Medical data can be collected digitally from a patient using a RPM (remote patient monitoring) device and then transmitted to a healthcare provider remotely for evaluation and advice. POC (Point-of-care) testing results, such as blood oxygen saturation, blood pressure, blood sugar levels, heart rate, and electrocardiograms are collected by the monitoring devices. The devices collect data, which is then sent to medical centers where it can be evaluated by doctors, nurses, and other medical staff.
The global Remote Patient Monitoring Devices market was valued at $1,192.5 million in 2022, and is projected to reach $2,114.3 million by 2030, at a CAGR of 7.4% from 2023 to 2030
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Rising incidence from a variety of diseases and conditions is anticipated to push the growth of the market of remote patient monitoring devices worldwide in the predicted period.
Increases in the incidence of diseases like cardiac disease and respiratory illness are expected to fuel rapid expansion of the market for RPM (remote patient monitoring) devices worldwide market in the predicted period. A projected 17.9 Mn people died in 2019 from CVDs (cardiovascular diseases), accounting for 32% of all world deaths, and 85% of these deaths were owing to stroke or heart attack worldwide, according to a report published by the World Health Organization in June 2021. In 2019, CVD (cardiovascular disease) was responsible for 38 percent of all premature deaths (under the age of 70) caused by non-communicable diseases.
Furthermore, on 20th May, 2022, however almost 90% of COPD (Chronic obstructive pulmonary disease) deaths worldwide in those under 70 years of age happen in low and middle-income countries (LMIC) like Bangladesh and India, as reported by the same source.
As a result, the high incidence of diabetes and COPD (chronic obstructive pulmonary disease) around the world is anticipated to fuel the growth of the market of remote patient monitoring devices in the predicted period.
Growing product introductions by the main players is anticipated to boost the growth of the market of remote patient monitoring devices worldwide
The expansion of the market for RPM (remote patient monitoring) devices worldwide market is anticipated to be fueled by the efforts of key players to introduce novel devices for monitoring of patient to address health care’s unfulfilled potential. For example, in February 2019, the American multinational company AT&T Inc. released a new smart watch called One Pulse that is equipped for tele health and RPM (remote patient monitoring). This smart watch is useful for tracking notifications from friends and family, as well as for keeping tabs on when it’s time to take or refill medications. It also offers medical records that can be get into online via a web-based application and API, making it compatible with any EHR system.
And in September of this year, Sanskritech Smart Solutions Private Limited is a healthcare startup which announced the introduction of a self-monitoring, health diagnostic Point-of-care testing (POCT) system called Swayam AHM. This kiosk, similar to an ATM, allows patients to walk up and receive results from 55 different types of tests in the field of pathology.
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Market for RPM (Remote Patients Monitoring) Market– Effect of Coronavirus (COVID-19) Pandemic_MI
Over a hundred countries have reported cases of COVID-19 since the outbreak in December 2019, and on January 30, 2020, the WHO (World Health Organization) declared the situation a global public health emergency. There has been a global standstill because of the sudden spread of COVID-19. The problem on hospitals and medical staff has increased worldwide as a result of this pandemic.
For example, in May of 2020, Royal Philips, a global leader in health technology, declared that the FDA had granted 510(k) clearance for its wearable biosensor (the Philips Biosensor BX100) to aid in the management of hospitalized patients with confirmed or suspected cases of COVID-19. Philips’ patient deterioration detection solution makes use of a next-generation wireless wearable biosensor to improve clinical surveillance, allowing for earlier risk detection and intervention, ultimately benefiting patient outcomes in lower-acuity care settings. The first implementation of this solution is live at OLVG Hospital in the Netherlands, Europe to aid in the COVID-19 patient triage and clinical monitoring, and it has already been awarded the CE (Conformitè Europèenne) mark.
The global market for remote patient monitoring devices has been expanding thanks to COVID-19.
Global Remote Patients Monitoring Devices Market: Key Developments_MI
The global market for remote patient monitoring devices is projected to expand as a result of several factors. The University of California, San Francisco (UCSF), a biomedical research hub and health system, and Royal Philips, a global health technology company, announced a partnership in May 2021 to develop technology that will enable a modern, more streamlined experience for patients. UCSF will use Philips HealthSuite to coordinate the development of tools that individualise medical attention, streamline the process of selecting a doctor, providing access to medical records, and providing remote medical care.
Moreover, major players like Japan’s Omron Healthcare are focusing on introducing new heart health technology and providing a wide variety of patient monitoring devices. For instance, in February of 2019, Omron Healthcare announced a partnership with PhysIQ, a Clinical Development company, to integrate the HeartGuide wearable blood pressure monitor into the pinpointIQ remote monitoring platform. As a result of manufacturers’ increasing willingness to include such features, the global market for remote patient monitoring devices is projected to expand.
