Remote Patient Monitoring (RPM) Market

Remote Patient Monitoring (RPM) Market

New York, January 2024: According to a new research study by Global Insight Services (GIS), the Remote Patient Monitoring (RPM) Market is expected to grow rapidly over the next 10 years to reach a value of more than US$ 67.2 billion by 2033.

Remote Patient Monitoring (RPM) is a healthcare practice that utilizes technology to collect and transmit medical data from individuals in one location to healthcare providers in another. This enables real-time monitoring of patients’ vital signs, symptoms, and other health parameters outside traditional healthcare settings. RPM aims to enhance patient care by providing timely and proactive interventions, improving disease management, and reducing the need for frequent in-person visits, especially for those with chronic conditions.

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Global Remote Patient Monitoring (RPM) Market: Market Drivers and Trends

The escalating prevalence of chronic conditions worldwide is anticipated to propel the expansion of the remote patient monitoring (RPM) market. In the United States, where chronic conditions contribute to 90% of annual healthcare costs, the potential for preventing and managing these conditions through timely assistance provided by RPM systems. By digitizing and automating critical tasks, telemedicine apps associated with RPM not only facilitate timely interventions but also contribute to the reduction of hospital administrative burdens, thereby delaying emergency room visits and hospitalizations. With more than 100 million people suffering from hypertension in the U.S., leading to an increased risk of heart disease, organizations like the American Heart Association advocate for initiatives that enhance access to RPM technologies for effective health management. Furthermore, the global rise in neurological disorders and cancer cases, with over 1 million annual diagnoses of chronic brain disorders in the U.S. and approximately 19.3 million new cancer cases worldwide in 2020, is expected to further drive the growth of the RPM industry.

Global Remote Patient Monitoring (RPM) Market: Market Restraints and Challenges

Remote Patient Monitoring (RPM) has witnessed significant growth in recent years, yet it faces several market restraints and challenges. One notable obstacle is the lack of standardized reimbursement policies for RPM services, hindering widespread adoption. Additionally, concerns related to data security and privacy pose substantial barriers, as the transmission and storage of sensitive health information raise apprehensions among both healthcare providers and patients. Technical issues, such as connectivity issues and interoperability challenges among different monitoring devices and platforms, also impede the seamless integration of RPM into existing healthcare systems. These hurdles collectively contribute to the complexity of implementing and scaling remote patient monitoring solutions, slowing down their potential impact on healthcare delivery. Addressing these challenges is crucial for unlocking the full potential of RPM in enhancing patient care and outcomes.

Global Remote Patient Monitoring (RPM) Market Report Findings

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The blood glucose monitoring devices segment is likely to hold the major share of the market in 2023

Based on product, market is sub-categorised into Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Neurological Monitoring Devices, Respiratory Monitoring Devices, Multiparameter Monitoring Devices, Blood Glucose Monitoring Devices, Fetal and Neonatal Monitoring Devices, and Sleep Monitoring Devices. In 2023, the blood glucose monitoring devices  segment accounted for the significaant share. The rapid advancement of blood glucose monitoring devices has played a pivotal role in driving the growth of the Remote Patient Monitoring (RPM) segment. These innovative devices offer real-time tracking and analysis of blood glucose levels, empowering individuals with diabetes to manage their condition more effectively. The integration of these monitoring tools into Remote Patient Monitoring systems allows healthcare providers to remotely collect, analyze, and respond to patient data in a timely manner. This not only enhances patient engagement and adherence to treatment plans but also enables proactive intervention, reducing the risk of complications. As the demand for personalized and continuous healthcare monitoring rises, the blood glucose monitoring devices segment within Remote Patient Monitoring is poised for sustained expansion, contributing to improved patient outcomes and overall healthcare efficiency.

The Cardiovascular Diseases segment is likely to hold the major share of the market in 2023

Based on application, market is sub-categorised into Cardiovascular Diseases, Cancer, Diabetes, Neurological Disorders, Infectious Diseases, Respiratory Diseases, and others. In 2023, the cardiovascular diseases segment accounted for the significaant revenue share. It is driven by a confluence of technological advancements and an increasing recognition of the critical need for continuous, real-time monitoring in managing cardiovascular conditions. RPM facilitates proactive healthcare by enabling remote tracking of vital signs, such as heart rate, blood pressure, and ECG data, allowing healthcare providers to monitor patients’ cardiac health outside traditional clinical settings. This transformative approach not only enhances patient outcomes through early detection of anomalies but also empowers individuals to actively participate in their cardiovascular care. As the demand for personalized and accessible healthcare solutions rises, the cardiovascular segment within the RPM landscape is poised for sustained growth, promising a more efficient and patient-centric approach to managing heart-related conditions.

