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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

Industry Insights

[222+ Pages Report] According to Facts and Factors, the global Remote Patient Monitoring Devices market size was worth around USD 29.94 billion in 2021 and is predicted to grow to around USD 98.58 billion by 2028 with a compound annual growth rate (CAGR) of roughly 18.56% between 2022 and 2028. The report analyzes the global Remote Patient Monitoring Devices market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global Remote Patient Monitoring Devices market.

Global Remote Patient Monitoring Devices Market

logoMarket Overview

The usage of remote patient monitoring devices allows for the digital capture of a person's medical data from a single location and the electronic transmission of that data to healthcare professionals in other locations for assessments and recommendations. Blood pressure, blood oxygen levels, heart rates, electrocardiograms, and blood sugar levels are just a few of the medical data that are collected by the monitoring devices from point-of-care testing. The information gathered by the gadgets is subsequently sent to medical personnel working in hospitals, intensive care units, and nursing homes for additional evaluation. Due to the rising frequency of conditions including heart disorders, respiratory disorders, and other conditions, the market for remote patient monitoring devices is anticipated to expand significantly over the course of the forecast period. The disease has spread to over 100 nations since the COVID-19 viral epidemic in December 2019, and on January 30, 2020, the World Health Organization proclaimed it to be a public health emergency. The abrupt COVID-19 pandemic has brought the entire planet to a stop. The load on hospitals and medical staff has intensified as the entire world battles this pandemic. For instance, the global health technology company Royal Philips reported in May 2020 that the U.S. Food and Drug Administration (FDA) had granted 510(k) clearance for its wearable biosensor (Philips Biosensor BX100) to assist in managing confirmed and suspected COVID-19 patients in the hospital.

logoKey Insights

  • As per the analysis shared by our research analyst, the global Remote Patient Monitoring Devices market is estimated to grow annually at a CAGR of around 18.56% over the forecast period (2022-2028).
  • In terms of revenue, the global Remote Patient Monitoring Devices market size was valued at around USD 29.94 billion in 2021 and is predicted to grow to around USD 98.58 billion by 2028.
  • Due to a variety of driving factors, the market is predicted to rise at a significant rate.

The increasing prevalence of several disorders and diseases is expected to drive the global remote patient monitoring devices market growth over the forecast period.

  • Based on product segmentation, the special monitors were predicted to show maximum market share in the year 2021
  • Based on application type segmentation, diabetes was predicted to show maximum market share in the year 2021
  • Based on end-use segmentation, the hospital-based patients were predicted to show maximum market share in the year 2021
  • On the basis of region, North America was the leading revenue generator in 2021.

Global Remote Patient Monitoring Devices Market

logo Growth Drivers

  • Increase in the prevalence of various ailments and diseases is anticipated to fuel market growth for remote patient monitoring devices.

Due to the rising frequency of conditions including heart disorders, respiratory disorders, and other conditions, the market for remote patient monitoring devices is anticipated to expand significantly over the course of the forecast period. According to a World Health Organization report released in June 2021, 32% of all fatalities worldwide in 2019 were attributed to cardiovascular disorders, killing an estimated 17.9 million individuals. Heart attacks and strokes worldwide accounted for 85% of these deaths. Globally, cardiovascular disorders were responsible for 38% of the 17 million premature deaths (before the age of 70) in 2019 that were caused by non-communicable diseases.

In addition, the same source projects that by May 20, 2022, LMICs like Bangladesh and India will account for over 90% of all COPD (chronic obstructive pulmonary disease) fatalities worldwide among those under the age of 70. Therefore, it is anticipated that throughout the course of the forecast period, the high prevalence of diabetes and chronic obstructive pulmonary disease will propel the growth of the global remote patient monitoring devices market.

logo Restraints

  • Healthcare fraud likely to restrict market expansion

Regarding telehealth and telemedicine practices, healthcare fraud is a crucial factor. There are several ways a patient or a doctor can be harmed. For instance, the doctor's identity and the account could be used to receive payments from the insurance company, or institutional providers who are ineligible or not on the list could utilize inaccurate coding and billing to submit bogus claims.

