Global remote patient monitoring market is projected to witness a CAGR of 13.26% during the forecast period 2024–2031, growing from USD 9.53 billion in 2023 to USD 25.8 billion in 2031. The market expansion is supported by the growing awareness about the various cost benefits associated with remote patient monitoring (RPM) and telehealth and rising investments towards RPM by various key players in the market.
Remote patient monitoring systems and devices are often used to help patients who require post-discharge care or are suffering from chronic diseases. Using RPM solutions to monitor the health and vitals of high-risk patients allows organizations to stay updated with data between patient visits and notify them about any potential health issues. RPM devices enhance patient engagement, improve care, and allow patients to have better access to healthcare. Due to the growing awareness about the various advantages associated with the utilization of remote patient monitoring devices and services, several hospitals are adopting such systems, thereby acting as a major growth-inducing factor.
For instance, in 2023, AJ Hospital and Research Centre in Mangaluru adopted an AI-based continuous and contactless remote patient monitoring (RPM) and early warning system (EWS) created by Dozee on fifty beds in their private ward. The early warning system allows the tracking of vital parameters and ensures the provision of alerts to healthcare providers for timely medical intervention in case of patient’s clinical deterioration.
Increasing Investments and Strategic Collaborations Support Market Growth
Rising investments by various hospitals and healthcare centers towards remote patient monitoring systems and software to enhance patient convenience and improve patient care is bolstering the remote patient monitoring market growth. In January 2024, a renowned multispecialty hospital in Bangalore, Apollo Hospital Seshadripuram, announced a partnership with an AI-powered health monitoring technology company called LifeSigns. The collaboration is expected to mark a significant advancement in proactive patient management and precision healthcare by empowering the hospital with a wireless remote patient monitoring system. The hospital’s commitment to digital transformation will ensure the continuous integration of upgraded LifeSigns solutions in their core operations. They are also going to ensure that the systems are available to all their patients from now onwards. The system uses biosensors for continuously tracking vital signs, including SPO2, blood pressure, and ECG, among others. The secure transmission of real-time data to a platform accessible to healthcare professionals will facilitate continuous monitoring, allowing early identification of any potential complications.
Rising Prevalence of Chronic Diseases and Geriatric Population Boosts Market Expansion
The growing awareness about the various advantages associated with the adoption of remote patient monitoring for the management of chronic diseases is providing lucrative growth opportunities to the market.
Various healthcare providers are leveraging remote patient monitoring to provide care for patients suffering from chronic diseases, including cancer, diabetes, cardiovascular diseases, and chronic lung diseases. RPM allows healthcare providers to collect relevant data, track patient health, and make necessary interventions to avoid adverse events. Remote patient management acts as a valuable tool for chronic disease management by tracking the vitals of the patients and alerting them and their caregivers and healthcare providers about necessary information. For instance, in diabetes, RPM tracks the blood sugar levels of the patient, along with physical activity and insulin intake. Remote patient monitoring aims to provide better care to patients by understanding their condition and closely tracking their progress. According to the World Health Organization (WHO), by around 2050, various chronic diseases, including diabetes, cardiovascular diseases, respiratory diseases, and cancer, will account for 86% of the 90 million deaths every year. The remote patient monitoring market demand is increasing due to the growing prevalence of such chronic diseases.
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North America Accounts for a Significant Share of the Market
The expansion of the market in the region can be attributed to growing emphasis on the adoption of the Internet of Things (IoT) medical devices, rising investments in telehealth, and the strong presence of various market players. As per a Harvard Health Letter article published in December 2022, approximately 50 million individuals in the United States alone use remote patient monitoring devices. One of the first RPM devices to be adopted was home blood pressure machines. The increasing prevalence of heart diseases and strokes in the region is further bolstering the demand for remote patient monitoring devices. According to Centre for Disease Control and Prevention, over 877,500 Americans die from stroke and heart diseases, among other cardiovascular diseases every year. Heart disease is the leading cause of death in the United States, while stroke takes the fifth position among all deaths in the United States. Remote patient monitoring allows the utilization of electronic devices to record relevant data of a patient for review and evaluation later by their healthcare provider or physician.
For instance, a patient can use RPM devices for regular monitoring of their blood pressure and share the results with their regular physician. The increasing awareness about the various advantages associated with the utilization of RPM devices is supporting the growth of the North America remote patient monitoring market.
Special Monitors Anticipated to Witness Significant Growth in the Coming Years
The increase in utilization and demand of special monitors, such as blood glucose monitors, anesthesia monitors, and multi-parameter monitors, over the forecast period can be attributed to the growing requirement for monitoring clinically important and pre- and post-surgery data for identification of systems and prevention of complications.
