Global Remote Patient Monitoring Devices Market [By Product Type (Heart Rate Monitors, Heart Monitors, Blood Pressure Monitors, Sleep Apnea Monitors, Breath Monitors, Weight Monitors, Blood Glucose Monitors, Infusion Pumps, Body Temperature Monitors); By Application (Cancer Treatment, Cardiovascular Diseases Treatment, Diabetes Treatment, Sleep Disorder Treatment, Weight Management, Fitness Monitoring); End User (Hospitals, Ambulatory Surgical Centers, Homecare settings); and By Regions]: Market size & Forecast, 2024 – 2032
- Published Date:Jan-2024
- Pages: 110
- Format: PDF
- Report ID: PM1332
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global remote patient monitoring devices market size was valued at USD 2.08 billion in 2023. The market is anticipated to grow from USD 2.27 billion in 2024 to USD 4.55 billion by 2032, exhibiting the CAGR of 9.1% during the forecast period.
Remote patient monitoring is a subdivision of homecare telehealth that permits patients to utilize mobile medical gadgets and technology to assemble patient-generated health data (PGHD) and disburse it to healthcare experts. The remote patient monitoring devices market size is expanding as normal physiological data can be accumulated with RPM programs involving vital signs, weight, blood pressure and heart rate. Once gathered, patient data is dispatched to the physician's office by utilizing a singular telehealth computer system or software entreaty that can be positioned on a computer, smartphone, or tablet.
The benefits of remote patient monitoring include enhanced patient arrangement, in which RPM gadgets permit patients to play an important part in handling and comprehending their health situations. Another benefit is that RPM provides patients and healthcare donors with access to more pertinent patient data, thus improving the holistic standard and value-dependent care. Further, it provides for an improved approach to healthcare in which patients are permitted to conclude fundamental health testing on their own; healthcare donors are permitted to cure more patients.
Remote patient monitoring devices consider the digital collection of data related to medical health from one location and electronically convey the data and the information to health care benefactors to another location for recommendation and assessments. The monitoring devices gather a broad range of healthcare information from the point-of-care, including heart rates, blood pressure, blood sugar, electrocardiograms, vital signs, and blood oxygen levels. The information gained through the devices is then transferred to health care specialist in services such as nursing facilities, hospitals, and intensive care units. Healthcare is modernized by Health Information Technologies (HITs) by using typical tools to help patients in self-monitoring and decision-making and thus, driving a shift towards a care model placed on the use of web and digital-based tools. According to the World Health Organization (WHO), Increase in cholesterol levels is estimated to cause 2.6 million deaths. In addition, one-third of ischemic heart disorder is attributable to the high cholesterol. The remote patient monitoring device delivers a portable and easy-to-use system with a precise valuation of the cholesterol levels.
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The global remote patient monitoring devices market is majorly driven by the factors such as the technological developments and innovations for efficient self-monitoring products and devices and increasing government regulations to control the rising healthcare costs. Moreover, advancement in technologies, the growing prevalence of chronic diseases such as diabetes and other cardiac conditions requiring compulsory life-long monitoring is also anticipated to contribute to RPMD market. In addition, the rise in elderly population across the globe, improved private sector and government involvement, and increasing awareness among the medical practitioners is estimated to enhance the market developing economies. However, lack of uniformity in device functionality, insufficiency in maintaining the privacy and security of the medical data, unawareness regarding the use of monitoring devices, and absence of trained professionals are the factors expected to hamper the RPMD market growth during the forecast period.
Segment Analysis
The Global Remote Patient Monitoring Devices Market is segmented on the basis of product type, application, end user, and geography.
On the basis of product type, the global RPMD market is segmented into Heart Rate Monitors, Heart Monitors, Blood Pressure Monitors, Sleep Apnea Monitors, Breath Monitors, Weight Monitors, Blood Glucose Monitors, Infusion Pumps, and Body Temperature Monitors. On the basis of product type, Heart rate monitor is estimated to dominate the product segment owing to growing global incidences of cardiovascular incidence. The increase in the number of people with cardiac diseases has led to the augmented use of such monitoring devices.
On the basis of application, the global RPMD market is segmented into Cancer Treatment, Cardiovascular Diseases Treatment, Diabetes Treatment, Sleep Disorder Treatment, Weight Management and Fitness Monitoring. In 2017, cardiovascular disease treatment is estimated to dominate the market growth majorly owing to the increasing incidences of cardiovascular diseases. On the basis of the end user, the global market is segmented into Hospitals, Ambulatory Surgical Centers, and Homecare settings.
Regional Analysis
In terms of geography, North America was estimated to dominate the global Remote Patient Monitoring Devices Market. The dominance is majorly attributed to the increasing occurrences of chronic diseases, growing demand for wireless and portable systems, increased level of healthcare spending, growing number of geriatric population, and favorable reimbursement scenarios in this region. However, Asia Pacific is expected to dominate the global RPMD market during the forecast. Rising disposable income, high presence of untapped market opportunities primarily in developing economies, advancement in technology, supportive government initiatives are some of the factors expected to significantly boost the RPMD Market in the Asia Pacific.
Competitive Landscape
Major firms are focusing on small firms with a working methodology of securing the end goal to manage position in the market and are associated with mergers and acquisitions, key joint efforts, and novel item advancement to pick up profit share in the business. Some major key players in Global RPMD Market includes Hoffmann-La Roche Ltd., AMD Global Telemedicine, Honeywell International Inc., Omron Healthcare, Smiths Medical, and Medtronic among others.
Recent Developments:
- In May 2024, digital health platform provider Xealth announced its alliance with Stel Life, a major player in health monitoring device connectivity. With the new partnership, the companies aim at optimizing remote patient monitoring by enabling speedy and more secure integration of patient vital data.
- In January 2024, Apollo Hospital, a famous multi-specialty hospital, announced a strategic partnership with LifeSigns. Lifesigns is a global leader in AI-powered health monitoring technology. The collaboration will provide the hospital with a continuous wireless and remote patient monitoring system. The alliance marks a major advancement in proactive patient management for the hospital.
