Remote Patient Monitoring Market Size 2024-2028

The remote patient monitoring market size is estimated to grow by USD 3.31 billion at a CAGR of 30.11% between 2023 and 2028. Market demand and growth are driven by the cost benefits of remote patient monitoring and mHealth solutions, which improves healthcare accessibility and outcomes for underprivileged and rural areas by mitigating high healthcare costs and inadequate medical infrastructure. The RPM market focuses on expanding healthcare reach and reducing disparities in healthcare access based on geographical and economic factors. market is further supported by advancements in wearable technology, increasing demand for chronic disease management, and the need for healthcare cost reduction. Key trends include the integration of artificial intelligence for data analysis and real-time health monitoring, enhancing patient care and engagement.

What will be the Size of the Remote Patient Monitoring Market During the Forecast Period?

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Remote Patient Monitoring Market Segmentation

The RPM market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024-2028, as well as historical data from 2018 - 2022 for the following segments.

• Product Outlook
  • Vital signs
  • Implantable

• End-user Outlook
  • Hospitals
  • ASCs
  • Home care

• Region Outlook
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • APAC
    • China
    • India
  • Rest of World (ROW)
    • Brazil
    • Argentina

By Product 

The market share growth of the vital signs segment will be significant during the market forecast period. Vital signs remote patient monitoring is used as external monitoring, including blood pressure monitoring, glucose monitoring, oxygen saturation monitoring, brain monitoring, temperature monitoring, respiratory monitoring, and fetal heart monitoring. Patient monitoring equipment mainly include bedside equipment, which is used to monitor a patient in the presence of a technician. The demand for vital sign monitoring solutions, specifically for remotely determining oxygen saturation and temperature, and respiratory, and fetal heart attack monitoring equipment increased globally. 

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The vital signs segment was valued at USD 583.10 million in 2018. Advances in sensor technology, wearable devices, connectivity and networking, and data analysis have helped companies to offer innovative solutions that are capable of early recognition and timely prediction of abnormal physiological parameters. These advances, coupled with the growing penetration of smartphones, have heralded advances in wearable vital sign monitors. The availability of customized solutions and warranties on monitoring products is increasing the rate of adoption, which is expected to support the growth of the market during the forecast period. The rise in remote patient monitoring is driving increased demand for medical device manufacturing outsourcing, as companies seek specialized partners to produce advanced devices that facilitate effective and continuous health monitoring from home.

By End-user 

Remote patient monitoring solutions are predominantly adopted by the hospitals segment, which faces mounting pressure due to the rising rate of hospital admissions. This surge in demand for outpatient care is fueled by the need to alleviate strain on healthcare facilities and focus on home healthcare services. Moreover, the increasing emphasis on providing value-based care further propels the growth of this segment. In underdeveloped regions, small hospitals and clinics often struggle with inadequate infrastructure to deliver advanced healthcare services. Consequently, there is a significant uptake of remote patient monitoring solutions in hospitals and clinics, facilitating healthcare services without limitations related to time and location. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

During the projected timeframe, there is a substantial rise in the utilization of remote patient monitoring solutions within ASCs. There is a notable demand for monitoring both surgical and non-surgical conditions outside of traditional hospital settings, especially in rural regions. The surge in demand for user-friendly outpatient services has led to a global increase in the number of ASCs. These centers offer cost-effective healthcare monitoring on a smaller scale, catering to patients in remote areas. Hence, such factors are fuelling the growth of this segment, which in turn drives RPM market growth during the forecast period.

By Region

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North America is estimated to contribute 44% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. North America is a dominating region in the global remote patient monitoring market, with the US and Canada as the leading revenue-generating countries. Growing awareness of the benefits of remote patient monitoring solutions and digital health, increasing work pressure across healthcare facilities, growing advances in patient data collection technologies, and the rising prevalence of chronic diseases are propelling the growth of the remote patient monitoring market in the region. In the US, hospitals have the necessary infrastructure to adopt advanced technologies such as telehealth and m-health services. Moreover, digitization across the healthcare industry is increasing owing to growing government support and the high purchasing power of individuals who do not hesitate to spend extra for efficient home-based care.

Remote Patient Monitoring Market Dynamics

The RPM market is propelled by factors such as patient-centered care, personalized medicine, and patient engagement. This growth is further driven by the need for chronic disease management and addressing healthcare expenditures. However, challenges like regulatory variations and social media practices pose hurdles. The market trends include increased adoption of RPM technologies in home-based care settings and telemedicine, supported by digital platforms and cloud servers. Ensuring accountability and health data security are key focus areas amid rapid RPM system advancements. Our researchers analyzed the market research and growth data with 2023  as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage. 

Key Remote Patient Monitoring Market Drivers

Focus on chronic disease management drives the market growth. The focus on chronic disease management is a significant driver of growth in the global market. Chronic diseases such as diabetes, hypertension, cardiovascular disease, and COPD are major contributors to global morbidity and mortality. Remote patient monitoring solutions enable healthcare providers to remotely monitor patients with chronic conditions, allowing for continuous tracking of vital signs, medication adherence, and symptom management.

