Remote Patient Monitoring Device Market

Remote Patient Monitoring Device Market Outlook (2024 to 2034)

The remote patient monitoring device market size is on track to reach US$ 1,502.9 million in 2024. The market is poised for promising growth, with a healthy compound annual growth rate (CAGR) of 6.7% projected through 2034. This expansion is forecasted to elevate the market to a substantial valuation of US$ 2,870.4 million by 2034.

Key Remote Patient Monitoring Device Market Growth Factors

• The increasing prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and respiratory disorders, has created a demand for effective remote patient monitoring devices.
• There is a growing emphasis on preventive healthcare, and remote patient monitoring devices support this trend.
• The aging demographic contributes to the market's growth as elderly individuals often require continuous health monitoring.
• Patients increasingly prefer home-based care, and remote monitoring devices offer a convenient solution.
• The widespread adoption of telehealth services further fuels the demand for remote patient monitoring devices.
• The growth of the remote patient monitoring device market is significantly influenced by continuous advancements in healthcare technology.
• Various governments are actively promoting the use of remote patient monitoring to enhance healthcare accessibility and efficiency.

Report Attributes	Details
Estimated Market Value (2024E)	US$ 1,502.9 million
Forecasted Market Value (2034F)	US$ 2,870.4 million
Market Growth Rate (2024 to 2034)	6.7% CAGR
Cardiac Monitors Segment Growth Rate (2024 to 2034)	6.9%
Hospitals Segment Growth Rate (2024 to 2034)	6.2%
North America Market Share (2024)	37.8%
East Asia Market Share (2024)	7.7%
Key Companies Profiled	Koninklijke Philips N.V. GE Healthcare Boston Scientific Corporation Omron Healthcare Medtronic Plc. Welch Allyn Abbott Laboratories Masimo Corporation Hoffmann-La Roche Ltd. Shenzhen Mindray Bio-Medical Electronics Co. Ltd.

What are the Key Factors Stimulating the Remote Patient Monitoring Device Market Growth?

“Rising Global Health Concerns Spark a Surge in Demand for Constant Remote Patient Monitoring Technologies”

The demand for constant monitoring of health indicators has grown as chronic illnesses, including diabetes, cardiovascular disease, and respiratory disorders, become more prevalent. For example, 1.13 billion people worldwide suffer from hypertension, according to the World Health Organization (WHO). The utilization of remote patient monitoring has proven advantageous in the acquisition of up-to-date patient information on conditions, including diabetes, cancer, and chronic obstructive pulmonary disease (COPD), leading to prompt disease management.

The widespread adoption and deployment of next-generation sensor technology has reduced the gap between the patient and the healthcare professional, which has an impact on the healthcare systems. Therefore, the demand for products with the latest technology prompted the creation and introduction of new devices. For example, the Food and Drug Administration (FDA) in the United States approved BioIntelliSense Inc.'s BioSticker on-body sensor for continual monitoring of physiological parameters in January 2020.

“Reimbursement Policy Changes Propel Sales of Remote Patient Monitoring Devices”

The governments of both developed and developing nations recognize the importance of increasing healthcare accessibility for their citizens. An NCBI research estimates that 3.6 million citizens skip at least one visit because of transportation-related problems in the United States. In metro locations with a population of one million or more, around 54% of children who did not receive appropriate medical care resided. This fuels the demand for improved accessibility to healthcare infrastructure, which boosts the remote patient monitoring device market growth.

Changes in global reimbursement policies and guidelines are projected to increase device sales. For example, the Centers for Medicare and Medicaid Services indicated in January 2021 that they are going to make changes to the Physician Fee Schedule for 2021, with an emphasis on paying for programs that involve remote patient monitoring.

“Next-gen Technologies Propel Remote Patient Monitoring Industry Potential”

The latest projections for the remote patient monitoring device market forecast indicate a promising trajectory, underscoring the growing significance of technology in advancing healthcare solutions and patient care. Continual developments in remote patient monitoring equipment, such as wearable technology and user-friendly interfaces, fuel consumer interest and acceptance.

Continuous developments boost the market by increasing the devices accessibility and attractiveness to a wider demographic. The integration of artificial intelligence (AI) in remote patient monitoring devices enhances their capabilities for data analysis, predictive modeling, and personalized healthcare. This trend contributes to the market's growth by providing more sophisticated and efficient healthcare solutions. Medical device businesses prioritize the introduction of cutting-edge and next-generation technologies in order to minimize costs and provide patients with value-based treatment.

For instance, Philips confirmed in May 2020 the release of the BX100, a next-generation wireless wearable biosensor designed for COVID-19 patient clinical monitoring. The market potential for remote patient monitoring devices is, therefore, expected to be enhanced by the increasing trend toward effortless monitoring.

Which Factors Pose Challenges to the Development of the Remote Patient Monitoring Device Market?

