Remote Patient Monitoring Market to Reach USD 505.9 Billion by 2032 | CAGR: 24.8% | DataHorizzon Research

Fort Collins, Colorado, Sept. 19, 2023 (GLOBE NEWSWIRE) — DataHorizzon Research Published a report titled, “Remote Patient Monitoring Market Size, Trends, Growth, Share, Statistics Analysis Report, By Product (Software & Services And Devices), By Application (Oncology, Diabetes, Cardiovascular Diseases, And Others), By End-user (Payers, Providers, Patients), By Region And Segment Forecasts, 2023-2032.” 

According to DataHorizzon Research, The remote patient monitoring market size was valued at USD 55.4 Billion in 2022 and is expected to reach USD 505.9 Billion by 2032 with a CAGR of 24.8%. The growing geriatric population is a major factor driving the remote patient monitoring market expansion. Physicians are increasingly adopting remote patient monitoring solutions as they simplify the monitoring process and enable timely intervention during emergencies. The increasing prevalence of chronic diseases also increases the burden on healthcare systems. The shortage of physicians and growing awareness regarding preventive care also augment market growth. 

The growing integration of remote patient monitoring and advanced technologies such as AI by various providers present various growth aspects for the prominent market players. Remote patient monitoring involves using digital communication devices to collect patient and store patient health information at a single location. The provider can access this data at any time. The involvement of AI in remote patient monitoring leads to enhanced efficiency and accuracy in clinical decision making by analyzing vital health data points. AI can also be utilized for early disease detection by comparing prior trends with the current patient data. These features can increase the adoption rate of remote patient monitoring.

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Report Snapshot:

Report Title Remote Patient Monitoring Market
Market Size in 2022 USD 55.4 Billion
Market Size by 2032 USD 505.9 Billion
CAGR from 2023 to 2032 24.8%
Largest Market North America
Forecast Period 2023 to 2032
Historic Period 2021
Base Year 2022
Report Scope & Coverage Market Size, estimations, competitor analysis, trends, and growth factors
By Product Software & services and devices
By Application Oncology, diabetes, cardiovascular diseases and others
By End-user Payers, providers, patients
Region North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Countries Covered U.S., Canada, U.K., Germany, France, China, Japan, India, Brazil, Mexico, South Korea, UAE, Saudi Arabia, South Africa, among others
Major Market Players F-Hoffmann-La Roche Ltd., Qiagen NV, Abbott Laboratories Inc, ARUP Laboratories Inc., Danaher Corporation, Agilent Technologies Inc., Biomerieux SA, Foundation Medicine, Thermo Fisher Scientific, Illumina Inc., Guardant Health, Myriad Genetics Inc. and Sysmex Corporation.

Segmentation Overview

The remote patient monitoring market has been segmented into product, application, end-user, and region. Based on the product, the software & services segment held a large market share and is expected to maintain its dominance during the forecast period. This can be attributed to the ease of diagnosis it provides to both the patient and the healthcare providers. Based on application, the diabetes segment is anticipated to hold the major share of the market. Diabetes requires continuous monitoring of the blood sugar levels of the patient for effective disease management, which can be achieved with Remote patient monitoring. Based on the end-user, the providers segment held a significant share in the market.

Geographically, North America held a substantial share of the remote patient monitoring market. This can be attributed to the highly advanced healthcare industry in this region. The US is a major market that held a remarkable share in the remote patient monitoring market owing to the growing adoption of digital technologies such as telehealth, EHR, and mhealth, which is proliferating the market growth. Asia Pacific is anticipated to exhibit substantial growth during the forecast period. The high prevalence of chronic diseases such as hypertension, diabetes, and obesity drives market expansion.

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Key Developments in the Industry:

  • In September 2023, Luscii partnered with Jamf, an Apple device management company, to offer remote patient monitoring using Apple iPads for healthcare organizations. It will use Jamf’s device management solution to meet data privacy regulations for implementing the software in the iPads. This solution aims to create a more inclusive healthcare experience and detect health deterioration early on.
  • In August 2023, CloudMD Software & Services Inc. signed a contract to provide Remote Patient Monitoring Services to U.S. Hospital Partner eligible patients. The healthcare facilities will utilize RPM to monitor, manage, and intervene for patients suffering from chronic illness.

Remote Patient Monitoring Market Report Highlights:

  • The remote patient monitoring market is projected to attain a CAGR of 24.8% by 2032.
  • The software & services segment accounted for a major share of the market and is expected to exhibit high growth during the forecast years. They aid in connecting the patient to the healthcare providers digitally. 
  • The cardiovascular segment is expected to expand at a notable CAGR during the forecast period. Remote Patient monitoring can be used to monitor vital patient sign by physicians remotely.
  • North America was the dominant region in the remote patient monitoring market due to the various government initiatives that are promoting the market growth.
  • The prominent players in the remote patient monitoring market report include F-Hoffmann-La Roche Ltd., Qiagen NV, Abbott Laboratories Inc., ARUP Laboratories Inc., Danaher Corporation, Agilent Technologies Inc., Biomerieux SA, Foundation Medicine, Thermo Fisher Scientific, Illumina Inc., Guardant Health, Myriad Genetics Inc. and Sysmex Corporation. 

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Remote Patient Monitoring Market Report Segmentation:

Remote Patient Monitoring Market, By Product (2023-2032)

  • Software & Services
  • Devices

Remote Patient Monitoring Market, By Application (2023-2032)

  • Oncology
  • Diabetes
  • Cardiovascular Diseases
  • Others

Remote Patient Monitoring Market, By End-user (2023-2032)

  • Payers
  • Providers
  • Patients

Remote Patient Monitoring Market, By Region (2023-2032)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • South Africa
    • Rest of the Middle East & Africa

About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

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