logo Challenges

  • Behavioral barriers, healthcare affordability, and the lack of awareness

Although they may not be the most evident barrier, behavioral barriers nonetheless present a major obstacle to the adoption of telehealth and telemedicine. Patients and doctors frequently struggle with unfamiliarity with new procedures and are reluctant to abandon their current (traditional) techniques. Due to their lack of experience with technology, older persons may also choose not to use telehealth and telemedicine services.

logo Opportunity

  • High utility of RPM in combating infectious diseases and epidemics

Since both patients and medical staff are equally susceptible to catching an infection, infectious disorders are among the most challenging ailments to treat in hospitals. Due to its intrinsic advantages, such as the early detection of diseases and virtual visits, which reduce overall patient exposure, telemedicine has a significant potential to restrict the spread of epidemics and healthcare-associated infections in such situations. There is no doubt that it lowers the overall number of in-person visits and travel required for the course of therapy. It is a more secure method of providing care and helps to contain the spread of infectious diseases.

logoSegmentation Analysis

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

The market is divided into vital sign monitors and specialized monitors based on the product. Due to its capacity to monitor clinically significant data prior to and following surgery, recognize symptoms, and avoid complications, the special monitors segment dominated the market in 2021. Modern technologies like wireless connection and iPad compatibility enable early diagnosis and greater product application. A patient's ECG, noninvasive blood pressure, body temperature, respiration rate, and brain activity can all be efficiently monitored with vital sign monitors. During the projection period, the popularity of these devices is anticipated to expand due to the integration of many vital sign monitors into a single system.

The market is divided into categories based on application, including cancer, cardiovascular diseases, diabetes, sleep disorders, weight management, fitness monitoring, bronchitis, infections, viruses, dehydration, and hypertension. In 2021, diabetes became the most popular application category. Diabetes is one of the main causes of death, thus blood glucose levels must be monitored constantly. It is known to have an impact on a number of bodily processes, including kidney, liver, cardiac, and visual activities. As a result, regular and ongoing monitoring is needed, which can be conveniently done with the aid of remote patient monitoring devices. Over the course of the projected period, the application sector for hypertension is also anticipated to rise significantly. Cardiovascular problems are more likely a result of hypertension.

logoRecent 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).

logoReport 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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logo Regional Analysis

  • North America to lead the market growth during the projection period

In 2021, North America dominated the global remote patient monitoring devices market. The main causes of the regional expansion are the rise in the prevalence of chronic diseases, the desire for wireless and portable devices, and the presence of complex reimbursement schemes designed to reduce out-of-pocket expenses. Europe, particularly the Western European nations, is anticipated to continue to rank second in terms of revenue generation over the projected period due to its higher mortality rate and growing need for affordable healthcare. High-impact rendering drivers for regional growth include increasing demand for in-house monitoring, helpful central data management systems, and improving the accuracy and efficiency of remote patient monitors.

Furthermore, due to the existence of unexplored potential in the rising markets of India and China, the Asia Pacific region is anticipated to see the quickest CAGR throughout the projection period. Japan's large old age (65+) population is anticipated to be a major source of income.

logo Competitive Analysis

  • 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 

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

logoBy 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

logoBy Application

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

logoBy End User

  • Hospital Based Patients
  • Ambulatory Patients
  • Home Healthcare

logoBy Regional Segment Analysis

  • 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

Covid-19

Remote Patient Monitoring Devices Market

The pandemic continues to cause unprecedented disruption across industries worldwide.Get detailed insights regarding the impact of COVID-19 on the market. Request Sample

Industry Major 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 

Frequently Asked Questions

Increasing prevalence of several disorders and diseases is expected to drive the global remote patient monitoring devices market growth over the forecast period.
According to Facts and Factors, the global Remote Patient Monitoring Devices market size was worth around USD 29.94 billion in 2021 and is predicted to grow to around USD 98.58 billion by 2028 a compound annual growth rate (CAGR) of roughly 18.56% between 2022 and 2028.
The global Remote Patient Monitoring Devices market is anticipated to generate the highest revenue from North America. The main causes of the regional expansion are the rise in the prevalence of chronic diseases, the desire for wireless and portable devices, and the presence of complex reimbursement schemes designed to reduce out-of-pocket expenses.
The global Remote Patient Monitoring Devices market is driven by players like 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 among others.
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