Remote Patient Monitoring Devices Market Size & Updates Till 2031

(MENAFN- Straits Research) Introduction

Remote patient monitoring (RPM) devices enable healthcare professionals to remotely monitor, report, and analyze their patients' acute or chronic conditions. They allow the practitioner to comprehend the patient's disease state and to take preventative clinical measures. The monitoring devices collect diverse health data from point-of-care tests, such as blood pressure, blood oxygen levels, pulse rates, electrocardiograms, and blood sugar levels. In addition, convenient patient monitors are designed to be transportable and energy-efficient so that paramedics and others in remote areas can utilize them to track and transmit data to other healthcare providers. Remote patient monitoring devices promote daily interaction and a deeper comprehension of a patient's health.

Market Dynamics The rising Prevalence of Chronic Conditions Drives the Global Market

According to the World Health Organization, cancer, diabetes, respiratory disorders, cardiovascular diseases, and other life-threatening conditions account for sixty percent of all fatalities and forty-three percent of the global disease burden. Remote patient monitoring applications provide healthcare professionals with real-time health data, allowing timely intervention. This makes it a significantly more reliable option than traditional medical consultations with physicians. It is anticipated that stringent government policies and favorable WHO regulations for remote patient monitoring devices will encourage numerous organizations to develop novel drugs to treat chronic diseases like cardiovascular disease, cancer, diabetes, and chronic respiratory disease. In addition, the rising prevalence of chronic conditions directly impacts ICU utilization. The market is expected to grow due to the advantages of remote patient monitoring devices, such as shorter hospital stays, fewer adverse effects, and shorter recovery periods.

Technological Advancements Creates Tremendous Opportunities

Rapid investments in research and development have resulted in the introduction of technologically advanced pharmaceuticals and medical devices in the healthcare industry. Demand and supply for on-site medical diagnosis and follow-up consultations are grossly unbalanced due to the rising incidence of chronic illnesses and the shortage of medical professionals. In contrast, remote patient monitoring systems transfer patient medical records to hospital Electronic Medical Record (EMR) systems, which ensures effective and efficient treatment delivery and minimizes throughput time. In addition, it aids in keeping track of a patient's medical history to analyze and plan various treatments. With the advent of sophisticated wireless devices, noise has decreased, making the data more precise and trustworthy. Technologically advanced products have led to the development of minimally invasive diagnostic and surgical procedures, which are anticipated to generate enormous market expansion opportunities.

Regional Analysis

North America is the most significant global remote patient monitoring devices market shareholder and is anticipated to exhibit a CAGR of 19.5% during the forecast period. Numerous multinational companies, technological advancements, and a favorable reimbursement structure have expanded the North American market. The North American market for remote patient monitoring devices is the most developed. Increasing the use of remote patient monitoring for regular, continuous, and long-term monitoring of patients and decreasing the frequency of hospital visits are expected to expedite the market growth during the forecast period. In addition, the increase in chronic diseases requiring routine monitoring and a sophisticated healthcare infrastructure will drive the market forward. Physicians and patients are increasingly adopting these devices due to their benefits.

Europe is estimated to exhibit a CAGR of 19.2% over the forecast period. Rising demand for in-house monitoring and supportive central data management systems, as well as increasing accuracy and efficiency of remote patient monitors, are high-impact rendering drivers for the European remote patient monitoring devices market. In addition, the region's healthcare spending per capita is relatively higher than that of developing nations, which contributes to the expansion of the medical devices market. This indirectly contributes to the expansion of remote patient monitoring.

Additionally, the imminent implementation of the In-vitro Diagnostics Regulation (IVDR) and the new Medical Device Regulation (MDR) is anticipated to drastically alter the regulatory landscape for medical devices in the European Union. Implementing these regulations is anticipated to result in costly certification of new products and recertification of existing products due to the reclassification of devices by new regulations and increased requirements for clinical testing of medical devices, particularly IVDs. Therefore, these new regulations are anticipated to raise the time and expense required to access the European market.

Key Highlights

• The global remote patient monitoring devices market size
  was valued at
  USD 15 billion in 2022.
  It is estimated to reach
  USD 38 billion by 2031 , growing at a
  CAGR of 18.7%
  during the forecast period (2023–2031).
• Based on the product, the global remote patient monitoring devices market is segmented into vital signs monitors and specialized monitors.
  The specialized monitor segment owns the highest market share and is predicted to exhibit a CAGR of 19.3% during the forecast period.
• Based on application, the global remote patient monitoring devices market is divided into cancer, cardiovascular diseases, diabetes, sleep disorder, weight management and fitness monitoring, virus, infections, dehydration, and hypertension.
  The diabetes segment is the most significant contributor to the market and is estimated to exhibit a CAGR of 19.7% over the forecast period.
• Based on the end-user, the global remote patient monitoring devices market is bifurcated into hospital-based patients, ambulatory patients, and home healthcare.
  The hospital-based patient segment dominates the global market and is projected to exhibit a CAGR of 19.3% over the forecast period.
• North America is the most significant global remote patient monitoring devices market shareholder and is anticipated to exhibit a CAGR of 19.5% during the forecast period.

Competitive Players

Medtronic

Abbott

Proteus Digital Health

Masimo

AliveCor

Masimo

Philips

Stryker

GE Healthcare

Boston Scientific Corporation

McKesson Corporation

Cardinal Health

Recent Developments

Recent Developments

• June 2023 - REMware, a Florida-based company, partnered with Side Health , a virtual medical practice, to provide patients with a home diagnostic solution for sleep apnea. Dream Clear from REMware is a remote sleep apnea testing device designed for patient use at home, and its home sleep test (HST) app transmits the recorded data to your doctor or healthcare provider.
• April 2023- Philips and Masimo announced that they are extending their remote patient monitoring collaboration to include the W1 wearable developed by Masimo . The collaboration enables vital sign data from the W1 to watch to be transmitted to Philips' patient monitoring ecosystem, allowing clinicians to monitor patients following hospital discharge.

Segmentation

By Product

Vital Sign Monitors

Specialized Monitors

By Applications

Cancer

Cardiovascular Diseases

Diabetes

Sleep Disorder

Weight Management and Fitness Monitoring

Virus

Infections

Dehydration

Hypertension

By End-User

Hospital Based Patients

Ambulatory Patients

Home Healthcare

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