REDDING,
Calif., May 6, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Remote Patient Monitoring
Market by Product ([Blood Glucose, Respiratory, Blood
Pressure, Fetal, Weight Monitoring] [Wearable, Portable, Benchtop])
Application (Diabetes, Oncology, Cardiovascular, Neurological
Disorders) End User—Global Forecast to 2031,' published
by Meticulous Research®, the remote patient
monitoring market is projected to reach $116.84 billion by 2031, at a CAGR of 13.7% from
2024 to 2031.
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Remote patient monitoring involves the use of connected medical
devices to measure and monitor patient health data and transmit it
to the healthcare provider. It also involves the use of software
platforms to transmit the data to healthcare providers, where they
can analyze the information and generate actionable insights.
Healthcare professionals can intervene in disease management as
necessary, either in person or virtually.
The increasing geriatric population, rising prevalence of
chronic diseases, shortage of healthcare professionals, growing
awareness regarding the benefits of RPM, such as convenience and
improved patient outcomes, rising need to reduce healthcare costs,
and favorable government initiatives promoting remote patient
monitoring are the factors driving the growth of the remote patient
monitoring market. Additionally, technological advancements in
telehealth & remote patient monitoring, emerging economies with
growing patient populations, increasing adoption of wearable
devices, advancements in sensor technologies, and integration of
artificial intelligence with RPM serve are expected to create
market growth opportunities.
However, data accuracy & reliability concerns and barriers
limiting the use of remote patient monitoring technologies, such as
limited access and low technology literacy among patients, restrain
the growth of the market. Additionally, data security & privacy
concerns and increased overhead expenses due to the need for
additional staff to manage RPM systems are some of the challenges
impacting the market's growth.
Integration of Artificial Intelligence with Remote Patient
Monitoring Technologies
Artificial Intelligence (AI) is broadening the scope of remote
patient monitoring and telemedicine technologies. Remote patient
monitoring technologies enable doctors to monitor patients
afflicted with chronic diseases or those requiring post-surgery
care remotely. RPM was initially used to monitor chronic patients
in rural areas; however, gradually, its applications expanded to
hospitals for post-surgery care as well. With the growing need for
personalized medicine, companies are trying to introduce new and
advanced devices to enable doctors to monitor patients' vital signs
and provide online consultations. The COVID-19 pandemic highlighted
the benefits of RPM, with people around the globe growing inclined
toward using the technology due to the fear of contracting the
virus.
Market players have started incorporating artificial
intelligence into their remote patient monitoring devices to create
automated and efficient monitoring systems for older adults and
chronic and post-surgery patients, allowing them to keep track of
their vitals along with the doctors.
Some of the recent developments in the RPM market are as
follows:
- In March 2023, Zephyr AI (U.S.)
partnered with KangarooHealth, Inc. (U.S.) to provide clinicians
insights into treatment decisions for patients with chronic
conditions. This partnership aims to help doctors address the needs
of patients in health emergencies, assist post-surgery patients,
and improve health outcomes by providing personalized
treatments.
- In May 2023, Sensi.AI
(Israel) developed an audio-based
software to enable healthcare providers to remotely monitor
patients receiving home care and detect or predict physical,
cognitive, and emotional care-related anomalies to create a
positive health impact.
Thus, the integration of AI in remote patient monitoring is
expected to improve patient experience, boosting the adoption of
remote patient monitoring solutions.
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The global remote patient monitoring market is segmented by
Product (Monitoring Devices {By Functionality [Blood Glucose
Monitoring, Cardiac Monitoring, Neurological Monitoring,
Respiratory Monitoring, Multiparameter Monitoring, Blood Pressure
Monitoring, Fetal and Neonatal Monitoring, Weight Monitoring, and
Other Monitoring Devices] by Type [Wearables, Portable, and
Benchtop Monitoring Devices]}, Software, Services), Application
(Diabetes, Cardiovascular Diseases, Neurological Disorders,
Respiratory Diseases, Oncology, Other Applications), End User
(Home-care Settings, Hospitals, Long-term Care Facilities, Other
End Users) and Geography. The study also evaluates industry
competitors and analyzes the market at the regional and country
levels.
Based on product, in 2024, the monitoring devices segment is
expected to account for the largest share of 46% of
the remote patient monitoring market. Remote patient
monitoring devices are used to monitor, analyze, and report the
patient's health conditions outside the hospital or clinical
settings. These devices transmit the patient's health data to the
healthcare provider remotely. The rising prevalence of chronic
diseases, the increasing awareness and utilization of telehealth
and RPM technologies, the rising consumer awareness regarding the
importance of monitoring chronic diseases, the rising demand for
personalized healthcare, and the integration of artificial
intelligence (AI) and machine learning (ML) in monitoring devices
are the factors contributing to the large market share of this
segment.
