Remote Patient Monitoring Market Size was valued at USD 18.23 Billion in 2023. The Global Remote Patient Monitoring industry is projected to grow from USD 21.67 Billion in 2024 to USD 88.92 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 19.30% during the forecast period (2024 - 2032).
The increasing geriatric population and growing investments in telemedicine are the key market drivers enhancing market growth.
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
July 2024: Philips expanded its remote patient monitoring solutions with the new Philips Care Orchestrator, which integrates advanced analytics to enhance patient outcomes and streamline care for chronic conditions.
June 2024: Medtronic launched the Minimed 780G insulin pump system with advanced remote monitoring, offering real-time glucose data sharing with healthcare providers to improve diabetes management and reduce hospital visits.
According to the World Health Organization the worldwide population over 60 is expected to grow from 12% in 2015 to 22% in 2050, increasing the risk of developing chronic diseases and complications. An increase in chronic diseases such as osteoarthritis, chronic obstructive pulmonary disease, diabetes, depression, heart disease and dementia are prevalent in this population. Therefore, various solutions for remote monitoring patients to treat these diseases are being increasingly used, which drives the market CAGR.
Furthermore, there is a growing need for continuous monitoring of vital signs and effective treatment of disease. For instance, according to a study published in the American Medical Informatics Association (JAMIA) Journal, remote patient monitoring boosts patient engagement in managing chronic diseases.
Technological advances and the cost advantages of remote patient monitoring have driven the adoption of remote patient monitoring technology for many years. People tend to monitor their health daily with home monitors. Patients can easily assess temperature, respiratory rate, heart rate, blood pressure and more via wearable devices in point-of-care settings without disrupting their daily lives. Devices are getting cheaper and cheaper as adoption increases. Thus, driving the Remote Patient Monitoring market revenue.
Integration of AI and machine learning algorithms into RPM systems has allowed for more advanced predictive analytics. These systems can analyze vast amounts of patient data to predict potential health issues before they become critical, enabling proactive care.
For instance, Philips and Biofourmis are leading in AI-driven platforms providing real-time insights and early warnings for conditions like heart failure and COPD.
The market segmentation of remote patient monitoring is based on Type includes devices, and services. The services Remote Patient Monitoring segment held the majority share in 2022 with respect to the market revenue of remote patient monitoring. Rising demand for remote patient monitoring services during the COVID-19 pandemic fueled revenue growth.
In addition, major players' technological advancements and new product launches contribute to the growth of remote patient monitoring services for, cardiac monitoring, vital signs and blood glucose monitoring in the market.
Applications have bifurcated the Remote Patient Monitoring market data into Cancer, Cardiovascular Diseases, and Diabetes. The Cardiovascular Diseases segment dominated the market in 2022, and the Diabetes segment is anticipated to be the fastest-growing segment during the period, 2024-2032. The increasing occurrence of chronic diseases and rising patient visits are the major reason for the growth of this segment in the market.
The market Components of Remote Patient Monitoring, based on End-User, include Hospitals, Clinics, and Others. The hospitals segment led the market in 2022 and is anticipated to be the fastest-developing segment during the period, 2024-2032, due to the growing number of prehospital patient visits. In addition, the pandemic has further improved the adoption rate due to the social-distancing norms enforced by countries.
The patient segment is anticipated to experience fastest progress during the forecast period owing to the increasing awareness among the patient population regarding the need for real-time monitoring of health parameters. The implementation of affordable health plans by payers will help patients adopt devices that embrace digital transformation.
Thus, supporting patients in implementing affordable devices is projected to leverage the growth of the patient segment. Hence, rising End-User options for Remote Patient Monitoring positively impact the market growth
Figure 2 Remote Patient Monitoring Market Share By End-User 2024-2032 (USD Billion)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
By region, the study offers market insights into Asia-Pacific, Europe, North America, and Rest of the World. The North America remote patient monitoring market accounted for USD 1.00 billion in 2022 and is projected to display a significant CAGR growth during the study period attributed to the greater adoption of monitoring devices by patients and hospital settings. Moreover, Increasing investment in the introduction of sophisticated devices for enhanced quality care of the patient pool is accountable for the region dominant market share in 2022.
North American market players constantly focus on product development and partnership strategies to expand their business offerings in North America. Further, the United States market of remote patient monitoring held the largest market share, and the Canada market of remote patient monitoring was the fastest-growing market in the North American region.
Further, the key countries studied in the market report are The U.S, Canada, UK, Italy, Spain, Germany, France, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3 REMOTE PATIENT MONITORING MARKET SHARE BY REGION 2022 (%)
Source Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe's remote patient monitoring market accounts for the second-largest market share due to the rapid adoption of the devices, favorable regulatory scenario, and availability of adequate healthcare infrastructure. In addition, strategic partnerships among the companies to offer whole remote patient monitoring to patients are contributing to the introduction of these monitoring devices in the region leading to higher adoption.
