The usage of remote patient monitoring devices enables the digital recording and electronic transmission of a patient’s medical data from a single location to healthcare professionals in other locations for analysis and recommendations. Blood pressure, blood oxygen levels, heart rates, electrocardiograms, and blood sugar levels are a few of the medical data the monitoring devices collect during point-of-care testing. The data gathered by the devices is then sent for additional analysis by the medical professionals working in hospitals, intensive care units, and nursing homes.
In 2021, the market for remote patient monitoring devices was worth USD 1.45 billion, and by 2030 it will reach USD 4.07 billion, growing at a 8.74% CAGR during the forecast period.
The technical advancements and innovations for effective self-monitoring goods and equipment and the expansion of government laws to rein in the rising expense of healthcare are the primary drivers of the global market for remote patient monitoring devices. Additionally, the RPMD market is expected to benefit from technological development and the rising prevalence of chronic diseases like diabetes and other cardiac problems that require mandatory life-long monitoring.
Market Dynamics
Drivers
The market for remote patient monitoring devices is growing due to the increased prevalence of ailments, including heart problems, respiratory disorders, and other conditions. In 2019, cardiovascular illnesses were responsible for 32% of all fatalities globally, killing an estimated 17.9 million people, Per World Health Organization research published in June 2021. 85% of these fatalities globally were caused by heart attacks and strokes. 38% of the 17 million premature fatalities caused by non-communicable diseases worldwide in 2019 were due to cardiovascular diseases.
As a result, the high incidence of diabetes and chronic obstructive pulmonary disease will fuel the expansion of the worldwide remote patient monitoring devices market throughout the forecast period.
Restraints
- Fraud is a major factor in the telehealth and telemedicine sectors. The United States Sentencing Commission (USSC) estimates that 330 healthcare fraudsters committed 7.7% of all theft, property destruction, and fraud offenses in the USA during the fiscal year 2020. A growing industry is hampered by the increase in hospital visits caused by healthcare fraud cases.
- Patients are compelled to visit hospitals more frequently due to the high price of remote patient monitoring services. This could compel the government to reduce healthcare spending, limiting market expansion.
Opportunity
Infectious diseases are among the most difficult medical conditions to treat in hospitals since patients and medical workers are equally susceptible to contracting an infection. Telemedicine has considerable potential to prevent the spread of epidemics and infections linked with healthcare due to its inherent benefits, such as the early diagnosis of diseases and virtual visits that limit overall patient exposure. It reduces the overall number of in-person sessions and travel needed for the counseling process. It helps to stop the transmission of infectious diseases and is a safer way to deliver healthcare.
Market Segmentation
By Product
The special monitors sector led the industry in 2022 with a share of more than 82.75%. It is due to its ability to track clinically significant data before and after surgery, recognize symptoms, and avoid complications. Advanced features, like wireless connection and iPad compatibility, enable early diagnosis and broaden the product’s applicability. A patient’s ECG, noninvasive blood pressure, body temperature, respiration rate, and brain activity can all be efficiently monitored with vital sign monitors.
By Application
In 2022, Diabetes was the major market contributor, with a revenue share of nearly 13%. Diabetes is one of the prominent causes of death, and due to this, blood glucose levels must be closely monitored regularly. It affects several body functions, like heart activity, liver function, vision, and renal activity.
By End-Use
In 2022, the hospital segment led the entire market with a revenue share of nearly 80.00%. Hospitals serve both inpatients and outpatients in considerable numbers. Hospitals have a larger technical staff and a wide range of diagnostic tests available to meet the needs of the patients. The category is growing mostly due to a big patient pool and an increased number of tests being perform.
Regional Analysis
In 2022, North America was the major market contributor, with a revenue share of 41.45%. The significant rise of this region is the rising rate of chronic disorder, the need for wireless and portable systems, and the availability of complex reimbursement schemes designed to reduce out-of-pocket expenses.
Due to the existence of unexplored potential in the rising markets of India and China, the Asia Pacific will expand rapidly. Japan will be a significant source of revenue because of its large elderly population.
Key Players
- Smiths Medical
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Nihon Kohden Corporation
- Omron Corporation
- Koninklijke Philips N.V.
- Hoffmann-La Roche Ltd
- Welch Ally
- American Telecare
- OSI Systems, Inc.
- GE Healthcare
- Boston Scientific Corporation
- Johnson & Johnson
- Vitls, Inc
- Dräger Medical
- Masimo
- Abbott
- LifeWatch
- CareValidate
- Biotronik
- Cerner Corporation
- Honeywell
In 2021, the market for remote patient monitoring devices was worth USD 1.45 billion. And by 2030 it will reach USD 4.07 billion, growing at a 8.74% CAGR during the forecast period. The market growth is accelerate by the rising cases of chronic disorders globally.
Related Reports:
Surgical Robots Market Report – The global surgical robots market will witness a robust CAGR of 16.84%. Valued at $5.16 billion in 2021, expected to appreciate and reach $20.98 billion by 2030, confirms Strategic Market Research.
