Remote Patient Monitoring Devices Market Size, Share & Industry Analysis, By Type (Products/Devices {Multi-parameter Monitoring, Respiratory Monitoring, Blood Glucose Monitoring, Cardiac Monitoring, and Others}, and Services), By Application (Oncology, Diabetes, Cardiovascular Diseases, and Others), By End-User (Payers, Providers, and Patients), and Regional Forecast, 2024-2032

The global remote patient monitoring devices market size was USD 42.39 billion in 2023. The market is projected to grow from USD 50.39 billion in 2024 to USD 203.68 billion by 2032 at a CAGR of 19.1% over the forecast period. North America dominated the remote patient monitoring devices market with a market share of 47.91% in 2023.

Remote patient monitoring is the use of digital technologies by healthcare professionals to electronically capture and monitor patient health data to provide quality care and consultation. The growing prevalence of chronic diseases, such as cardiovascular, diabetes, and respiratory diseases, led to an increased need for continuous monitoring of vital signs. For instance, according to the World Health Organization (WHO), there are around 1.13 billion patients with hypertension globally.

Remote monitoring of patients has benefitted in obtaining real-time patient data for illnesses, such as chronic obstructive pulmonary disease (COPD), cancer, or diabetes, resulting in timely management of the diseases. Implementation or adoption of next-generation sensor technologies has affected the healthcare systems by minimizing the distance between the patient and healthcare provider. Therefore, the need for technologically advanced products s led to the development and launch of new devices. For instance, in January 2020, BioIntelliSense Inc. received U.S. FDA clearance for a BioSticker on-body sensor designed for continuous monitoring of vital signs.

In addition, improvements in regulations and reimbursement policies globally are anticipated to boost the sales of the devices during the forecast period. For instance, in January 2021, the Centers for Medicare and Medicaid Services announced the amendments to the 2021 Physician Fee Schedule with a focus on providing reimbursement for remote patient monitoring programs. Therefore, potential product launches, adoption of devices, and adequate reimbursement policies are likely to drive market growth during the forecast duration.

COVID-19 pandemic accelerated the adoption and usage of devices for the remote monitoring of patients. During the pandemic, incorporating remote patient monitoring services became the need of the hour owing to the travel restrictions imposed by the country's government. According to the American Medical Association, in 2020, around 9 out of 10 healthcare providers stated that they invested or are still investing in remote monitoring technologies. In addition, healthcare companies acted promptly amid the COVID-19 situation by largely supplying medical devices for remote monitoring of illnesses. For example, in April 2020, the U.S. Food and Drug Administration (U.S. FDA) gave permission for Dexcom and Abbott to provide continuous glucose monitoring systems in hospitals to minimize contact with patients and manage health remotely.

In addition, the pandemic had a positive impact on the companies' sales due to the increased sales volume of the devices across countries worldwide. For instance, Philips connected care business segment registered a revenue of USD 6,834.0 million in 2020, an increase of 19.0% compared to 2019. Thus, the increased awareness among the population facilitated strong adoption of the devices during COVID-19. The market is anticipated to grow steadily during the forecast period.

Remote Patient Monitoring Devices Market Trends

Role of Internet of Things (IoT) for Remote Monitoring to Increase Market Potential

The use of machine learning and artificial intelligence in the implementation of telehealth services, analysis of patient data, and integration of wearables and other connected devices into RPM systems is one of the latest trends in remote patient monitoring. Artificial intelligence (AI) has the potential to improve the effectiveness and accuracy of remote patient monitoring by analyzing large volumes of patient data to identify patterns that may not be immediately apparent to human healthcare providers. For instance, a medical-grade rechargeable sensor manufactured by BiolntelliSense measures more than 20 vital signs, recording 1,440 measurements a day. This sensor sticks to the chest and records the data passively.

Integration of IoT features with medical devices has opened doors for improving the quality and effectiveness of care for patients and the elderly population with chronic illnesses. The presence of sensors, actuators, Bluetooth connectivity, and other communication methods have allowed patients and caregivers to transfer data to the medical practitioner via cloud-based platform seamlessly.

