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 equipment. 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.
It can postpone trauma center visits and hospitalizations as the telemedicine application help in digitizing and computerizing basic undertakings, which decreases emergency clinic authoritative errands, accordingly expanding item utilization. The Coronavirus pandemic has prompted a lack of room in emergency clinics. Aside from this, patients, particularly those experiencing persistent illnesses, are likewise encouraged to stay away from actual visits to clinics attributable to the danger of getting contaminated. This prompted the advancement of the worldwide market. Countless ventures are made by firms by teaming up, securing, and cooperating with new arising new businesses.
The customized telemedicine application gives a correspondence stage to remote and continuous observing of patients that goes about as a scaffold among parental figure and patient. This step-change, borne due to legitimate need, has changed the whole look of the market post-pandemic too. This change has accelerated recuperation rates as shoppers are more able to join the application. It has additionally expanded the supplier’s eagerness to utilize the application, and it offers more noteworthy access and repayments. As per the Places for Infectious prevention and Counteraction (CDC), more than 100 million individuals have hypertension in the U.S.
Hypertension further expands the gamble of coronary illness. The American Heart Affiliation (AHA) likewise upholds drives that increment admittance to the utilization of distant patient observing (RPM) advances for better wellbeing the board. Endeavors from gadget makers to foster high level items are supposed to additionally drive the development. For example, in July 2021, Philips and BioIntelliSense framed an essential coordinated effort to improve RPM arrangements. Philips incorporated the last’s BioSticker gadget into its RPM portfolio. A wearable gadget screens ongoing circumstances and monitors Coronavirus side effects too.
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