Moreover, by leveraging remote patient monitoring technologies, healthcare providers can detect early signs of deterioration, intervene promptly to prevent complications, and optimize treatment plans, ultimately improving patient outcomes and reducing healthcare costs associated with hospitalizations and emergency room visits. Hence, such factors are driving RPM market growth during the forecast period.

Significant Remote Patient Monitoring Market Trends

IoT in healthcare is a primary trend in the market. The growing use of IoT and connected medical devices is one of the major trends in the healthcare industry, which will drive the growth of the global market during the forecast period. In the healthcare industry, IoT helps bridge the gap between physical and digital data sources by monitoring patients in real time.

Moreover, IoT infrastructure helps improve the accessibility of patients to services, reducing the operational burden on healthcare facilities and supporting the development of digital ecosystems in healthcare organizations. Healthcare organizations are moving to connected hospital infrastructure to provide timely and improved care to patients. IoT has a wide range of applications in healthcare settings, with an immense potential to expand across outpatient services. Hence, these factors are driving remote patient monitoring market growth during the forecast period.

Major Remote Patient Monitoring Market Challenges

The lack of reimbursement policies for remote monitoring is a major challenge hindering the market. Complexities in this process can lead to interoperability issues and potential patient safety risks. Implementing remote monitoring solutions involves customization, communication assessment, and dedicated expert teams. Integration issues must be addressed before deployment to minimize risks.

However, the lack of clear requirements often results in improper deployment and frequent errors. Additional resources, including labor costs for dedicated teams, are required for deployment and maintenance. Other obstacles include data and model issues, workflow changes, financial limitations, and organizational changes. Hence, such factors are hindering RPM market growth during the forecast period.

Customer Landscape

The remote patient monitoring market report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the RPM market forecasting report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

 Customer Landscape

Key Remote Patient Monitoring Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Abbott Laboratories: The company offers remote patient monitoring solutions such as Merlin.net Patient Care Network, a web application used to remotely monitor and manage patients who have Abbott cardiac rhythm management devices.

Advantech Co. Ltd., Babyscripts, Biofourmis Inc., Boston Scientific Corp., Caretaker Medical NA, Dragerwerk AG and Co. KGaA, GE Healthcare Technologies Inc., Honeywell International Inc., Koninklijke Philips N.V., Masimo Corp., Medtronic Plc, MphRx Inc., Napier Healthcare Solutions Pte Ltd., Nihon Kohden Corp., OMRON Corp., OSI Systems Inc., OSP, Shenzhen Mindray BioMedical Electronics Co. Ltd, Siemens AG, Smiths Group Plc, and VitalConnect Inc.

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Analyst Overview

The RPM market is witnessing substantial growth driven by factors such as patient-centered care, personalized medicine, and patient engagement. As regulatory variations evolve and social media practices influence healthcare, the demand for RPM technologies continues to rise, particularly among the geriatric demographic with chronic ailments. Moreover, one of the key advantages of RPM is its ability to address healthcare expenditure by enabling aging in place for patients with mobility constraints. Moreover, RPM solutions play a vital role in combating healthcare fraud through fraud detection and prevention measures. However, challenges such as behavioral barriers persist, emphasizing the need for innovative telemedicine. RPM technologies cater to various healthcare needs, from managing infectious diseases and epidemics to addressing healthcare-associated infections and optimizing treatment for oncology and cardiovascular diseases. Additionally, RPM extends to monitoring sleep disorders, weight management, and overall fitness through IoT medical devices.

Furthermore, with a focus on reducing the global disease burden, RPM integrates health data securely on cloud servers, facilitating collaboration among medical practitioners, medical researchers, and healthcare consumers. It offers home-based care settings and remote access to medical care facilities, supporting the demand for remote monitoring and enhancing consultation tools. The RPM market is witnessing a surge in telemedicine start-ups and the adoption of digital platforms like the Telemedicine app by EPIC Health. Collaborations with entities like the Centers for Disease Control and Prevention (CDC) further strengthen RPM's role in managing neurological disorders, cancer cases, and providing specialized monitors such as heart rate monitors even in hospital-based patient care settings.

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What are the Key Data Covered in this Remote Patient Monitoring Market Research Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the between 2024 and 2028
• Precise estimation of the size and its contribution of the market in focus to the parent market
• Detailed analysis of customer landscape covering Diver of price sensitivity, Adoption of the lifecycle, and key purchase criteria 
• Companies landscape comparing criticality of inputs and factors of differentiation
• Exclusive Matrix on companies' position and classification
• Accurate predictions about upcoming market growth and trends and changes in consumer behavior
• Growth of the market industry across North America, Europe, Asia, and Rest of World (ROW)
• Thorough market growth and forecasting analysis of the market's competitive landscape and detailed information about companies
• Comprehensive market analysis and report analysis of factors that will challenge the growth of companies

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