Medical device companies focus on launching advanced and next-generation devices to provide value-based care to patients by lowering costs. For instance, in May 2020, Philips announced the launch of the next-generation wireless wearable biosensor BX100 developed for clinical supervision of COVID-19 patients. Therefore, the growing inclination toward effortless monitoring is anticipated to boost the market potential during 2024-2032.

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Remote Patient Monitoring Devices Market Growth Factors

Growing Disease Burden among the Geriatric Population to Accelerate Market Growth

The growing geriatric population is anticipated to increase the demand for treatment and management of acute and chronic health conditions, especially arthritis, hypertension, cancer, heart disease, diabetes, and stroke. According to the World Health Organization (WHO), the number of elderly people aged 65 years and older is projected to reach 1.5 billion by 2050. The increasing prevalence of chronic diseases affecting the geriatric population is also anticipated to spur during 2021-2028.

Therefore, there is a rising need for continuous monitoring of the vital signs and effective management of the disease. Remote patient monitoring plays an important role in the management and treatment of many symptoms of age-related health conditions. In fact, the majority (70%) of home healthcare patients are 65 years of age and above. For instance, according to the study published in the Journal of American Medical Informatics Association (JAMIA), remote patient monitoring boosts patient engagement for managing chronic conditions. Hence, the adoption of remote systems among the elderly population to avoid frequent hospital visits is anticipated to drive the market growth during the forecasted timeframe.

Shift of Consumers toward Adoption of Sophisticated Devices to Surge Product Demand

COVID-19 pandemic has led to the adoption of technologically advanced solutions that can help track symptoms of disease, medication management, and remote monitoring of vital signs. As the next-generation patient monitoring solutions become broader, more health parameters can be analyzed. Consumers have magnetized towards the usage of technology-driven devices and systems. According to the McKinsey report, utilization of telehealth has increased 38 times compared to pre-pandemic years.  Also, the cost benefits offered by the use of these products and services for healthcare management further boost the market growth. The use of remote patient monitoring has always demonstrated a considerable impact on the reduction of potentially avoidable emergency department utilization and a reduction in unnecessary hospital admissions and readmissions.

Moreover, there has been increase in investments in digital health and virtual care innovations. For instance, in August 2021, UCHealth and Royal Philips backed BioIntelliSense with USD 45 million.  BioIntelliSense is a startup that received U.S.FDA clearance for its adhesive sensor for remote patient monitoring. Thus, growing investments favor the launch of new devices, thereby leading to an increase in adoption. Therefore, the shift of the consumers for digital systems is projected to fuel the remote patient monitoring devices market growth during the forecast period.

RESTRAINING FACTORS

Lack of Remote Monitoring Solution Deployment in Low and Middle-Income Countries to Hamper Growth

Despite the increasing demand for solutions, lack of adoption of the devices and software in low and middle-income countries is anticipated to restrict the market growth during the forecast period. The high implementation cost of the remote patient monitoring systems is one factor contributing to the decline of the adoption rate in these countries. Deployment of these solutions requires sufficient investments, providers, and IT personnel to drive the smooth implementation and provide quality care to the patients. For instance, the Journal of Telemedicine and Telecare stated that equipment purchasing, servicing, and monitoring costs ranged from USD 275 to USD 7,963 per patient annually.

Though developed countries such as the U.S. have put forth reimbursement and regulatory changes to support the virtual monitoring of patients, other developing nations and low-income countries lack these changes. In addition, lack of awareness among the healthcare providers and limited access to quality healthcare service coupled with lower accessibility to the internet in the low-to-middle-income countries (LMICs) is another factor contributing to the hindrance of the market growth.

