The report "Remote Patient Monitoring (RPM) Market by Offering (Software, integrated device), Device (Wearable, implants, handheld), Function (Cardiac, Glucose, Multiparameter), Application (Diabetes, Cardio, Neuro), End user, & Region - Global Forecast to 2030", is expected to reach USD 56.94 billion by 2030 from USD 27.72 billion in 2024, at a CAGR of 12.7% during 2024–2030.
Browse 400 market data Tables and 50 Figures spread through 400 Pages and in-depth TOC on "Remote Patient Monitoring (RPM) Market by Offering (Software, integrated device), Device (Wearable, implants, handheld), Function (Cardiac, Glucose, Multiparameter), Application (Diabetes, Cardio, Neuro), End user, & Region - Global Forecast to 2030"
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The growing number of elderly people and the growing need for affordable healthcare solutions are the main factors propelling the remote patient monitoring (RPM) market. The United Nations Population Fund (UNFPA) predicts people aged 65 and older will grow from our present 10.3% worldwide population in 2024 to 20.7% by 2074. People aged 65+ will put a high strain on health services since healthcare budgets remain limited. The number of adults dealing with chronic health problems, including cardiac disorders, strokes, and cancers, pushes up the demand for continued medical supervision. RPM systems detect problems sooner through wearables and connected devices, helping patients follow treatment plans and need fewer hospital visits, which generates better health results. For instances, Apple (US), AbbVie (US) and Dexcom (US) help RPM work better using digital biomarkers and AI/ML technology to detect health changes. The latest IT breakthroughs help collect and process patient data instantly, while existing mobile health tools make healthcare delivery smarter and faster.
Device segment holds largest share of the remote patient monitoring market by component in 2023
Based on component, the remote patient monitoring market has been segmented into devices, software and services. In 2023, device segment is estimated to hold the largest share of the market for remote patient monitoring. Some of the key growth factors for the segment are increased adoption of wearable devices for continuous health monitoring, advances in sensor technology that allow accurate data collection, and growing demand for personalized healthcare solutions. The Hungarian government's Remote Health Monitoring Programme for the elderly, funded by the EU's Recovery and Resilience Facility with EUR 229 million, aims to enhance the healthcare of people aged 65 and older by providing remote health surveillance services. This programme involves the supply of wearable sensory devices to more than 1.5 million seniors for 24-hour monitoring plus emergency medical service via GSM-based personal emergency calls. This initiative promotes the de-institutionalisation of long-term care by providing telemedicine services and emergency care. The expansion of the project and reliance on wearable devices can spur the growth of remote patient monitoring technology because it showcases large-scale applications, which further increases demand for such devices in healthcare.
Patient segments register the fastest growth in the remote patient monitoring market by end user in 2023.
The global RPM market is currently growing at a rapid pace. The patient segment is expected to be the biggest driver of growth in this sector, as awareness among patients increases, the incidence of chronic diseases rises, and people increasingly prefer to receive home health care. This trend is largely as a result of advancement in technology. These wearable devices, mobile health applications, make the monitoring of one's health possible at home with more individualized and effective treatment. Recent JAMA Network Open publishes a report wherein it indicates limited benefits in home-based cardiac rehabilitation with remote monitoring for older adults with ischemic heart disease. The study involved 400 patients aged 65 and older and found out that older patients in general did not have significant improvements, but females may have had some positive results. It could be then suggested that remote monitoring will have to be targeted at specific age groups to be more effective. The RPM market is expanding further due to the rising demand for affordable healthcare solutions, especially as the aging population becomes increasingly comfortable with technology. The remote monitoring of health not only brings convenience but also makes healthcare more accessible, which fuels rapid growth in the patient end-user segment.
Asia Pacific is registered the highest growth during the forecast period with significant CAGR in 2023.
The remote patient monitoring market (RPM) is segmented into five major regions: North America, Asia Pacific, Europe, Middle East & Africa, and Latin America. Asia Pacific is expected to register highest growth during the forecast period. Factors which are driving this growth include increased in disposable incomes. With nearly two-thirds of the world's population residing in this region, healthcare needs are changing, especially in countries such as China, where the number of seniors is increasing by 10 million every year. Governments in the region are taking initiatives to boost manufacturing devices. For example, The Indian government is designing a Production-Linked Incentive (PLI) scheme for wearable and hearable devices with the ambition of promoting local manufacturing to the extent of capturing 25% of the global market. This is part of a larger scheme to create growth in India's tech manufacturing sector, focusing on reaching out to a USD 80-85 billion wearable market in the next four to five years. With a target of producing USD 15-20 billion worth of wearable products, this would be able to create further growth in the RPM devices market as wearables such as health trackers and smartwatches are very crucial for RPM. This would induce companies to invest in research, development, and scale-up the production locally, which would bring in the price-down factor of these RPM devices in India, more innovation, and strengthen India in the global health-technology space.
Prominent players in the Remote patient monitoring market include Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), OMRON Corporation (Japan), GE Healthcare (US), Oracle (US), Boston Scientific Corporation (US), Abbott (US), NIHON KOHDEN CORPORATION (Japan), Siemens Healthineers AG (Germany), Baxter (US), Biobeat (Israel), Biotronik (Germany), VitalConnect (US), VivaLNK, Inc (US), Clear Arch, Inc (US), Optum, Inc (Vivifyhealth) (US), Blue Spark Technologies, Inc (US), Lightbeam (US), Cloud Diagnostics Canada ULC (Canada), Teladoc Health, Inc (US), Guangdong Transtek Medical Electronics Co., Ltd (China), CareSimple Inc (Canada), TimeDoc, Inc (US), MD Revolution Inc (US), Optimize Health, Inc (US), Health Recovery Solutions (US), Current Health (US), and Tenovi (US).
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