Remote Patient Monitoring Market

The global remote patient monitoring market, valued at US$53.8 billion in 2022, is forecasted to grow at a robust CAGR of 23.6%, reaching US$71.9 billion in 2023 and an impressive US$207.5 billion by 2028. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market.

The growth of the remote patient monitoring (RPM) market is being driven by the healthcare related cost advantage owed to adoption of RPM. Additionally, there is a growing emphasis on patient-centered care, and RPM empowers patients to actively participate in their health management. This aligns with the trend towards personalized medicine and patient engagement driving the RPM market during the forecast period. However, regulatory variations across regions and the informal use of social media practices could restrain market growth during the forecast period.

Global Remote Patient Monitoring Market Trend

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Remote Patient Monitoring Market Dynamics

Driver: Rising geriatric population and growing need to expand healthcare access

The expanding geriatric demographic is a pivotal driver of growth in the Remote Patient Monitoring (RPM) market. This market segment is flourishing due to several key factors. Firstly, as the elderly are more susceptible to chronic ailments, RPM's capability to monitor and manage these conditions is in high demand. The elderly often require frequent medical attention, which can be costly, making RPM a cost-effective solution to minimize healthcare expenditures. Furthermore, the desire of many seniors to age in the comfort of their homes has given rise to the concept of 'aging in place.' RPM supports this notion by providing remote health monitoring, enhancing independence, and reducing the load on healthcare facilities. With mobility constraints common among the elderly, RPM, combined with telehealth, offers remote consultations and check-ups, increasing accessibility.

Restraint: Healthcare Fraud

Healthcare fraud poses a significant challenge that restrains the growth of the Remote Patient Monitoring (RPM) market. The healthcare industry's vulnerability to fraudulent activities can erode trust and hinder the wider adoption of RPM solutions. ealthcare fraud can involve data breaches and the unauthorized access of patient information. Concerns about data security and privacy breaches can undermine confidence in RPM systems, as individuals worry about the safety of their personal health data. To overcome these challenges, healthcare stakeholders must prioritize fraud detection and prevention measures, including robust authentication and authorization processes, strict adherence to regulatory requirements, and transparent billing practices

Challenge: behavioral barriers, healthcare affordability, and the lack of awareness

Behavioral barriers are less obvious but still important barriers to the adoption of telehealth and telemedicine. Many individuals, including both patients and healthcare providers, are resistant to change. They may be comfortable with traditional healthcare delivery methods and may be unwilling to embrace new technology or ways of managing healthcare. This resistance can impede the adoption of RPM services. Additionally, patients and even some healthcare providers may have limited awareness and understanding of RPM services. They may not fully comprehend the benefits of remote monitoring or how to use the technology effectively.

Opportunity: high utility of RPM in combating infectious diseases and epidemics

Infectious diseases are among the most difficult conditions to treat in hospital facilities, as both patients and healthcare workers are at equal risk of contracting the infection. In such cases, telemedicine has great potential to limit the spread of epidemics and healthcare-associated infections owing to its inherent benefits, such as the early detection of diseases and virtual visits, consequently reducing overall patient exposure. It certainly reduces the total number of in-person visits and travel included in the process of treatment. It is a safer mode of care delivery and slows down the spread of infectious diseases.

Remote Patient Monitoring Industry Ecosystem Map

Software and services segment is expected to grow at the highest rate of remote patient monitoring industry during the forecast period

Based on product, remote patient monitoring is segmented into software & services and devices. The software & services segment is projected to register a higher CAGR during the forecast period. The high growth rate of this segment is mainly due to the rising inclination towards preventive care adoption outside of a hospital settings among patients and other end users, convenience and utility of RPM devices, and adoption of AI.

Diabetes segment accounted for the largest share of the remote patient monitoring industry, by application, in 2022

Based on application, the global remote patient monitoring market is broadly segmented into oncology, cardiovascular diseases, diabetes, sleep disorders, weight management and fitness monitoring. The diabetes segment accounted for the largest share of the global market in 2022. This can be attributed to the prevalence and chronic nature of diabetes, and technological advancements.

Providers segment accounted for the largest share of the remote patient monitoring industry, by end user, in 2022

Based on end users, the global remote patient monitoring market is broadly segmented into providers, payers, patients, and other end users. The providers' segment accounted for the largest share of the global market in 2022. This can be attributed to the advancements in RPM monitoring devices , increased adoption of remote monitoring in chronically ill and old aged patients, and the increasing number of RPM services offered by providers.

North America accounted for the largest share of the global remote patient monitoring industry in 2022.

In 2022, North America accounted for the largest share of the remote patient monitoring market, The large share of North America in the RPM market can be attributed to the rising funding investments for telehealth, increasing focus on the adoption of IoT medical devices in the region, and favourable reimbursement policies.

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Some of the key players include Biotronik SE & Co. KG (Germany), Alive Cor, Inc. (US), TytoCare Ltd. (US), Teledoc Health Inc. (US), Vivify Health, Inc. (US), Koninklijke Philips N.V. (Netherlands), Brook Inc. (US), Blue Spark Technology (US), Welch Allyn (US), Health Beats (Singapore),Medtronic (Ireland), Oracle (US), Siemens Healthineers AG (Germany), Omron Healthcare (Japan), Boston Scientific Corporation (US), Clear Arch, Inc (US), GE Healthcare (US), Abbott Laboratories (US), Alten Calsoft Labs (France), Bio-Beat (Israel), VitalConnect (US), VivaLNK Inc. (US), Bardy Diagnsotics, Inc. (US), and iRhythm Technologies (US).

Scope of the Remote Patient Monitoring Industry

The study categorizes the remote patient monitoring market to forecast revenue and analyze trends in each of the following submarkets:

By Component

• Services & Software
• Devices
  • Cardiac Monitoring Devices
  • Neurological Monitoring Devices
  • Respiratory Monitoring Devices
  • Multiparameter Monitoring Devices
  • Blood Glucose Monitoring Devices
  • Fetal & Neonatal Monitoring Devices
  • Weight Monitoring Devices
  • Other Monitoring Devices

By Application

• Oncology
• Cardiovascular Diseases
• Diabetes
• Sleep Disorders
• Weight Management & Fitness Monitoring

By End User

• Providers
  • Hospitals and Clinics
  • Home Care Settings and Long Term Care Centers
  • Ambulatory Care Centers
  • Other End Users
  • Passive Exoskeletons
• Payers
• Patients
• Other End Users

By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America (LATAM)
• Middle East & Africa

Recent Developments of Remote Patient Monitoring Industry:

• In August 2023, EPIC Health, collaborated to address health inequities and reduce heart attack and stroke risk in underserved Detroit communities. The program will feature VitalSight, OMRON’s first remote patient monitoring service designed specifically for patients afflicted by high blood pressure and especially those with uncontrolled Stage 2 hypertension.
• In August 2022, Medtronic plc had announced it has entered into a strategic partnership with BioIntelliSense, a continuous health monitoring and clinical intelligence company, for the exclusive U.S. hospital and 30-day post-acute hospital to home distribution rights of the BioButton multi-parameter wearable for continuous, connected monitoring. The partnership enables the Medtronic Patient Monitoring business to offer access to a medical grade device that provides continuous vital sign measurements of general care patients in-hospital as well as post-discharge.
• In July 2022, Biobeat has partnered with Medidata Solutions and become part of the Sensor Cloud Network. By using Biobeat’s medical-grade wearables, they are able to enhance clinical trials with vital signs collection to generate real-world evidence remotely and conveniently from the patient’s home.

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