Remote Patient Monitoring Devices Market Segmentation Analysis

By Type Analysis

Adoption of Devices to Help Drive Market Growth

Based on type, the global market is segmented into products/devices and services. The services segment dominated the market in terms of value share in 2023. Increased demand for remote patient monitoring services during the COVID-19 pandemic facilitated the sales growth. Additionally, technological advancements and new product launches by key players have been instrumental in the dominance of remote patient monitoring services for blood glucose monitoring, cardiac monitoring, and vital signs in the global market. For example, in October 2021, OnSkyHealth International announced the launch of SkyPad, a virtual care solution aimed at providing contact-free vital signs monitoring of the patient.

The devices segment is expected to grow significantly during the forecast period due to companies' investments in patient-centric approaches to effectively manage chronic conditions. For instance, in August 2023, CardiAI Inc. launched the BPAro, a 24-hour ambulatory blood pressure monitoring system.  Moreover, the growing adoption of these devices and solutions by healthcare facilities in developing countries is another factor contributing to the segment's growth.

By Application Analysis

Cardiovascular Disease to Aid Dominance Owing to Increasing Prevalence of Diseases

In terms of application, the market is segmented into oncology, diabetes, cardiovascular diseases, and others.  Among them, the cardiovascular disease segment dominated the global market in 2023. The rising prevalence of chronic diseases and growing patient visits are the primary reason for the dominance of this segment in the market.

• For instance, according to the Centers for Disease Control and Prevention (CDC), more than 18.2 million adults aged 20 and above have coronary artery disease in the U.S. Moreover, increasing need for advanced devices, such as blood pressure monitors and vital signs monitoring, to tackle health conditions is expected to contribute to the market growth during the forecast period.

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Diabetes is expected to grow at a faster CAGR due to the adoption of blood glucose monitoring devices by a larger population to daily track glucose levels. Improvements in the devices by upgrading the technological features have led to greater smartphone adoption in nations worldwide. 

• For example, in August 2021, SmartMeter announced the launch of an iGlucose monitor against monitoring gestational diabetes. According to the Centers for Disease Control & Prevention (CDC), about 700,000 pregnancies are affected annually due to gestational diabetes. Therefore, the demand for remote devices is projected to drive segmental growth during 2021-2028.

By End-user Analysis

Higher Adoption of Products by Providers to Enable Dominance of the Providers Segment

Based on end-user, the market segments include payers, providers, and patients. Among them, the provider's segment held the dominating share of the market in 2023. The growing number of patient visits in the hospitals has boosted the providers to adopt the devices in healthcare facilities. Additionally, the pandemic has further increased the adoption rate owing to the social-distancing norms imposed by the countries worldwide.

The patients segment is anticipated to experience a faster growth during the forecast period due to the increasing awareness among the patient population regarding the need for real-time monitoring of the health parameters. Implementation of affordable health plans by payers will help assist the patients in adopting devices that embrace digital transformation. Therefore, assisting patients in adopting affordable devices is anticipated to help leverage the growth of the payers segment.

REGIONAL INSIGHTS

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The remote patient monitoring devices market size in North America stood at USD 20.31 billion in 2023. The market in the region is characterized by higher adoption of these monitoring devices by hospital settings and patients. Furthermore, higher investment in the launch of sophisticated devices for quality care of the patient pool is responsible for the region enjoying the dominant market share in 2023.

• For instance, in March 2021, 100Plus announced a series investment of USD 25 million by Henry Kravis, George Roberts, and other investors for remote patient monitoring platforms. In addition, according to the Centers for Disease Control and Prevention (CDC), 6 out of 10 adults in U.S. have a chronic disease.

Therefore, the increasing prevalence of chronic diseases is anticipated to bolster the demand for U.S. FDA-approved remote patient monitoring devices during the forecast period.

Europe held the second position in the market owing to the favorable regulatory scenario, availability of adequate healthcare infrastructure, and rapid adoption of the devices. In addition, strategic partnerships among the companies to provide complete remote patient monitoring to patients are contributing to the launch of these monitoring devices in the region leading to higher adoption. For instance, in August 2021, MTech Mobility and GenieMD entered into a partnership agreement to provide its customers with an exhaustive remote patient monitoring solutions.