Moreover, the UK market of remote patient monitoring held the largest market sharenwhereas Germany market of remote patient monitoring is the fast growing in the region.
The Asia-Pacific Remote Patient Monitoring Market is anticipated to grow at the fastest CAGR from 2024-2032. Rising patient responsiveness regarding blood glucose monitoring devices coupled with cardiac monitors leads to higher adoption of these devices in the region.
In addition, the penetration of companies in rural areas and improving healthcare systems in countries such as India, Australia, and Southeast Asia are expected to drive the market.
Key players are devising market entry strategies to expand their business presence in the Asia Pacific. Moreover, the China market of remote patient monitoring held the largest market sharenwhereas India market of remote patient monitoring is the fast growing in the Asia-Pacific region.
Remote Patient Monitoring Key Market Players & Competitive Insights
Key market players are spending a huge amount of money on research & development to increase their product lines, which will aid the market growth of remote patient monitoring. Market players are also taking numerous strategies to grow their footprint, with vital market developments such as increased investments, contractual agreements, mergers, new product launches, and acquisitions, and collaboration with other organizations. Competitors in the remote patient monitoring industry must expand their business footprint to stay alive in an progressively competitive and mounting market atmosphere.
One of the major business strategies industries adopt in the remote patient monitoring manufacturing to help clients and increase the market sector by increasing investment in R&D to improve solutions and services. In recent years, the remote patient monitoring industry has provided reduced disruptions and transparency in the supply chain.
The remote patient monitoring market key player such as Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG (Germany), OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Nihon Kohden Corporation (Japan), OSI Systems, Inc. (US), Philips (US) and others are working on increasing the market demand by investing in research and development activities.
Philips is an American-based company that helps people to prevent disease and live healthily. Giving clinicians tools need to make a precision diagnosis and bring personalized treatment. For instance, In November 2019, Philips announced the launch of EarlyVue VS30, vital signs monitor in the U.S. The monitor aims to collect critical vital signs data and allow clinicians to appropriately identify the patient's health.
Medtronic plc is an American medical device company. It primarily operates in the United States, operates in more than 150 countries and employs over 90,000 people. It develops and manufactures healthcare technologies and therapies. For instance, in July 2020, Medtronic announced the clearance of Linq II insertable cardiac monitor (ICM) by the European CE mark and U.S. food and drug administration. The monitor is equipped with remote programming that allows clinicians to monitor patients and change device settings without the physical need of patients in hospitals and clinics.
Key Companies in the Remote Patient Monitoring market include
Remote Patient Monitoring Industry Developments
June 2024: Philips has upgraded its remote patient monitoring platform with AI-powered predictive analytics, enabling early intervention in chronic conditions patients.
April 2024: Medtronic has introduced an AI-driven insulin monitoring solution for diabetes management, offering real-time glucose monitoring and predictive insights. The system automatically adjusts insulin delivery based on continuous glucose monitor readings, promoting a more personalized approach to diabetes care and improving glycemic control.
March 2024: Abbott Laboratories has introduced next-generation wearable biosensors, which monitor multiple biomarkers simultaneously, providing real-time data for remote monitoring by healthcare providers, especially for patients with chronic conditions, using a cloud-based platform.
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 18.23 billion |
| Market Size 2024 | USD 21.67 billion |
| Market Size 2032 | USD 88.92 billion |
| Compound Annual Growth Rate (CAGR) | 19.30% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 & 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Market Competitive Landscape, Growth Factors, Revenue Forecast, and Trends |
| Segments Covered | Type, Application, End-User, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, UK, Italy, Germany, France, Spain, Japan, India, China, Australia, South Korea, and Brazil |
| Key Companies Profiled | Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG (Germany), OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Nihon Kohden Corporation (Japan), OSI Systems, Inc. (US), and Philips (US) |
| Key Market Opportunities | Growing awareness regarding remote patient monitoring to prevail in the market |
| Key Market Dynamics | The shift of consumers toward the adoption of sophisticated devices to surge product demand Rising  Geriatric population to drive market growth |
Remote Patient Monitoring Market Highlights:
Frequently Asked Questions (FAQ) :
The market size of remote patient monitoring was valued at USD 18.23 Billion in 2023.
The market is projected to grow at a CAGR of 19.30% during the forecast period, 2024-2032.
North America had the leading share of the market
The key players in the market are Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), GE Healthcare (US), Cerner Corporation (US), Siemens Healthineers AG (Germany), OMRON Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Nihon Kohden Corporation (Japan), OSI Systems, Inc. (US), and Philips (US) and others.
The services remote patient monitoring category dominated the market in 2022.
The cardiovascular diseases application had the largest sharof the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