For instance, regularly monitoring blood glucose levels is essential for patients with diabetes as they, at times, do not feel any symptoms that are associated with diabetes until the blood glucose levels become too high. The utilization of RPM devices for monitoring blood glucose levels allows practitioners to use the captured data for detecting potential alarming changes in the levels of glucose and take necessary actions immediately.
Additionally, the collected data can also provide insights to practitioners that will aid them in recommending necessary alterations in exercise, medications, and diet. Remote patient monitoring also allows the effective mitigation of gestational diabetes. As per the Centre for Disease Control and Prevention, approximately 1–2% of pregnant women in the United States have either Type 1 or Type 2 diabetes and nearly 6–9% of women develop gestational diabetes during pregnancy.
Rising Utilization of RPM for Cardiovascular Diseases
The potential of remote patient monitoring in reducing the burden of managing and monitoring cardiovascular diseases is resulting in a burgeoning volume of research. The research activities aim to evaluate the economic and clinical effectiveness of RPM. According to an article published by American Heart Association, it is projected that by 2035, over 42% of adults in the United States will be hypertensive. The cost projections for hypertension are daunting, with 2035 figures to soar over USD 150 billion. Remote patient monitoring is expected to serve as a vital conduit for reducing the economic burden stemming from expensive hospital stays because of acute hypertension related events. Research has shown that remote patient monitoring can reduce diastolic blood pressure and systolic blood pressure significantly as compared to self-monitoring. Additional studies have shown that the positive impact of remote patient monitoring on systolic blood pressure can increase if the intervention includes multiple behavior change techniques and is long-term.
Future Market Scenario (2024–2031F)
The broader use of remote patient monitoring, guided with operational knowledge and high-quality research, is expected to support advancements in hospitals and at home models of care. It has significant potential to benefit from the value provided by healing in the comfort of home.
In February 2024, MD Revolution announced that their partner, Cardiac Solutions, achieved a 50% reduction in the rate of hospital cardiovascular readmission by using chronic care management and RevUp Remote Patient Monitoring as part of their program. The conducted study showed sustained benefits on an annual basis and demonstrated high cost-saving potential and efficacy.
Report Scope
“Remote Patient Monitoring Market Assessment, Opportunities and Forecast, 2017–2031F”, is a comprehensive report by Markets and data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global remote patient monitoring market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
Defining Remote Patient Monitoring:
Remote Patient Monitoring involves the use of technology to collect and monitor patient health data from a distance. This technology enables healthcare providers to track a patient’s vital signs, symptoms, and other health indicators in real-time, outside of traditional healthcare settings.
Importance of Remote Patient Monitoring:
1. Enhanced Patient Care:
RPM offers a proactive approach to patient care. By continuously monitoring vital signs, chronic conditions, and other health parameters, healthcare providers can detect potential issues early, allowing for timely interventions and improved health outcomes.
2. Empowering Patients:
RPM empowers patients to actively participate in their healthcare journey. With access to their health data, patients gain a better understanding of their conditions, fostering a sense of responsibility and enabling them to make informed decisions about their health.
3. Reduced Healthcare Costs:
The implementation of RPM can contribute to cost savings for both patients and healthcare providers. Early detection of health issues can prevent hospital readmissions and emergency room visits, leading to a more efficient and cost-effective healthcare system.
Market Size and Growth Trends:
The Remote Patient Monitoring Market has experienced exponential growth, with a current estimated valuation of [insert current market size]. This growth is fueled by several key trends:
1. Technological Advancements:
Continuous advancements in wearable technology, sensors, and connectivity solutions are driving innovation in RPM. The market is witnessing the development of more sophisticated devices capable of monitoring a broader range of health parameters.
2. Increasing Chronic Disease Prevalence:
The rising prevalence of chronic diseases, such as diabetes, cardiovascular conditions, and respiratory disorders, has elevated the demand for remote patient monitoring solutions. RPM provides an effective way to manage and monitor chronic conditions, improving overall patient outcomes.
3. Telehealth Integration:
The integration of RPM with telehealth services is a growing trend. As telehealth becomes more mainstream, the synergy between remote patient monitoring and virtual healthcare consultations enhances the overall patient experience and accessibility to care.
Challenges and Future Outlook:
While the Remote Patient Monitoring Market holds immense promise, it is not without challenges. Issues related to data security, interoperability, and reimbursement models need to be addressed. However, the future outlook is optimistic, with ongoing research, collaborations, and the potential for further regulatory support.
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