For example, in April of 2020, 100Plus, a platform for doctors and their patients to engage in remote patient monitoring (RPM), debuted alongside three new RPM devices, allowing seniors to maintain contact with their healthcare providers while living independently in their homes. Medicare recipients can get their hands on a free 100Plus blood pressure cuff, digital weight scale, and blood glucose monitor, and medical offices that adopt the 100Plus platform stand to earn an average of US$ 720 per patient, per year. At every stage of a patient’s treatment, 100Plus is there to help monitor their vitals and provide data to help guide the doctor’s decisions.
Global Remote Patients Monitoring Devices Market: Restraints_MI
Lack of trained professionals, inadequacy in maintaining privacy and security of medical data, inconsistencies in device functionality, and inadequate knowledge about monitoring devices throughout rural or backward areas are all factors restraining the growth of the global remote patient monitoring device market.
Key Players_MI
Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC., Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH, and Cerena Corporation are all major players in the remote patient monitoring devices market worldwide.
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Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snapshot, By Product Type
- Market Snapshot, By Application
- Market Snapshot, By End Users
- Market Snapshot, By Region
- Coherent Opportunity Map (COM)
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Market Trends
- Key Developments
- Regulatory Scenario
- Industry Trend
- New Product Approvals/Launch
- Merger and Acquisitions
- Technological Advancement
- Epidemiology/Prevalence/Incidence
- Promotion and Marketing Initiatives
- PEST Analysis
- Market Dynamics
- Global Remote Patient Monitoring Devices Market- Impact of Coronavirus (Covid-19) Pandemic
- Overall Impact
- COVID-19 Impact on the market
- Global Remote Patient Monitoring Devices Market, By Product Type, 2017 – 2030, (US$ Million)
- Overview
- Market Share Analysis, 2022 and 2030 (%)
- Y-o-Y Growth Analysis, 2017 – 2030
- Segment Trends
- Cardiac Monitors
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Respiratory Monitors
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Hematological Monitors
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Others
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Overview
- Global Remote Patient Monitoring Devices Market, By Application, 2017 – 2030, (US$ Million)
- Overview
- Market Share Analysis, 2022 and 2030 (%)
- Y-o-Y Growth Analysis, 2017 – 2030
- Segment Trends
- Cardiac Arrhythmia
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Diabetes
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Ischemic Disease
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Hypertension
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Sleep Apnea
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Chronic Respiratory Disease
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Hyperlipidemia
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Overview
- Global Remote Patient Monitoring Devices Market, By End User,2017 – 2030, (US$ Million)
- Overview
- Market Share Analysis, 2022 and 2030 (%)
- Y-o-Y Growth Analysis, 2017– 2030
- Segment Trends
- Hospitals
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Homecare Settings
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Long-term Care Centers
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Others
- Overview
- Market Size and Forecast, and Y-o-Y Growth, 2017–2030, (US$ Million)
- Overview
- Global Remote Patient Monitoring Devices Market, By Region, 2017 – 2030, (US$ Million)
- Introduction
- Market Share Analysis, By Region, 2022 and 2030 (%)
- Y-o-Y Growth Analysis, For Regions, 2017–2030
- Regional Trends
- North America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By End user, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2017 – 2030, (US$ Million )
- U.S.
- Canada
- Latin America
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By End user, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2017 – 2030, (US$ Million )
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By End user, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2017 – 2030, (US$ Million )
- U.K.
- Germany
- Italy
- France
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By End user, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2017 – 2030, (US$ Million )
- China
- India
- Japan
- ASEAN
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By End user, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Country, 2017 – 2030, (US$ Million )
- GCC
- Israel
- Rest of Middle East
- Africa
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, By Product Type, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Application, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By End user, 2017 – 2030, (US$ Million )
- Market Size and Forecast, and Y-o-Y Growth, By Country/Region, 2017 – 2030, (US$ Million )
- North Africa
- Central Africa
- South Africa
- Introduction
- Competitive Landscape
- Heat Map Analysis
- Company Profile
- Abbott Laboratories
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- GE Healthcare
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Omron Healthcare
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Medtronic PLC.
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Nihon Kohden
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Smith’s Medical
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Philips Healthcare
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Hoffmann-La Roche Ltd.
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Koninklijke Philips N.V.
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Siemens Healthcare GmbH
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Cerena Corporation.
- Company Highlights
- Product Portfolio
- Financial Performance
- Recent Highlights
- Market Strategies
- Abbott Laboratories
- Analyst Views
- Section
- References
- Research Methodology
- About Us
About Coherent Market Insights
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