Remote Patient Monitoring [RPM] Market Size to Accumulate Around US$ 458.29 Billion By 2031, Enables Personalized Care, Erases Racial Disparity in Postpartum Emergency Room Use

Advancements in Technology Propel Remote Patient Monitoring Market: Latest Innovations Drive Significant Growth and Transform Healthcare Delivery

Pune, July 02, 2024 (GLOBE NEWSWIRE) — Remote Patient Monitoring [RPM] Market Size Analysis:

“According to SNS Insider Research, The Remote Patient Monitoring (RPM) Market is on a staggering upward trajectory, projected to surge by 27.55% annually over the next eight years. This translates to a massive jump from USD 65.43 billion in 2023 to a whopping USD 458.29 billion by 2031.”

Remote Patient Monitoring: Advancing Maternal Care and Positioned to Explode In Market Alongside Individualized Option

Remote Patient Monitoring (RPM) services can improve the outcomes of maternal health and it does provide real world evidence which could push Remote Patient monitoring market in positive phase. Remote monitoring enables high blood pressure diagnosis soon after childbirth among new mothers with a history of hypertension. This in turn can mean having access to treatment sooner after discharge and improved health outcomes, especially in the critical first 10 days post-discharge. Moreover, it could decrease healthcare disparities by overseeing that all women from every community have access to such a close medical vigilance. The hypertension navigator program was able to enrol almost 1,500 women and thereby expand the patient reach. Although, Recent research (National Library of Medicine in Nov 2022) indicates a readmission rate of 2.5% to 5.1% among patients with a history of hypertensive disorders of pregnancy, with hypertension being the primary reason for readmission. This is an example of how RPM will drive access to care which may help kindle a larger market for these services. It is designed to address complicated pregnancies – considered high-risk cases, which are often monitored more closely. This illustrates the ability for Remote Patient Monitoring to meet specialized patient needs, potentially creating a more focused and robust market.

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Major Players Analysis Listed in this Report are:

  • Boston Scientific Corporation
  • Welch Allyn
  • Abbott
  • Koninklijke Philips N.V.
  • F. Hoffmann-La Roche Ltd
  • Nihon Kohden Corporation
  • Smiths Medical
  • OSI Systems, Inc.
  • Omron Corporation
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
  • Other Players

A study published in the National Library of Medicine examined whether remote patient monitoring increases rates of postpartum blood pressure monitoring among Black and White women. Among Black women – who the research showed are at greater risk of preeclampsia and its related complications, but frequently encounter barriers to in-person follow-up visits. However, an RPM program eliminated this racial disparity in blood pressure monitoring rates. In all, the programme reduces complications and improves maternal health. This considerably favors the growth outlook of remote patient monitoring in maternal care markets, which is poised to reflect positively on global market development.

Remotely monitoring patients keeps us healthier and the RPM (remote patient monitoring) device market has now exploded. Heart monitors, blood sugar testers, oxygen level readers and lung function monitoring devices are positively changing the way chronic disease can be managed. This technology provides doctors with a continuous flow of patient information to inform how they personalize care plans and intervene in proactive ways. The result is improved patient health and lower healthcare cost due to personalized care which would propels the growth of the Remote Patient Monitoring (RPM) market in coming years.

Remote Patient Monitoring (RPM) Market Report Scope & Overview:

Report Attributes Details
Market Size in 2023 US$ 65.43 Billion
Market Size by 2031 US$ 458.29 Billion
CAGR CAGR of 27.55 % From 2024 to 2032
Base Year 2023
Forecast Period 2024-2031
Historical Data 2020-2022
Key Regional Coverage North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia, Rest of Latin America)
Key Growth Drivers • Increasing cases of chronic diseases are boosting the demand for remote monitoring devices market.
• Rising demand for home-based monitoring devices is fostering market growth.

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Segmentation Dynamics

The Product segments of the global market for remote patient monitoring (RPM) include devices and software & services. With increasing number of patients opting for preventive care at home, easy operation features in RPM devices and integration AI applications into healthcare are some reasons which are encouraging people to adopt Remote Patient Monitoring solutions. Using AI to interpret patient data and suggest ways care can be perfected.