“Low- and Middle-income Countries Lag in Embracing Remote Patient Monitoring”

The remote patient monitoring system market development is expected to be restricted by low- and middle-income countries' unwillingness to embrace the devices and software despite the increasing demand for solutions to these issues. One reason for the reduction in these countries' widespread use of remote patient monitoring systems is their high installation costs. Adequate funding, service providers, and IT staff are required for the deployment of these technologies in order to ensure a seamless transition and high-quality patient care. For example, equipment acquisition, service, and monitoring expenditures varied from US$ 275 to US$ 7,963 per patient yearly, according to the Journal of Telemedicine and Telecare.

“Data Accuracy Concerns and Patient Hurdles Slow the Remote Patient Monitoring Market Growth”

The market is anticipated to expand slowly since there are concerns about data accuracy and patient hurdles to utilizing remote monitoring technologies, such as limited availability or understanding of contemporary technologies and unwillingness to utilize present ones because of data security & privacy issues. Furthermore, a significant obstacle to market expansion is the requirement to keep extra people in order to operate RPM systems, which results in higher overhead costs. While developed nations have proposed revisions to regulations and reimbursement to facilitate virtual patient monitoring, certain emerging and low-income countries do not have similar adjustments.

Country-wise Insights

The North America remote patient monitoring device market is gearing up for modest growth, foreseeing an average CAGR of 5.4% through 2034. The growing number of long-term health issues, the need for convenient wireless systems, and well-organized reimbursement plans to reduce personal expenses are the key reasons behind the regional expansion. Moreover, the region's commanding market position is a result of increased investment in the introduction of modern medical supplies for the patient pool, particularly in the United States and Canada. In 2024, the United States remote patient monitoring device market is set to take the lead, boasting an estimated market share of 79.0%.

The East Asia remote patient monitoring device market is poised for significant advancement, targeting a modest 6.6% CAGR until 2034. The vibrant markets of Japan and China offer untapped opportunities, steering the region toward unprecedented advancements. Notably, Japan stands out as a significant revenue contributor, attributed to its substantial elderly population aged 65 and above. The convergence of cutting-edge technology and healthcare in this region paints a promising picture, with remote patient monitoring poised for remarkable growth. In this region, China is likely to take the spotlight as a key player in the remote patient monitoring device industry, holding a considerable market share of 45.1% in 2024.

What Factors Contribute to the United States' Leading Position in the Remote Patient Monitoring Device Industry?

“Remote Patient Monitoring Device Responds to Rising Cancer and NCD Cases in the United States”

In the United States, 90% of yearly healthcare expenses are related to chronic illnesses. Remote patient monitoring is becoming increasingly crucial as the number of persons with persistent medical conditions like cancer and NCDs rises. In 2020, there were over 19.3 million new instances of cancer and somewhat 10.0 million cancer-related deaths. According to the NICHD, around 140,000 individuals in this country lose their lives to stroke each year, whereas the CDC estimates that 660,000 individuals here pass away from heart disease annually. The increasing number of patients presenting with persistent symptoms highlights the necessity of remote monitoring, leading to a positive shift in the remote patient monitoring device market trends.

Attributes	Details
United States Market Size (2024E)	US$ 449 million
United States Market Size (2034F)	US$ 764 million
United States Market CAGR (2024 to 2034)	5.4%

The healthcare industry's increasing cooperation to develop patient monitoring programs is also anticipated to fuel remote patient monitoring (RPM) market expansion. For example, OMRON Healthcare, Inc. and EPIC Health joined up in August 2023 to address the health disparities in Detroit, Michigan. VitalSight, a remote patient monitoring service, is going to be used by OMRON Healthcare as part of the partnership to diagnose patients with excessive blood pressure. Additionally, in October 2022, DocGo-a preeminent supplier of last-mile mobile health services-revealed that it is going to expand on its current alliance with Gary and Mary West PACE by launching a ground-breaking RPM device within the United States.

What Backs China's Position as a Successful Market for Remote Patient Monitoring Device Manufacturers?

“Increase in Prevalence of Chronic Diseases Propel the Adoption of Remote Patient Monitoring Device in China”

With the rise in chronic diseases among the population and an increased need for continuous monitoring, the growing elderly demographic is anticipated to contribute to the China remote patient monitoring market expansion. According to a February 2022 NCBI article, asthma poses a significant public health challenge in China, affecting 4.2% of the population, equivalent to 45.7 million adults. This surge in chronic conditions and injuries is expected to boost the demand for patient monitoring, facilitating effective disease management and propelling the remote patient monitoring device market growth.

Attributes	Details
China Market Size (2024E)	US$ 52 million
China Market Size (2034F)	US$ 107 million
China Market CAGR (2024 to 2034)	7.4%

The improvement of current technology, the introduction of new products, the diversification of the product line, and partnerships or mergers with healthcare institutions are the primary remote patient monitoring market trends. CB Scientific, Inc. and Shenzhen Pump Medical Co., Ltd. (Shenzhen Pump), a respectable independently owned medical device researcher, producer, and supplier of cardiovascular telemedicine supplies and devices with its headquarters located in Shenzhen, Nanshan, China, announced a Memorandum of Understanding in August 2022. Mindray introduced the mWear wearable technology for wireless patient monitoring of multiple health indicators in December 2022. This solves the hospital bed and personnel scarcity by fusing precise multi-parameter monitoring with wireless connectivity.

