Remote Patient Monitoring Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

Remote Patient Monitoring System Market Analysis

The remote patient monitoring systems market is expected to register a CAGR of 8.54% during the forecast period.

The COVID-19 pandemic placed enormous pressure on hospitals and healthcare systems that were understaffed and overworked globally. Remote patient monitoring technology helped patients remain safe within their homes while reducing stress on hospitals, emergency rooms, and front-line healthcare workers during the pandemic, thereby positively impacting the market. The USFDA established a new regulation allowing healthcare practitioners to use FDA-approved Remote Patient Monitoring (RPM) devices to assess patients' body temperature, respiration rate, heart rate, and blood pressure without invasive procedures. COVID-19 has provided a strong foundation for clinicians and patients to use RPM effectively. According to a report published in NPJ Digital Medicine in 2021 by Jordan D. Coffey, the RPM technology engagement rate was 78.9% throughout the pandemic. The market studied was positively impacted by the high utilization of RPM devices during the pandemic. Currently, the market has reached a pre-pandemic status in terms of demand for RPM devices. However, it is expected to witness strong growth in the coming years.

The major factors driving the market include the rising burden of chronic diseases due to lifestyle changes, the surge in the geriatric population, and the growing demand for home-based monitoring devices. Remote patient monitoring is ambulatory healthcare that allows patients to use a mobile medical device to accomplish a routine test and guide the test data to a healthcare expert in real time.

Globally, the rising chronic disease population, the increasing aging population, and the demand for home-based monitoring devices are boosting the market's growth. For instance, according to the American Cancer Society's annual report published in 2022, an estimated number of new cancer cases in the United States was believed to reach around 1.9 million, and over half a million people were expected to die due to cancer in the country. Owing to the high expected incidence of cancer and the high mortality, there will be growing use of monitoring devices to track health among the affected population. Hence, the market studied will be witnessing a strong growth due to the rising chronic diseases such as cancer.

In addition, these devices are compact and portable, and patients can wear them all day without feeling uneasy. These devices also ensure that the patient's condition is monitored continuously. Growing demand for home-based monitoring devices also boosts the market's growth. According to the Center for Medicare and Medicaid Services in 2021, remote monitors help several high-risk patients avoid being readmitted to the hospital and make the most of their healthy days at home. Clients who use remote monitoring report a 76% reduction in readmission rates, an average of 89% patient satisfaction, and a total medical cost savings of nearly USD 370 million.

However, healthcare industry professionals' resistance to adopting monitoring systems, a need for proper reimbursement policies in developed markets, and the stringent regulatory framework impede the market's growth.

Remote Patient Monitoring System Market Trends

This section covers the major market trends shaping the Remote Patient Monitoring Systems Market according to our research experts:

The Multi-parameter Monitors Segment is Expected to Register Significant Growth over the Forecast Period

Remote Patient Monitoring System Industry Segmentation

As per the scope of this report, remote patient monitoring technology comprises day-to-day monitoring devices, such as glucometers for patients with diabetes and heart or blood pressure monitors for patients getting cardiac care. Information can be sent to a physician's workplace via telehealth communication links by a software application installed on the patient's internet-capable computer, smartphone, or tablet. 

The Remote Patient Monitoring Systems Market is Segmented by Type of Device (Heart Monitors, Breath Monitors, Hematology Monitors, Multi-parameter Monitors, and Other Types of Devices), Application (Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Management and Fitness Monitoring, and Other Applications), End User (Home Care Settings, Hospitals/Clinics, and Other End Users), and Geography (North America (United States, Canada, and Mexico), Europe (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Middle East and Africa (GCC, South Africa, and Rest of Middle East and Africa), and South America Brazil, Argentina, and Rest of South America)). The report offers the value (in USD million) for the above segments.