Global Remote Patient Monitoring Devices Market Share Is Expected To Grow At A CAGR Of 18.56% By 2028

15-Nov-2022 | Facts and Factors

According to Facts and Factors, the global remote patient monitoring devices market size was estimated to be worth roughly USD 29.94 billion in 2021 and is predicted to grow to around USD 98.58 billion by 2028. The global Remote Patient Monitoring Devices market is predicted to grow at a CAGR of roughly 18.56% during the forecast period.

The use of remote patient monitoring devices makes it possible to digitally record a person's medical information from a single location and to electronically transmit that information to healthcare specialists in other locations for evaluation and recommendations. A few of the medical data that are gathered by the monitoring devices from point-of-care testing include blood pressure, blood oxygen levels, heart rates, electrocardiograms, and blood sugar levels. The medical staff working in hospitals, intensive care units, and nursing homes then send the data collected by the devices for further analysis. Over the course of the projection period, it is predicted that the global remote patient monitoring devices market would grow significantly as a result of the increased prevalence of ailments including heart problems, respiratory disorders, and other conditions. Since the COVID-19 viral epidemic in December 2019, the illness has spread to over 100 countries, and on January 30, 2020, the World Health Organization declared it to be a public health emergency.

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Browse the full “Remote Patient Monitoring Devices Market Size, Share, Growth Analysis Report By Product (Vital Sign Monitors and Special Monitors), By Application (Cancer, Cardiovascular Diseases, Diabetes, Sleep Disorder, Weight management & Fitness Monitoring, Bronchitis, Infections Virus, Dehydration, Hypertension), By End User (Hospital Based Patients, Ambulatory Patients, Home Healthcare), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/remote-patient-monitoring-devices-market

The global remote patient monitoring devices market growth will be accelerated by the aging population's rising disease burden. By the year 2050, there will be 1.5 billion elderly people worldwide, according to the World Health Organization (WHO). During 2022–2028, it is also predicted that the prevalence of chronic diseases affecting the older population will rise. Therefore, there is a growing demand for ongoing vital sign monitoring and efficient illness management. For instance, remote patient monitoring improves patient participation in managing chronic illnesses, according to a study published in the Journal of American Medical Informatics Association (JAMIA). Therefore, it is projected that the older population's adoption of remote systems to prevent frequent hospital visits will propel market expansion throughout the anticipated timeframe.

However, the market growth will be hampered by the lack of deployment of remote monitoring solutions in low- and middle-income nations. Despite the rising need for solutions, it is projected that the lack of device and software adoption in low- and middle-income nations will restrain market growth throughout the course of the projection period. One aspect of the drop in usage in these nations is the high implementation cost of remote patient monitoring systems. The adoption of these solutions needs appropriate funding, providers, and IT staff to ensure a smooth transition and the provision of high-quality patient care. For instance, the Journal of Telemedicine and Telecare reported that the annual cost per patient for equipment purchases, servicing, and monitoring ranged from USD 275 to USD 7,963.

The global Remote Patient Monitoring Devices market is segmented based on product, application, end-user, and region.

By end user, the market is divided into hospital-based patients, ambulatory patients, and home healthcare. In 2021, the leading end-use segment was hospital-based patients. Both inpatients and outpatients in considerable numbers are served by hospitals. They have a larger technical staff and a wide range of diagnostic tests available to meet the needs of the patients. The important drivers for the category growth are the large patient pool and the rising number of tests being performed.

However, it is projected that alternate site monitoring, particularly home healthcare, will show a strong CAGR throughout the forecast period. The availability of qualified resources and the cost-effectiveness of this alternative site are anticipated to promote growth. Additionally, remote patient monitoring offers market players tremendous opportunities in terms of partnering with hospitals and other healthcare settings and launching new products to facilitate accessible care at a patient's home, especially in light of the growing strain on hospital resources and personnel.

In 2021, North America dominated the market for remote patient monitoring devices worldwide. Higher use of these monitoring devices by patients and hospital settings characterizes the market in the area. Furthermore, the region's leading market position in 2020 is due to increasing investment in the introduction of advanced technology for high-quality patient care. For instance, 100Plus stated in March 2021 that Henry Kravis, George Roberts, and other investors had invested a total of USD 25 million in a series of investments for platforms for remote patient monitoring. In addition, 6 out of 10 persons in the United States have a chronic condition, according to the Centers for Disease Control and Prevention (CDC). Therefore, it is predicted that over the projection period, demand for U.S. FDA-approved remote patient monitoring devices will increase due to the rising prevalence of chronic diseases.

Report Scope

Report Attribute

Details

Market Size in 2021

USD 29.94 Billion

Projected Market Size in 2028

USD 98.58 Billion

CAGR Growth Rate

18.56% CAGR

Base Year

2021

Forecast Years

2022-2028

Key Market Players

Shenzhen Mindray Bio-Medical Electronics Co. Ltd., NIHON KOHDEN CORPORATION, Omron Corporation, OSI Systems Inc., Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, Welch Allyn, Smiths Medical, Abbott, Boston Scientific Corporation, and others.

Key Segment

By Product, Application, End User, and Region

Major Regions Covered

North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa

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List of prominent players in the global remote patient monitoring devices market

  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
  • NIHON KOHDEN CORPORATION
  • Omron Corporation
  • OSI Systems, Inc.
  • Koninklijke Philips N.V.
  • F. Hoffmann-La Roche Ltd
  • Welch Allyn
  • Smiths Medical
  • Abbott
  • Boston Scientific Corporation
  • Others         

Recent Developments:

In May 2021, the University of California, San Francisco (UCSF), a biomedical research hub and health system, and Royal Philips, a global health technology company, announced a partnership to develop technology that will enable a contemporary, more streamlined experience for patients and set a new benchmark for healthcare delivery. UCSF will use Philips HealthSuite to oversee the development of technologies that customize care, making it easier for patients to choose doctors, access their medical records, and receive virtual treatment at home.

In March 2021, Henry Kravis, George Roberts, and other investors announced a USD 25 million series investment in 100Plus for platforms for remote patient monitoring. In addition, 6 out of 10 persons in the United States have a chronic condition, according to the Centers for Disease Control and Prevention (CDC).

The global Remote Patient Monitoring Devices market is segmented as follows:

By Product

  • Vital Sign Monitors
    • Blood Pressure Monitors
    • Pulse Oximeters
    • Heart Rate Monitor (ECG)
    • Temperature Monitor
    • Respiratory Rate Monitor
    • Brain Monitoring (EEG)
  • Special Monitors
    • Anesthesia Monitors
    • Blood Glucose Monitors
    • Cardiac Rhythm Monitor
    • Respiratory Monitor
    • Fetal Heart Monitors
    • Prothrombin Monitors
    • Multi Parameter Monitors (MPM)
    • Others

By Application

  • Cancer
  • Cardiovascular Diseases
  • Diabetes
  • Sleep Disorder
  • Weight management and Fitness Monitoring
  • Bronchitis
  • Infections
  • Virus
  • Dehydration
  • Hypertension

By End User

  • Hospital Based Patients
  • Ambulatory Patients
  • Home Healthcare

By Region

  • North America
    • The U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • The UK
    • Spain
    • Germany
    • Italy
    • Nordic Countries
      • Denmark
      • Sweden
      • Norway
    • Benelux Union
      • Belgium
      • The Netherlands
      • Luxembourg
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia
    • South Korea
    • Southeast Asia
      • Indonesia
      • Thailand
      • Malaysia
      • Singapore
      • Rest of Southeast Asia
    • Rest of Asia Pacific
  • The Middle East & Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of the Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America

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