Global remote patient monitoring devices market is expected to witness a growth rate of 15.9% to reach US$ 92.1 Bn market size by 2030.
Industry drivers and trends:
Healthcare industry has seen several product launches in remote patient monitoring devices category over the recent past which has propelled global remote patient monitoring devices market growth. For instance, in highly critical areas such as cardiovascular care, respiratory care, and ICU care have been impacted by launch of several technologically advanced products. Products such as Cardiac patient monitoring patches, such as the 7L ECG patch, can reduce the risk of complications including stroke, arrest, and heart attack.
Furthermore increasing prevalence of chronic diseases such as diabetes, cardiovascular diseases, and other lifestyle diseases has created a need of better patient condition monitoring, minimally invasive treatment, and possibly early diagnosis of diseases. This has resulted in advent of advanced wearable devices which are capable of monitoring patient health, tracking user vital signs, and guiding users towards making better health choices.
- Leading and newer players are engaged in collaborations and partnerships which is expected to support global remote patient monitoring devices market growth over the forecast period. For instance, in December 2022, PAVmed, Inc. launched Veris Cancer Care a remote patient monitoring platform for cancer care (through majority-owned digital health subsidiary Veris Health Inc.).
- Global remote patient monitoring devices market is a fairly fragmented industry with a few organizations occupying significant market share and multiple smaller and medium sized companies occupying the rest.
- Some of these organizations are Koninklijke Philips N.V., Medtronic Plc, among others
- North America region occupies highest market share in the global remote patient monitoring devices market owing to product launches and increasing need for better patient monitoring followed by Europe
- Glucose monitoring devices segment is expected to hold majority of the market share over the forecast period followed by software and services
- Hospitals segment is expected to show highest growth over the forecast period
- Advancements in technologies such as AI, and sensors is further expected to support global remote patient monitoring devices market growth over the forecast period
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)
- Vital sign monitors
- Respiratory monitors
- Cardiac monitors
- Blood glucose monitors
- Brain monitors
- Software and services
- Application (Revenue, USD Billion; 2022–2030)
- Cardiovascular diseases
- Fitness and weight management
- Sleep disorders
- End user (Revenue, USD Billion; 2022–2030)
- Patients and consumers
- Region (Revenue, USD Billion; 2022–2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
"The term Remote Patient Monitoring Devices Market refers to the industry and market segment focused on the development, manufacturing, and distribution of medical devices and technology that enable healthcare providers to remotely monitor and track the health and vital signs of patients. These devices are designed to collect and transmit real-time data from patients, such as heart rate, blood pressure, oxygen levels, and other relevant health metrics, to healthcare professionals or medical systems. This remote monitoring allows for continuous or periodic assessment of a patient's health status without the need for them to be physically present in a healthcare facility, making it particularly valuable for managing chronic conditions, post-operative care, and other medical situations where regular monitoring is essential. The Remote Patient Monitoring Devices Market encompasses a wide range of products and services, including wearable devices, sensors, mobile apps, and telehealth platforms, all aimed at improving patient care, reducing healthcare costs, and enhancing overall healthcare outcomes."