Global Remote Patient Monitoring Devices Market Outlook, Trends And Future Opportunities (2023-2030)

Global Remote Patient Monitoring Devices Market Outlook, Trends And Future Opportunities (2023-2030)

Global Remote Patient Monitoring Devices Market, Offering (Devices - (Vital sign monitors, Respiratory monitors, Cardiac monitors, Blood glucose monitors, Brain monitors, Others), Software and services), Application (Cancer, Cardiovascular diseases, Diabetes, Fitness and weight management, Sleep disorders, Others), End user (Hospitals, Clinics, Patients and consumers), Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) The report offers a comprehensive view of the market from supply as well as demand side to help take informed decisions.

  • Published On: Sep 2023
  • Report ID: IDA40
  • Region: Global
  • Format: PDF/EXCEL

Remote patient monitoring devices are technology embedded products that are used by patients, consumers, and  healthcare professionals alike for health and medical condition monitoring purposes. Remote patient monitoring devices are increasingly being used in health and wellness industry due to factors such as portability, remote health monitoring, and technological advancement. Remote patient monitoring devices are employed towards care of chronic illness, post-discharge, and/or senior care requiring patients. Remote patient monitoring devices can help in keeping track of and notifying health status of high-risk patients.

Market Drivers and Restraints:

  • Advancement in the technology and integration of AI in the devices has supported global remote patient monitoring devices market growth over the past few years. For example, RPM programs use various types of devices such as pulse oximeters, blood glucose meters, heart monitors for better patient care and monitoring. 
  • Several small scale and large scale manufacturers are operating in the market which have revolutionized the remote patient monitoring industry. For instance, Omron Healthcare Co., Ltd., has introduced initiatives to advance its vision of "Going for Zero" -- Elimination of Heart Attack and Stroke in December 2022. These initiatives include introducing devices such as Complete(TM), the upper-arm blood pressure monitor with built-in ECG technology, and their global remote patient-monitoring services.

However, there are certain limitations associated with implementation of these devices such as security, and data integrity issues, high cost of implementation for small hospitals, and practitioners. Other challenges include accessibility and connectivity issues.

Global Remote Patient Monitoring Devices Market accounted for US$ 28.3 Bn in 2022 and is expected to witness a CAGR of 15.9% over the forecast period (2022-2030) to reach US$ 92.1 Bn by 2030

Competitive Landscape:

The global remote patient monitoring devices market is fairly fragmented with multinational corporations and smaller companies operating in the industry. Leading companies operating in the market are offering advanced wearable and non-wearable devices, and patient monitoring solutions.

We have employed tools and techniques such as PEST analysis, SWOT analysis, PORTER’s analysis, BCG matrix to provide competitive and market intelligence.

Some of the prominent players operating in the market are:

  • Koninklijke Philips N.V.
  • Medtronic Plc
  • Boston Scientific Corporation
  • GE Healthcare
  • Omron Corporation
  • Nihon Kohden Corporation
  • F. Hoffmann-La Roche AG
  • Siemens Healthineers AG
  • Welch Allyn
  • Abbott Laboratories

Key Insights

Description

The market size in 2021

USD 24.4 Billion 

CAGR (2021 - 2030)

15.9%

The revenue forecast in 2030

USD 92.1 Billion

Base year for estimation

2021 

Historical data

2017-2020

Forecast period

2022-2030

Quantitative units

Revenue in USD Billion, and CAGR from 2021 to 2030

Market segments

Offering, Application, End Users, Region

Regional scope

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

Market Drivers

  • Technological advancement
  • Products launches
  • Increasing geriatric population

Market Restraints

  • Security issues
  • Regulatory challenges

Competitive Landscape

Koninklijke Philips N.V., Medtronic Plc, Boston Scientific Corporation, GE Healthcare, Apple Inc., Omron Corporation, Nihon Kohden Corporation, F. Hoffmann-La Roche AG , Siemens Healthineers AG, Welch Allyn, Abbott Laboratories

Segments Covered in the global remote patient monitoring devices market report:

The global remote patient monitoring devices market is segmented based on offering, application, distribution channel, and region as follows:

  • Offering (Revenue, USD Billion; 2022–2030)
    • Devices
      • Vital sign monitors
      • Respiratory monitors
      • Cardiac monitors
      • Blood glucose monitors
      • Brain monitors
      • Others
    • Software and services
  • Application (Revenue, USD Billion; 2022–2030)
    • Cancer
    • Cardiovascular diseases
    • Diabetes
    • Fitness and weight management
    • Sleep disorders
    • Others
  • End user (Revenue, USD Billion; 2022–2030)
    • Hospitals
    • Clinics
    • Patients and consumers
  • Region (Revenue, USD Billion; 2022–2030)
    • North America
      • U.S.
      • Canada
    • Europe
      • Germany
      • U.K.
      • France
      • Italy
      • Spain
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • ASEAN
      • Rest of APAC
    • Latin America
      • Brazil
      • Mexico
      • Rest of LATAM
    • Middle East & Africa
      • Saudi Arabia
      • UAE
      • Rest of MEA

Frequently Asked Questions

The current market size of the remote patient monitoring devices industry is estimated to be USD 32.78 billion (as of 2023).

Rising prevalence of chronic diseases, aging population, and increasing adoption of remote patient monitoring technologies are driving the growth of the remote patient monitoring devices market.

High cost of implementation and lack of reimbursement policies are key factors hampering the growth of the remote patient monitoring devices market.

Devices is the leading component segment in the Remote Patient Monitoring Devices Market.

Koninklijke Philips N.V., GE Healthcare, Medtronic, Boston Scientific, and Omron Healthcare are some of the major players operating in the remote patient monitoring devices market.

The Remote Patient Monitoring Devices Market is expected to grow at a CAGR of 15.9% and reach a market size of US$ 92.1 billion by 2030.
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