By Applications for Remote Patient Monitoring across health concerns – In 2023 Diabetes has accounted for the largest market share. This dominance is likely to be associated with the sheer number of people that have diabetes and also its chronic nature. Moreover, developments in RPM technology are also positioning it as an apt offering for controlling diabetes.

By End User, Healthcare providers accounted for the largest share in 2023. The reasoning behind this is threefold are the improvements in the usability of RPM devices, more chronically ill and elderly patients being monitored remotely at 35% and healthcare providers offering increasing direct-to-consumer RPM services.

Remote Patient Monitoring (RPM) Market Key Segmentation:

By Device

  • Breath Monitors
  • Heart Monitors
  • Haematology Monitors
  • Multi-parameter Monitors
  • Others

By Application

  • Cancer Treatment
  • Cardiovascular Diseases
  • Diabetes Treatment
  • Sleep Disorder
  • Weight Management and Fitness Monitoring
  • Others

By End-User

  • Home Care Settings
  • Hospitals/Clinics
  • Others

Regional Analysis

Dominating the global remote patient monitoring (RPM) landscape in 2023, North America holds a commanding share of over 51%. This leadership position can be credited to several factors. Firstly, the high prevalence of chronic diseases in the region fuels demand for RPM systems. For example, in the United States alone, a staggering 6 in 10 adults have a chronic condition, according to the Centers for Disease Control and Prevention. Secondly, the increasing popularity of wireless technology fuels the demand for portable and convenient RPM solutions. A Pew Research Center study revealed that 85% of American adults now own smartphones, making wireless RPM a perfect fit for their digitally connected lives. Finally, sophisticated reimbursement structures are making RPM more accessible for patients. The Centers for Medicare & Medicaid Services has expanded coverage for certain RPM services, reducing out-of-pocket expenses and incentivizing wider adoption.

Europe, particularly Western European countries, is expected to be the second-largest market. This region grapples with a high mortality rate, often associated with chronic diseases, creating a need for effective remote monitoring solutions. Additionally, a growing demand for affordable treatment options fuels the market for cost-effective RPM systems. This growth is further fueled by advancements in technology, with the rise of in-home monitoring systems, supportive central data management platforms, and increasingly accurate and efficient RPM devices.

The Asia Pacific region is poised for the fastest growth, with a projected CAGR of 28.38%. This rapid expansion can be attributed to the vast untapped potential in emerging markets like India and China. These rapidly developing economies have a growing middle class with increasing disposable income, creating a perfect environment for RPM adoption. Furthermore, the region faces a rising elderly population. Japan, for example, boasts a large population over 65 years old, and is expected to be a major revenue generator in the RPM market. Additionally, the rising number of chronic disease cases in India, particularly diabetes and heart disease, is significantly contributing to the expansion of the RPM market there.

In India, the COVID-19 pandemic has accelerated the integration of digital technologies across various industries, including healthcare, leading to innovations and an increase in virtual care. The pandemic has prompted a swift adoption of remote healthcare solutions, such as RPM, to monitor patients safely, reduce exposure risks, and alleviate the strain on overwhelmed healthcare systems. 80% of healthcare systems are planning to boost their investment in digital healthcare tools over the next five years. Indian innovators are creating groundbreaking health-tech products and solutions, with the government implementing these digital health advancements through the Ayushman Bharat Digital Mission.

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Table of Contents – Major Key Points

1. Introduction

2. Industry Flowchart

3. Research Methodology

4. Market Dynamics

4.1 Drivers

4.2 Restraints

4.3 Opportunities

4.4 Challenges

5. Porter’s 5 Forces Model

6. Pest Analysis

7. Remote Patient Monitoring (RPM) Market Segmentation, By Devices

8. Remote Patient Monitoring (RPM) Market Segmentation, By Application

9. Remote Patient Monitoring (RPM) Market Segmentation, By End-User

10. Regional Analysis

11. Company Profiles

12. Competitive Landscape

13. Use Case and Best Practices

14. Conclusion

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