The usage of patient monitoring devices allows experts to keep an eye on the patient’s status by tracking their health. The patient monitoring device computes, records, transmits and displays the results of biometric measurements like heart rate, blood pressure, oxygen saturation, and more.
In 2021, the market for remote patient monitoring devices was worth USD 1.45 billion, and by 2030 it will reach USD 4.07 billion, growing at an 8.74% CAGR during the forecast period.
The market for patient monitoring devices is expanding significantly due to the growing demand for wireless patient monitoring devices. Also, the prevalence of chronic diseases, including diabetes, hypertension, and cardiovascular disease, is rising quickly due to the aging population.
The prevalence of NCDs and chronic illnesses like cancer is rising, boosting the demand for remote patient monitoring. According to the CDC, approximately 660,000 Americans die from heart disease yearly, while the NICHD estimates that 140,000 Americans suffer a stroke yearly. The growing rate of patients with chronic disorders emphasizes the need for remote monitoring, resulting in a positive shift in market trends for remote patient monitoring devices.
Industrialized and developing nations’ governments recognize the necessity of increasing their citizens’ access to healthcare. Per an NCBI study, 3.6 million People skip at least one visit because of transportation problems.
The high cost of remote patient monitoring devices forces patients to visit hospitals more frequently. This may make it necessary for the government to cut healthcare costs, stifling market growth.
The market for remote patient monitoring devices will expand due to increasing efforts made by healthcare facilities to include RPM devices in their treatment plans. This is caused by the fact that hospital admissions have been steadily rising, placing a strain on healthcare facilities because there may not be enough staff to monitor and care for all the patients who have been hospitalized.
On the basis of product, the market is segmented into monitors, monitoring devices, sign monitors, function monitoring devices, systems monitoring devices, and devices.
The vital signs monitor segment ruled the market in 2021 with a revenue share of nearly 38.89% and will expand at a CAGR of 21.9% during the forecast period. The need for vital sign monitors is rising as the number of people with cardiac conditions rises. Over 7.6 million individuals in the UK have a heart or circulation disease, with 4 million men and 3.6 million women affected, according to the British Heart Foundation.
On the basis of end-user, the market is segmented into homecare, hospital-based patients, and ambulatory patients.
In 2021, the hospital-based patient segment was the market leader, with the largest revenue share of 79.4%. To meet the demands of patients, hospitals provide a wide range of diagnostic tests and employ a large technical team. In 2021, there were reportedly 1.9 million new cancer cases, up from the 1.786 million new cancer cases reported in 2020, according to a journal published by the American Cancer Society.
In terms of application, the market for remote patient monitoring devices is segmented into monitoring, disorder, management, and disease bronchitis.
The diabetes segment had the largest market size, with 12.8% of the revenue share. Diabetes which requires continuous monitoring is one of the leading causes of death worldwide. In North America, 51 million persons, or one in seven, have diabetes, according to the World Diabetes Federation. By 2030, the figure will reach 57 million, and 63 million by 2045. Remote patient monitoring devices were required due to increased diabetes cases, which helped the business flourish.
In 2022, North America was the biggest regional market, with 42.45% of the revenue share. 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. Increasing internal monitoring needs, helpful central data management solutions, and improving RPM accuracy & efficiency are the key growth factors for the region.
Due to the existence of unexplored potential in the rising markets of India and China, the Asia Pacific region will expand rapidly. Japan will be a significant source of revenue because of its large elderly population.
- Smiths Medical
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Nihon Kohden Corporation
- Omron Corporation
- Koninklijke Philips N.V.
- Hoffmann-La Roche Ltd
- Welch Ally
- American Telecare
- OSI Systems, Inc.
- GE Healthcare
- Boston Scientific Corporation
- Johnson & Johnson
- Dräger Medical
- Vitls, Inc
- Cerner Corporation
In 2021, the market for remote patient monitoring devices was worth USD 1.45 billion, and by 2030 it will reach USD 4.07 billion, growing at an 8.74% CAGR during the forecast period. The market will expand with rising awareness of consumers of exercise and a healthy lifestyle. Furthermore, the market will increase due to lifestyle-related illnesses, including diabetes and hypertension, and the need for round-the-clock patient care.
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