Category-wise Insights

In 2024, the cardiac monitors segment is projected to be at the forefront, claiming a substantial 50.9% market share. On the other hand, the hospitals segment is set to assert its dominance in the remote patient monitoring device industry, commanding a notable 45.9% market share in 2024.

What Aspects Felicitate to the Inclination toward Cardiac Monitors?

“Demand for Cardiac Monitor Surges as the World Deals with Cardiovascular Challenge”

The cardiac monitors segment is estimated to hold 52.2% of the remote patient monitoring device market share by 2034. The adoption of cardiac monitors is projected to rise at a CAGR of 6.9% through 2034. The anticipated expansion of this segment is attributed to the rising incidence of different cardiac conditions and a growing requirement for patient monitoring for effective cardiovascular disease management.

The World Health Organization (WHO) reports that cardiovascular diseases (CVDs) account for 17.9 million deaths worldwide annually, making them the primary cause of mortality, accounting for 32% of all fatalities. Given the prevalence of heart-related conditions, there is a growing need for continuous monitoring to manage and prevent cardiac issues. Moreover, the aging population worldwide contributes to an increased demand for cardiac monitoring solutions. As individuals age, the risk of cardiovascular diseases rises, leading to a higher adoption rate of remote digital patient monitoring devices, particularly in the cardiac segment.

Why are Hospitals Key Contributors to the Remote Patient Monitoring Device Industry Growth?

“Hospitals Embrace Remote Patient Monitoring Device for Timely Health Issue Detection”

The hospitals segment is likely to grip 45.4% of the remote patient monitoring device market share by 2034. The adoption of remote patient monitoring device in hospitals is anticipated to rise at a CAGR of 6.6% through 2034. Hospitals have a critical need for continuous and real-time patient monitoring to ensure the timely detection of any health issues. Remote patient monitoring devices enable healthcare professionals to track patients' vital signs, manage chronic conditions, and respond promptly to any deviations from normal parameters.

Integration of advanced technologies in remote patient monitoring devices has made them increasingly sophisticated and capable of providing comprehensive health data. Hospitals, with their emphasis on delivering high-quality care, are inclined to adopt such advanced solutions to enhance patient outcomes. The growing trend toward value-based care and the emphasis on reducing hospital readmissions also contribute to the adoption of remote patient monitoring in hospital settings.

Competitive Landscape

Key players in the remote patient monitoring device market are Koninklijke Philips N.V., GE Healthcare, Boston Scientific Corporation, Omron Healthcare, Medtronic Plc., Welch Allyn, Abbott Laboratories, Masimo Corporation, Hoffmann-La Roche Ltd., and Shenzhen Mindray Bio-Medical Electronics Co. Ltd. These players have emerged as pioneers, steering innovation and healthcare evolution.

Renowned names such as Koninklijke Philips N.V., GE Healthcare, and Boston Scientific Corporation lead the charge, showcasing innovation and reliability. Omron Healthcare, Medtronic Plc., and Welch Allyn bring their own distinct strengths to the competitive landscape, contributing to the evolution of healthcare technology. The market also sees influential participation from Abbott Laboratories, Masimo Corporation, and Hoffmann-La Roche Ltd., each offering unique solutions and devices. Shenzhen Mindray Bio-Medical Electronics Co. Ltd. adds a global perspective to this dynamic ecosystem. As these industry leaders navigate the frontiers of remote patient monitoring devices, the stage is set for continuous advancements.

Recent Developments :

• In October 2023, Ricoh USA, Inc. launched RICOH Remote Patient Monitoring (RPM) Enablement, an innovative end-to-end managed services solution designed for healthcare organizations. It integrates with current virtual care programs to facilitate the adoption of remote digital patient monitoring devices, assisting health systems in closing this gap.
• In September 2022, the introduction of CareCloud, Inc.'s Remote Patient Monitoring (RPM) system was made public. It is the newest product in the CareCloud Wellness lineup. With the use of electronic equipment connected by cellular technology, this innovative RPM solution tracks and records patient health data in real-time, including blood pressure and pulse rate.
• In June 2021, an AI-powered device-integrated patient monitoring device was introduced by Max Healthcare. It is one of the top medical organizations in India, with over 15 super specialty hospitals, diagnostic services, and coordinated home care services.

Segmentation of Remote Patient Monitoring Device Market Analysis

• By Product Type :

  • Cardiac Monitors
  • Respiratory Monitors
  • Hematology Monitors

• By Indication :

  • Cardiac Arrhythmia
  • Diabetes
  • Ischemic Diseases
  • Hypertension
  • Sleep Apnea
  • Chronic Respiratory Diseases
  • Hyperlipidemia

• By End User :

  • Hospitals
  • Homecare Setting
  • Long-term Care Centers
  • Others

• By Region :

  • North America
  • Latin America
  • East Asia
  • South Asia and Pacific
  • Western Europe
  • Eastern Europe
  • Middle East and Africa