Remote Patient Monitoring Market to Be Worth $116.84 Billion by 2031 - Exclusive Report by Meticulous Research®

REDDING, Calif., May 6, 2024 /PRNewswire/ -- According to a new market research report titled, 'Remote Patient Monitoring Market by Product ([Blood Glucose, Respiratory, Blood Pressure, Fetal, Weight Monitoring] [Wearable, Portable, Benchtop]) Application (Diabetes, Oncology, Cardiovascular, Neurological Disorders) End User?Global Forecast to 2031,' published by Meticulous Research^®, the remote patient monitoring market is projected to reach $116.84 billion by 2031, at a CAGR of 13.7% from 2024 to 2031.

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Remote patient monitoring involves the use of connected medical devices to measure and monitor patient health data and transmit it to the healthcare provider. It also involves the use of software platforms to transmit the data to healthcare providers, where they can analyze the information and generate actionable insights. Healthcare professionals can intervene in disease management as necessary, either in person or virtually.

The increasing geriatric population, rising prevalence of chronic diseases, shortage of healthcare professionals, growing awareness regarding the benefits of RPM, such as convenience and improved patient outcomes, rising need to reduce healthcare costs, and favorable government initiatives promoting remote patient monitoring are the factors driving the growth of the remote patient monitoring market. Additionally, technological advancements in telehealth & remote patient monitoring, emerging economies with growing patient populations, increasing adoption of wearable devices, advancements in sensor technologies, and integration of artificial intelligence with RPM serve are expected to create market growth opportunities.

However, data accuracy & reliability concerns and barriers limiting the use of remote patient monitoring technologies, such as limited access and low technology literacy among patients, restrain the growth of the market. Additionally, data security & privacy concerns and increased overhead expenses due to the need for additional staff to manage RPM systems are some of the challenges impacting the market's growth.

Integration of Artificial Intelligence with Remote Patient Monitoring Technologies

Artificial Intelligence (AI) is broadening the scope of remote patient monitoring and telemedicine technologies. Remote patient monitoring technologies enable doctors to monitor patients afflicted with chronic diseases or those requiring post-surgery care remotely. RPM was initially used to monitor chronic patients in rural areas; however, gradually, its applications expanded to hospitals for post-surgery care as well. With the growing need for personalized medicine, companies are trying to introduce new and advanced devices to enable doctors to monitor patients' vital signs and provide online consultations. The COVID-19 pandemic highlighted the benefits of RPM, with people around the globe growing inclined toward using the technology due to the fear of contracting the virus.

Market players have started incorporating artificial intelligence into their remote patient monitoring devices to create automated and efficient monitoring systems for older adults and chronic and post-surgery patients, allowing them to keep track of their vitals along with the doctors.

Some of the recent developments in the RPM market are as follows:

• In March 2023, Zephyr AI (U.S.) partnered with KangarooHealth, Inc. (U.S.) to provide clinicians insights into treatment decisions for patients with chronic conditions. This partnership aims to help doctors address the needs of patients in health emergencies, assist post-surgery patients, and improve health outcomes by providing personalized treatments.
• In May 2023, Sensi.AI (Israel) developed an audio-based software to enable healthcare providers to remotely monitor patients receiving home care and detect or predict physical, cognitive, and emotional care-related anomalies to create a positive health impact.

Thus, the integration of AI in remote patient monitoring is expected to improve patient experience, boosting the adoption of remote patient monitoring solutions.  

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The global remote patient monitoring market is segmented by Product (Monitoring Devices {By Functionality [Blood Glucose Monitoring, Cardiac Monitoring, Neurological Monitoring, Respiratory Monitoring, Multiparameter Monitoring, Blood Pressure Monitoring, Fetal and Neonatal Monitoring, Weight Monitoring, and Other Monitoring Devices] by Type [Wearables, Portable, and Benchtop Monitoring Devices]}, Software, Services), Application (Diabetes, Cardiovascular Diseases, Neurological Disorders, Respiratory Diseases, Oncology, Other Applications), End User (Home-care Settings, Hospitals, Long-term Care Facilities, Other End Users) and Geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

Based on product, in 2024, the monitoring devices segment is expected to account for the largest share of 46% of the remote patient monitoring market. Remote patient monitoring devices are used to monitor, analyze, and report the patient's health conditions outside the hospital or clinical settings. These devices transmit the patient's health data to the healthcare provider remotely. The rising prevalence of chronic diseases, the increasing awareness and utilization of telehealth and RPM technologies, the rising consumer awareness regarding the importance of monitoring chronic diseases, the rising demand for personalized healthcare, and the integration of artificial intelligence (AI) and machine learning (ML) in monitoring devices are the factors contributing to the large market share of this segment.

