Remote Patient Monitoring Devices

Global Remote Patient Monitoring Devices Market Is Estimated To Witness High Growth

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Market Share Analysis:-

The global Remote Patient Monitoring Devices Market accounted for US$ 1,192.5 million in 2022 and is expected to grow at a CAGR of 7.4% over the forecast period 2023-2030.

Market Overview:-

Remote patient monitoring devices enable healthcare providers to monitor patients’ vital signs and symptoms remotely using devices such as glucometers, blood pressure monitors, pulse oximeters etc. This helps save costs associated with hospitalization and provides convenience to patients. Remote monitoring of chronic diseases through wearable biosensors improves patient care and treatment adherence.

Market key trends:-

The growing geriatric population and higher prevalence of chronic diseases are driving the demand for remote patient monitoring devices. According to estimates, over 55% of Americans suffer from at least one chronic disease. As the elderly are more prone to developing chronic conditions, remote monitoring solutions allow ageing patients to receive medical care while staying at home, thereby significantly improving their quality of life. Cost savings from averted hospital admissions also benefit the overall healthcare system. Another major trend is increased adoption of wireless technology and wearable biosensors for remote data transmission, which has expanded the capabilities of remote monitoring. This allows round-the-clock monitoring of high-risk patients.

Segment Analysis:-

The remote patient monitoring devices market is segmented by product into vital signs monitoring devices, glucose monitoring devices, cardiac monitoring devices, holter monitors, and others. Among these, the cardiac monitoring devices segment dominates the market and accounts for over 30% share of the global remote patient monitoring devices market. This is owing to high prevalence of cardiovascular diseases and increasing adoption of implantable loop recorders and mobile cardiac telemetry devices for real-time monitoring of cardiac patients. Moreover, cardiac monitoring devices are convenient for patients to use at home and help doctors track important health metrics remotely.

Key Takeaways:-

The Global Remote Patient Monitoring Devices Market Growth is expected to witness high, exhibiting CAGR of 7.4% over the forecast period, due to increasing incidence of chronic diseases such as diabetes, COPD and cardiovascular diseases. Remote patient monitoring allows timely intervention and prevents disease progression, thus driving its adoption.

Regionally, North America dominates the remote patient monitoring devices market with over 40% share owing to advanced healthcare infrastructure and favorable reimbursement policies for remote care in the US. Asia Pacific is expected to witness fastest growth during the forecast period due to growing geriatric population, rising healthcare expenditure and improving access to healthcare in emerging nations.

Key players operating in the remote patient monitoring devices market include 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. These players are focusing on new product launches and gaining approvals for advanced remote monitoring platforms and devices to expand their market share. Philips Healthcare recently launched an integrated remote care management platform to boost its monitoring services.

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