The market in Asia Pacific is projected to register a comparatively higher CAGR during the forecast period. Growing patient awareness regarding the blood glucose monitoring devices coupled with cardiac monitors leads to higher adoption for these devices in the region. In addition, penetration of the companies in the rural areas and improving healthcare systems in countries, such as India, Australia, and Southeast Asian, are expected to facilitate the region's growth during 2021-2028.

• For instance, in April 2020, Caretaker Medical announced that Australia’s first ‘virtual hospital’   deployed Caretaker Remote Monitoring Platform to monitor at-home COVID-19 patients. Also, a large and underpenetrated market in the lower-income countries is projected to drive the Asia Pacific market growth.

The Latin America and the Middle East & Africa market are currently in a nascent stage. However, the developing healthcare infrastructure and growing prevalence of chronic diseases will boost remote patient monitoring devices’ demand during 2024-2032. For instance, according to the World Heart Federation, 1 in 3 South African adults have hypertension that may lead to a risk of heart failure and heart attack. Therefore, implementing strategies to promote the usage of remote patient monitoring devices is likely to contribute towards the segmental growth during the forecast period.

List of Key Companies in Remote Patient Monitoring Devices Market

Diverse Portfolio of Leading Players and Strong Focus on Partnerships and Acquisition to Strengthen Market Position 

The global market is fragmented, with most of the manufacturers emerging from developed countries. A diversified product portfolio of digital platforms and constant innovations by the remote patient monitoring companies leading to the introduction of new products are prominent and major factors responsible for the strong presence of the companies.

• For instance, in February 2021, Philips announced the introduction of Philips Medical Tablet to help clinicians remotely monitor patient health during emergencies.


• For example, in April 2020, 100Plus announced the launch of three new RPM devices, namely 100Plus blood pressure cuff, digital weight scale, and Blood glucose monitor.

Moreover, strong emphasis on partnerships and acquisition strategies in the market to digitally transform the systems in the middle and lower-income countries is expected to help attract high consumers, resulting in market revenue growth in the forthcoming years. For instance, in August 2021, Rx.Health announced a strategic partnership with LiveCare to provide remote patient monitoring systems to patients and healthcare providers.

LIST OF KEY COMPANIES PROFILED:

• Koninklijke Philips N.V.  (Netherlands)


• Medtronic (Dublin, Ireland)


• A&D Company, Limited (U.S.)


• Boston Scientific Corporation (U.S.)


• GE Healthcare (U.S.)


• Omron Corporation (Japan)


• VitalConnect (U.S.)


• OSPLabs (U.S.)


• 100-Plus (U.S.)


• Nihon Kohden Corporation (Japan)


• F. Hoffmann-La Roche AG (Switzerland)

KEY INDUSTRY DEVELOPMENTS:

• March 2023- Monidor Oy and Senko Medical entered into a partnership agreement. As per the partnership agreement, Monidor Oy’s remote infusion therapy monitoring service is represented and sold in Japan by Senshin Medical Col, Ltd., which is a subsidiary of Senko Medical.


• February 2023-  Monidor Oy collaborated with ApoEx to introduce its remote infusion monitoring service to the Swedish market. This collaboration leads to the expansion of the company's services in the European remote patient monitoring market.


• July 2022- Sleepiz launched a contactless respiration and heart rate measurement device for remote patient monitoring in the U.S.


• June 2022-  GE Healthcare launched a new wireless patient monitoring device. This device helps clinicians constantly monitor patient’s health during their stay at the hospital.


• July 2020 – Medtronic announced the clearance of Linq II insertable cardiac monitor (ICM) by the U.S. Food and Drug Administration and European CE mark. 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.

REPORT COVERAGE

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The global remote patient monitoring devices report includes detailed information regarding various insights and statistics of the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the global next-generation patient monitoring market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2032 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources.

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