Based on application, in 2024, the diabetes segment is expected
to account for the large market share of 43% of the remote
patient monitoring market. The large share of the segment is
attributed to factors such as the increasing utilization of
telehealth, the rising prevalence of diabetes, and the growing need
to monitor diabetes patients. According to the World Health
Organization (WHO), approximately 422 million people worldwide are
currently living with diabetes, and its incidence is rising swiftly
in low- and middle-income countries. Remote patient monitoring can
be used to help patients manage diabetes from their homes and
reduce frequent hospital visits. Some of the RPM devices include
continuous glucose monitoring devices or glucometers.
Based on end user, in 2024, the home-care settings segment is
expected to account for the largest share of 65% of the
remote patient monitoring market. Home-care settings involve
delivering healthcare services directly to patients in their own
homes. This approach can be particularly beneficial for patients
who are recently discharged from hospitals. The growth of the
segment is driven by factors such as the increasing need for
accessible healthcare, the growing elderly population, advancements
in technologies like wearable devices, rising consumer awareness
regarding chronic disease monitoring, and the shortage of medical
professionals.
Geographically, in 2024, North
America is expected to account for the largest share of
44% of the remote patient monitoring market. The
North America remote patient
monitoring market is estimated to be worth USD 21.2 billion in 2024. North America's significant market share can
be attributed to factors such as high consumer awareness, high
dispensable incomes, the presence of key market players in the
region, and high prevalence of various chronic & infectious
diseases, increasing digitalization in healthcare, and the
availability of advanced healthcare facilities.
However, the Asia Pacific
remote patient monitoring market is expected to witness a rapid
growth during the forecast period of 2024-2031. The increasing
prevalence of chronic diseases along with the aging population,
shortage of healthcare professionals, rising adoption of telehealth
services since the COVID-19 pandemic, uneven regional distribution
of healthcare services, rising digitalization and internet
penetration, and improving government rules and regulations are
some key factors contributing to the growth of the remote patient
monitoring market in the Asia-Pacific region.
The report also includes an extensive assessment of the key
growth strategies adopted by leading market players over the past
few years (2020–2023). The global remote patient monitoring market
has witnessed product launches, product approvals, collaborations,
acquisitions, and expansions in the last couple of years.
Some of the key players operating in the global remote patient
monitoring market are Medtronic plc (Ireland), Koninklijke Philips N.V.
(Netherlands), OMRON Corporation
(Japan), Boston Scientific
Corporation (U.S.), Abbott Laboratories (U.S.), Siemens
Healthineers AG (Germany), GE
HealthCare Technologies, Inc. (U.S.), F. Hoffmann-La Roche AG
(Switzerland), Baxter
International, Inc. (U.S.), Oracle Corporation (U.S.), DexCom, Inc.
(U.S.), and VitalConnect, Inc. (U.S.).
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Scope of the Report:
Remote Patient Monitoring Market Assessment–by
Product
- Monitoring Devices
- Monitoring Devices, by Functionality
- Blood Glucose Monitoring Devices
- Cardiac Monitoring Devices
- Neurological Monitoring Devices
- Respiratory Monitoring Devices
- Multiparameter Monitoring Devices
- Blood Pressure Monitoring Devices
- Fetal and Neonatal Monitoring Devices
- Weight Monitoring Devices
- Other Monitoring Devices
Note: Other monitoring devices include temperature monitors,
brain monitoring (EEG), and prothrombin monitors.
-
- Monitoring Devices, by Type
- Wearable Monitoring Devices
- Portable Monitoring Devices
- Benchtop Monitoring Devices
- Software
- Services
Remote Patient Monitoring Market Assessment–by
Application
- Diabetes
- Cardiovascular Diseases
- Neurological Diseases
- Respiratory Diseases
- Oncology
- Other Applications
Note: Other applications include maternity care, post-surgery
monitoring, elderly care, medical adherence, and sleep
monitoring.
Remote Patient Monitoring Market Assessment–by End
User
- Home-care Settings
- Hospitals
- Long-term Care Facilities
- Other End Users
Note: Other end users include ambulatory care, healthcare
payers, and clinical research organizations
Remote Patient Monitoring Market–by Geography
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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