The Home-care Settings segment is likely to hold the major share of the market in 2023

Based on End-use, market is sub-segmented into Home-care Settings, Long-term Care, and others. Among these, in 2023, Home-care Settings segment dominated the global market. The Home-care Settings segment in Remote Patient Monitoring (RPM) has witnessed substantial growth driven by the increasing demand for decentralized healthcare solutions. With the advent of advanced technologies and the growing preference for in-home medical care, RPM has become a pivotal tool for monitoring patients remotely in their domestic environments. This segment’s expansion is further fueled by the aging population, chronic disease management needs, and the desire for personalized and convenient healthcare services. The convenience of monitoring vital signs and health parameters from the comfort of one’s home not only enhances patient satisfaction but also contributes to more efficient healthcare delivery, reducing the burden on traditional healthcare systems.

The Europe region is accounted for the majority of market share in 2023

Based on region, market is studied across North America, Europe, Asia-Pacific, and Rest of the World. In 2023,
Europe segment in the Remote Patient Monitoring (RPM) Market has witnessed robust growth. This is attributed to a higher mortality rate and a growing need for cost-effective treatment solutions. The region’s growth is driven by an increasing demand for at-home monitoring, the support of robust central data management systems, and advancements enhancing the accuracy and efficiency of remote patient monitors. In contrast, the Asia Pacific region is anticipated to experience the fastest Compound Annual Growth Rate (CAGR) during the forecast period, driven by untapped opportunities in emerging markets such as India and China. Japan is expected to play a significant role in revenue generation, given its substantial elderly population aged 65 and above. Moreover, Government initiatives promoting digital health and telemedicine further contribute to the uptake of remote patient monitoring solutions. Additionally, advancements in technology, coupled with a rising trend of mobile health applications, are fostering a favorable environment for the adoption of RPM in the Asia Pacific. The diverse and vast healthcare landscape in countries like India and China presents untapped opportunities for market players, encouraging investments in the development and deployment of remote patient monitoring systems. Overall, the Asia Pacific region is emerging as a dynamic and lucrative market for RPM, driven by a combination of demographic, technological, and regulatory factors.

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Competitive Landscape

To obtain a competitive edge in the rapidly expanding Remote Patient Monitoring (RPM)s Market, players are focusing on strategic collaborations to enhance their product offerings. Some prominent participants in the Remote Patient Monitoring (RPM) Market Report includes Boston Scientific Corporation, Baxter International Inc., Honeywell International, GE Healthcare, Siemens Healthineers AG, VitalConnect, GE Healthcare, OMRON Corporation, Dragerwerk AG & Co KGaA, DexCom, Inc., Koninklijke Philips N.V., Abbott Laboratories, Johnson & Johnson, and Cisco Systems, among others.

Global Remote Patient Monitoring (RPM) Market: Recent Developments

  • In August 2023, EPIC Health and OMRON Healthcare, Inc. collaborated to address the health inequities in Detroit, U.S. Within the collaboration, OMRON Healthcare will deploy VitalSight, a remote patient monitoring service to diagnose patients suffering from high blood pressure
  • In August 2020, Johnson & Johnson invested in Thirty Madison, a telehealth company to participate in the digital health or e-health industry.
  • In July 2020, Philips and BioIntelliSense collaborated to improve its RPM solutions by integrating the RPM system of BioIntelliSense to its product portfolio.

Global Remote Patient Monitoring (RPM) Market Report Coverage

  • The report offers a comprehensive quantitative as well as qualitative analysis of the current global Remote Patient Monitoring (RPM) Market outlook and estimations from 2023 to 2033, which helps to recognize the prevalent opportunities.
  • A thorough analysis of market trends and restraints is provided.
  • Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
  • The forecasts in this report are made by examining the recent trends along with future global Remote Patient Monitoring (RPM) Market potential from 2023 to 2033 in terms of revenue($ Million), and Volume(Units).
  • Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the global Remote Patient Monitoring (RPM) Market are also analyzed.
  • Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global Security Robots industry.

Global Remote Patient Monitoring (RPM) Market Segmentation

Market Segments

By Product

  • Cardiac monitoring devices
  • Blood pressure monitoring devices
  • Neurological monitoring devices
  • Respiratory monitoring devices
  • Multiparameter monitoring devices
  • Blood glucose monitoring Devices
  • Fetal and neonatal monitoring Devices
  • Sleep monitoring devices
  • Others

By Application

  • Cardiovascular diseases
  • Cancer
  • Diabetes
  • Neurological disorders
  • Infectious diseases
  • Respiratory diseases
  • Others

By End-use

  • Home-care settings
  • Long-term care
  • Others

 

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • The U.K.
    • Germany
    • France
    • Spain
    • Italy
    • Netherlands
    • Sweden
    • Switzerland
    • Denmark
    • Finland
    • Russia
    • Rest of Europe
  • The Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Taiwan
    • Malaysia
    • Rest of Asia-Pacific
  • Rest of the World
    • Latin America
    • The Middle East
    • Africa

Key Players

  • Koninklijke Philips N.V
  • Medtronic plc
  • OMRON Corporation
  • Boston Scientific Corporation
  • General Electric Company
  • F. Hoffmann-La Roche AG
  • Baxter International Inc.
  • Medtronic
  • DexCom, Inc.
  • Johnson & Johnson
  • VitalConnect
  • Abbott Laboratories
  • Cerner Corporation
  • Siemens Healthineers AGU.S. Engineering Company Holdings (US)