Based on application, in 2024, the diabetes segment is expected to account for the large market share of 43% of the remote patient monitoring market. The large share of the segment is attributed to factors such as the increasing utilization of telehealth, the rising prevalence of diabetes, and the growing need to monitor diabetes patients. According to the World Health Organization (WHO), approximately 422 million people worldwide are currently living with diabetes, and its incidence is rising swiftly in low- and middle-income countries. Remote patient monitoring can be used to help patients manage diabetes from their homes and reduce frequent hospital visits. Some of the RPM devices include continuous glucose monitoring devices or glucometers.

Based on end user, in 2024, the home-care settings segment is expected to account for the largest share of 65% of the remote patient monitoring market. Home-care settings involve delivering healthcare services directly to patients in their own homes. This approach can be particularly beneficial for patients who are recently discharged from hospitals. The growth of the segment is driven by factors such as the increasing need for accessible healthcare, the growing elderly population, advancements in technologies like wearable devices, rising consumer awareness regarding chronic disease monitoring, and the shortage of medical professionals.

Geographically, in 2024, North America is expected to account for the largest share of 44% of the remote patient monitoring market. The North America remote patient monitoring market is estimated to be worth USD 21.2 billion in 2024. North America's significant market share can be attributed to factors such as high consumer awareness, high dispensable incomes, the presence of key market players in the region, and high prevalence of various chronic & infectious diseases, increasing digitalization in healthcare, and the availability of advanced healthcare facilities.

However, the Asia Pacific remote patient monitoring market is expected to witness a rapid growth during the forecast period of 2024-2031. The increasing prevalence of chronic diseases along with the aging population, shortage of healthcare professionals, rising adoption of telehealth services since the COVID-19 pandemic, uneven regional distribution of healthcare services, rising digitalization and internet penetration, and improving government rules and regulations are some key factors contributing to the growth of the remote patient monitoring market in the Asia-Pacific region.

The report also includes an extensive assessment of the key growth strategies adopted by leading market players over the past few years (2020?2023). The global remote patient monitoring market has witnessed product launches, product approvals, collaborations, acquisitions, and expansions in the last couple of years.

Some of the key players operating in the global remote patient monitoring market are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Boston Scientific Corporation (U.S.), Abbott Laboratories (U.S.), Siemens Healthineers AG (Germany), GE HealthCare Technologies, Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Baxter International, Inc. (U.S.), Oracle Corporation (U.S.), DexCom, Inc. (U.S.), and VitalConnect, Inc. (U.S.).

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Scope of the Report:

Remote Patient Monitoring Market Assessment?by Product

• Monitoring Devices
  • Monitoring Devices, by Functionality
    • Blood Glucose Monitoring Devices
    • Cardiac Monitoring Devices
    • Neurological Monitoring Devices
    • Respiratory Monitoring Devices
    • Multiparameter Monitoring Devices
    • Blood Pressure Monitoring Devices
    • Fetal and Neonatal Monitoring Devices
    • Weight Monitoring Devices
    • Other Monitoring Devices

Note: Other monitoring devices include temperature monitors, brain monitoring (EEG), and prothrombin monitors.

• • Monitoring Devices, by Type
    • Wearable Monitoring Devices
    • Portable Monitoring Devices
    • Benchtop Monitoring Devices
• Software
• Services

Remote Patient Monitoring Market Assessment?by Application

• Diabetes
• Cardiovascular Diseases
• Neurological Diseases
• Respiratory Diseases
• Oncology
• Other Applications

Note: Other applications include maternity care, post-surgery monitoring, elderly care, medical adherence, and sleep monitoring.

Remote Patient Monitoring Market Assessment?by End User

• Home-care Settings
• Hospitals
• Long-term Care Facilities
• Other End Users

Note: Other end users include ambulatory care, healthcare payers, and clinical research organizations

Remote Patient Monitoring Market?by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • China
  • Japan
  • India
  • Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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