Report Summary:
With a predicted compound annual growth rate (CAGR) of about 7.45% between 2022 and 2028, the market for remote patient monitoring devices would increase from its estimated value of USD 1192 million in 2021 to USD 2114 million by 2028. The enhanced chronic disease management provided by remote monitoring systems, including early warning indications and progress trackers, has increased demand for these systems on a global scale. 90% of yearly healthcare costs in the United States are attributable to chronic illnesses. This can be avoided if patients receive prompt assistance through a remote monitoring system.
Remote patient monitoring (RPM) devices use technology to provide remote health condition monitoring without requiring a patient to physically visit a hospital or clinic. Excellent medical treatment can be given to a patient even while they are at home or in another remote location thanks to RPM technologies. By monitoring the data produced by the gadget, a doctor or other designated medical professionals is in charge of continuously tracking healthcare updates, such as any symptoms, post-hospital rehabilitation, or chronic problems. It is well recognised that RPM devices have decreased medical delivery costs while while raising care quality.
Reliable data produced by artificial intelligence is one of the primary characteristics of RPM devices (AI). These systems use advanced technology that combines machine learning and AI to evaluate large amounts of data. Since RPM devices record highly sensitive and private information, suppliers typically have excellent cyber security systems in place to thwart any unethical online attempts.
Product Insight:
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. Over the projection period, the vital sign monitors category is anticipated to develop at the fastest rate. Due to the rise in cardiac problems worldwide, the heart rate monitor product subsegment is one of the most dominant ones. The rising use of these monitors is a result of the rise in people with heart conditions. At CES in 2019, Withings unveiled the most sophisticated and varied at-home cardiovascular monitoring. It is anticipated to be the first item to detect blood pressure, record ECG and heart data using a digital stethoscope.
Application Perspectives:
Europe may potentially experience rapid growth as a result of increased efforts made by the government and corporate sector to inform the public about the advantages of RPM devices and other beneficial regulatory procedures. Companies in the EU are forming strategic alliances to expand their customer datasets and provide better services, strengthening their worldwide presence.
Regional Perspectives:
As a result, routine and continuous monitoring is needed, which can be conveniently done with the help of RPM devices. Over the course of the projected period, the application sector for hypertension is also anticipated to rise significantly. Cardiovascular problems are more likely as a result of hypertension. Over 1 billion individuals suffer from hypertension globally, according to the World Health Organization (WHO). The management of hypertension can benefit greatly from remote patient monitoring. Due to the rising frequency of the disease, the segment for treating cardiovascular disease is predicted to increase at a profitable pace over the projection period.
In 2022, North America dominated the market globally, with more than 41.45% of the total revenue. The main causes of the regional market growth are the rise in the prevalence of chronic diseases, the need for wireless and portable systems, and the availability of complex reimbursement schemes designed to reduce out-of-pocket expenses. Over the projected period, Europe, particularly the Western European nations, is anticipated to continue to rank second in terms of income generation.
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The global remote patient monitoring devices market is segmented as follows:
By Application
- Diabetes
- Oncology
- Cardiovascular Diseases
- Others
By Type
- Services
- Devices
- Respiratory Monitoring
- Multi-Parameter Monitoring
- Cardigan Monitoring
- Blood Glucose Monitoring
- Others
By End-User
- Patients
- Providers
- Payers
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