Remote Patient Monitoring Devices Market Size

Artificial Intelligence is fastest growing segment fueling the growth of the Remote Patient Monitoring Devices Market

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The global Remote Patient Monitoring Devices Market is estimated to be valued at US$ 67.82 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
Remote patient monitoring devices are used for monitoring patients from a distance and communicating results to healthcare professionals to assist with diagnosis and treatment of medical conditions. These devices help monitor critical health parameters such as blood glucose levels, blood pressure, heart rate, pulse oximetry and others. They offer advantages like early detection of health issues, reduced need for hospitalization and cost savings.

Market key trends:
One of the key trends driving the growth of remote patient monitoring devices market is the increasing adoption of artificial intelligence. AI is helping improve the efficacy of monitoring devices by enabling continuous data analysis. It facilitates early detection of health deteriorations or irregularities by establishing patterns in the collected health data over time. AI also allows devices to provide customized feedback and recommendations to patients. This data driven approach powered by AI is revolutionizing chronic disease management and helping lower healthcare costs significantly.
Segment Analysis
The remote patient monitoring devices market is segmented by product, application and end-use. By product, the market is dominated by the vital signs monitors segment, accounting for over 30% of the total market share in 2023. This segment includes blood pressure monitors, pulse oximeters, temperature monitors and others which are widely used for remote monitoring of major patient vital signs. By application, the chronic illness segment dominates the market. This segment monitors conditions including heart disease, diabetes, respiratory diseases and others which require continuous monitoring. By end-use, home care settings segment holds the major share due to increasing demand for independent living and home-based care.

Key Takeaways
The global Remote Patient Monitoring Devices Market Size is expected to witness high growth, exhibiting CAGR of 7.4% over the forecast period, due to increasing prevalence of chronic diseases and rising geriatric population.

Regional analysis
North America dominated the global market in 2023 and is expected to remain the largest market during the forecast period. This is attributed to factors such evolving reimbursement scenario for RPM services and high adoption of new technologies. Asia Pacific is anticipated to exhibit the fastest growth over the forecast period owing to increasing healthcare expenditure, expanding medical infrastructure and rising medical tourism.

Key players
Key players operating in the remote patient monitoring devices market are Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC, Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH and Cerena Corporation. Abbott Laboratories holds the major market share owing to its diverse product portfolio and strong geographical presence across the globe.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it