, Intel, Roche, Philips Healthcare, Healthanywhere Inc., Honeywell, American Telecare, Biotronik, and Covidien Plc. In addition, the market contributors are involved in mergers and attainments and new product enhancement to preserve sustainability.

• In January 2024, Apollo Hospitals launched LifeSigns, a premier AI-powered health monitoring technology firm in India.
• In May 2023, Philips announced the launch of Virtual Care Management, a broad portfolio of flexible solutions and services for health systems, payers, employers, and providers, allowing them to engage with patients worldwide.
• In August 2023, EPIC Health collaborated to introduce a program named VitalSight, which is OMRON's first remote patient monitoring service. This is specially designed for patients with uncontrolled stage 2 hypertension.
• In March 2023, Monidor Oy and Senko announced their strategic partnership agreement regarding the sale of Monidor Oy's remote infusion therapy monitoring service in Japan by the subsidiary of Senko Medical.
• In February 2023, Monidor Oy announced its collaboration with ApoEx to introduce its remote infusion monitoring service in the Swedish market, which is expected to expand the company services across the European market.  

DETAILED SEGMENTATION OF THE GLOBAL REMOTE PATIENT MONITORING MARKET INCLUDED IN THIS REPORT

This research report on the global remote patient monitoring market has been segmented and sub-segmented based on the type, application, end-user, and region.

By Type

• Breath Monitors
• Physical Activity Monitors
• Heart Monitors
• Hematological Monitors
• Multi-Sign Monitors

By Application

• Cancer Treatment
• Cardiovascular Diseases
• Diabetes Treatment
• Sleep Disorder and Weight Management
• Fitness Monitoring

By End-Use

• Ambulatory Care Centres
• Hospitals
• Home Healthcare

By Region

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa