Remote Patient Monitoring System Market Size - Global Industry, Share, Analysis, Trends and Forecast 2022 - 2030

The Global Remote Patient Monitoring System Market Size accounted for USD 3.6 Billion in 2021 and is projected to occupy a market size of USD 16.4 Billion by 2030 growing at a CAGR of 18.6% from 2022 to 2030.

Remote patient monitoring (RPM) is a type of telehealth system in which patients can capture medical and other health data remotely using health monitoring devices. The recorded health data is then digitally transmitted to healthcare providers, who analyze it and remotely track the patient's health. These systems have helped many patients who are unable to frequently visit to the hospitals or clinics. Growth in elderly patient population and rising occurrence of chronic disorders are the two key factors that are supporting the remote patient monitoring RPM system market growth. In addition to that, the COVID-19 pandemic has increased the market size of RPM exponentially as the world has been advised to stay at home.

Remote Patient Monitoring Systems Market Report Statistics

• Global remote patient monitoring system market revenue is projected to reach USD 16.4 Billion by 2030 with a CAGR of 18.6% from 2022 to 2030
• The United States Department of Health and Human Services provided US$ 30 billion in direct aid as well as US$ 200 million for the COVID-19 Telehealth Program
• North America remote patient monitoring RPM system market share generated over US$ 1.5 billion revenue in 2021
• As per our estimates, more than 45 million Americans will use remote patient monitoring systems by the end of 2022
• Asia-Pacific remote patient monitoring system market growth will record noteworthy CAGR from 2022 to 2030
• Based on products, special monitors sub-segment gathered revenue of US$ 3 billion in 2021
• Increasing technological advancements in medical devices is a popular remote patient monitoring system market trend that fuels the industry demand

Global Remote Patient Monitoring (RPM) System Market Dynamics

Market Drivers

• Increasing need to expand healthcare access
• Reduced burden on healthcare system
• Growing investments in telehealth
• Rising base of elderly and chronic patients

Market Restraints

• Strict regulatory variations across regions
• Data privacy concerns and limited awareness

Market Opportunities

• Growing adoption of AI and IoT in RPM
• Rising demand for portable and wireless healthcare devices

Remote Patient Monitoring System Market Report Coverage

Remote Patient Monitoring System Market Growth Factors

Remote patient monitoring technology incorporates gadgets, for instance, glucose meters, blood pressure monitoring systems, and other convenient gadgets that can be utilized by patients in remote areas. Expanding utilization of smartphones is prompting the rise in the improvement of uses that are associated with monitoring devices. These portable applications help in chronicling and transmitting patient wellbeing related data or information to the social insurance provider. The point of the organizations in the market is to give remote patient monitoring gadgets and better chronic disease care management while holding the expense down. Additionally, the manufacturers are concentrating on growing simple-to-utilize monitoring gadgets that can cater to patients to oversee conditions including diabetes and heart diseases better by maintaining a strategic distance from high-cost therapeutic methods.

However, some factors that are hindering the worldwide remote patient monitoring system market are, there is almost no standardization among these devices attributable to the number of organizations in the market, some monitoring applications are viewed as equivalent to the therapeutic gadgets, thus, these gadgets need permission from the Food and Drug Administration (FDA) to be utilized in a clinical setting. Individuals are worried about protection and security, particularly on account of health-related information. Subsequently, the manufacturers are concentrating on giving layered information security and gadget or device management solutions.

Remote Patient Monitoring Market Insights

According to the World Health Organization (WHO) estimations, the percentage of the geriatric populace is estimated to achieve 16.0% in 2050. Aging is recognized to be the biggest risk factor for chronic diseases. The rising geriatric populace and increased weakness towards interminable conditions, for instance, diabetes, cardiovascular sickness, and insomnia issues are foreseen to influence the target product demand in the prospective years.

Efforts from manufacturers of devices to create advanced items are projected to additionally push the market growth. For instance, Biotronik led an investigation utilizing its Implantable Cardioverter Defibrillator (ICD) to demonstrate the viability of its gadget TRUST Trial. The fundamental outcomes found that remote patient monitoring lessens the in-person center visit by 42.8%. These technical advancements are projected to fill in as growth opportunities for this market in the upcoming years.

Remote Patient Monitoring System Market Segmentation

The global remote patient monitoring system market is segmented based on product, application, and geography.

Remote Patient Monitoring System Market By Product

• Vital Sign Monitors
  • Blood Pressure Monitors
  • Pulse Oximeters
  • Heart Rate Monitor (ECG)
  • Temperature Monitor
  • Respiratory Rate Monitor
  • Brain Monitoring (EEG)
• Special Monitors
  • Anesthesia Monitors
  • Blood Glucose Monitors
  • Cardiac Rhythm Monitor
  • Respiratory Monitor
  • Fetal Heart Monitors
  • Prothrombin Monitors
  • Multi Parameter Monitors (MPM)

According to our remote patient monitoring system industry analysis, the special monitors sub-segment accounted for majority of the revenue in 2021, and this trend is expected to continue in the coming years. The segment's rapid growth is attributed to its capacity to track clinically significant data before and after surgery, recognize symptoms, and avoid complications. Modern features like wireless communication and iPad compatibility enable early diagnosis and greater product applicability.

Remote Patient Monitoring System Market By Application

• Cancer
• Cardiovascular Diseases
• Diabetes Sleep Disorder
• Weight management and Fitness Monitoring
• Bronchitis
• Infections
• Virus
• Dehydration
• Hypertension

The cardiovascular diseases segment developed as the main application segment in 2021 and represented over 30% of the market share. Universally rising geriatric populace and the emergency of unending illnesses are projected to be the high effective factors for driving the growth over the forecasted time frame.

Remote Patient Monitoring System Market By End-Use

• Hospital Based Patients
• Ambulatory Patients
• Home Healthcare

Based on end-use segment, the hospital-based patients sub-segment is expected to generate significant market share in 2021 and is likely to do so in the coming years. Hospitals serve a large number of both outpatients and inpatients. They provide a wide range of diagnostic tests and have a bigger technical staff to meet the needs of their patients. Remote patient monitoring also relieves hospital strain, allowing healthcare providers to treat patients who require emergency medical attention more efficiently.

Remote Patient Monitoring System Market Regional Outlook

North America

• U.S.
• Canada

Europe

• U.K.
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• India
• Japan
• China
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

The Middle East & Africa

• South Africa
• GCC Countries
• Rest of the Middle East & Africa (ME&A)

Remote Patient Monitoring System Market Regional Analysis

The North American market drove the global market in 2021. Expanding geriatric populace, the frequency of perpetual infections, demand for remote and compact systems combined with the presence of a complex repayment structure went for removing pocket use levels are the main considerations credited to the regional growth.

North America's market is dominating the worldwide remote patient monitoring systems market because of the high volumes of surgeries being performed in the region. Likewise, the accessibility of built-up social insurance frameworks and the high impact of medicinal services on the economy are the explanations behind the intense demand in North America. Europe market is additionally a rewarding market for remote patient monitoring systems because of quick technical innovations in terms of the healthcare sector. Asia Pacific market is projected to grow at a decent rate when contrasted with North American and Europe markets as there is the sufficient market opportunity in nations like India and China owing to the vast populace.

Remote Patient Monitoring System Market Players

Major companies contributing the global remote patient monitoring system market are Athelas, Abbott, Boston Scientific Corporation, Cadence Care, Dräger Medical, F. Hoffmann-La Roche Ltd, GE Healthcare, Honeywell, Johnson & Johnson, Koninklijke Philips N.V., NIHON KOHDEN CORPORATION, Medtronic, Omron Corporation, and Smiths Medical.