Remote Patient Monitoring Systems Market Size, Share, and Trends

Remote Patient Monitoring Systems Market (By Product: Specialized Monitors and Vital Sign Monitors; By Application: Diabetes, Cancer, Cardiovascular Diseases, Weight Management, Bronchitis, Sleep Disorder, Dehydration, Virus, and Hypertension; By End Use: Hospital Patients, Ambulatory Patients, and Home Healthcare) - Global Industry Analysis, Size, Share, Growth, Trends, Regional Outlook, and Forecast 2024 - 2033

  • Last Updated : May 2024
  • Report Code : 1390
  • Category : Healthcare

Remote Patient Monitoring Systems Market Size and Growth 2024 to 2033

The global remote patient monitoring systems market was estimated at USD 6.17 billion in 2023 and is expected to surpass USD 33.96 billion by 2033, poised to grow at a compound annual growth rate (CAGR) of 18.6% during the forecast period from 2024 to 2033. 

Remote Patient Monitoring Systems Market Size 2024 to 2033

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Remote Patient Monitoring Systems Market Key Takeaways

  • North America led the global market with the highest market share of 41.50% in 2023.
  • Asia-Pacific is predicted to expand at the fastest CAGR during the forecast period.
  • By Product, the specialized monitors segment held the largest market share of 81% in 2023.
  • By Product, the vital sign monitors segment is anticipated to grow at a remarkable CAGR during the projected period.
  • By Application, the diabetes segment had the biggest market share of 12% in 2023.
  • By Application, the cardiovascular diseases segment is estimated to expand at the fastest CAGR over the projected period.
  • By End-use, the hospital patients segment contributed more than 80%  of revenue share in 2023.
  • By End-use, the home healthcare segment is expected to grow at a noteworthy CAGR over the predicted period.

U.S. Remote Patient Monitoring Systems Market Size and Growth 2024 to 2033

The U.S. remote patient monitoring systems market size was estimated at USD 1.80 billion in 2023 and is predicted to be worth around USD 10.39 billion by 2033, at a CAGR of 19.2% from 2024 to 2033.

U.S. Remote Patient Monitoring Systems Market Size 2024 to 2033

Based on region, North America accounted for around 41.50% of the market share in 2023. The increased awareness regarding the RPM systems, increased disposable income of the consumers, high adoption rate of advanced technologies in the healthcare industry, presence of developed healthcare infrastructure, growing geriatric population, and increased prevalence of various chronic diseases among the population are the major factors that developed the RPM market in North America.

Remote Patient Monitoring Systems Market Share, By Region, 2023 (%)

The Asia Pacific is expected to be the fastest-growing market during the forecast period. The rising consumer disposable income, increased healthcare costs, rising healthcare expenditure, and rising prevalence of chronic diseases in the region is fostering the adoption of the RPM systems in the region. Further, the rising government investments for the development of advanced healthcare infrastructure are expected to boost the growth of the market.

Europe Application Specific Integrated Circuit Market Size and Growth 2024 to 2033

The Europe remote patient monitoring systems market size was calculated at USD 1.74 billion in 2023 and is projected to expand around USD 10.09 billion by 2033, poised to grow at a CAGR of 19.2% from 2024 to 2033.

Year Market Size (USD Billion)
2023 1.74
2024 2.07
2025 2.47
2026 2.94
2027 3.51
2028 4.19
2029 4.99
2030 5.95
2031 7.09
2032 8.46
2033 10.09

 

Remote Patient Monitoring Systems Market Growth Factors

The increasing adoption of digital technologies in the global healthcare industry is significantly driving the remote patient monitoring (RPM) systems market. Further, the rising prevalence of various deadly diseases, growing geriatric population, and increasing incidences of road accidents is boosting the growth of the global RPM systems market. The demand for the RPM systems is rapidly growing among the old age population as this age group needs continuous monitoring of their health conditions. According to the Unite Nations, there were around 382 million old age people, aged 60 years or above, across the globe in 2017 ad this number is expected 2.1 billion by 2050. The rapidly growing geriatric population across the globe is expected to be the major driver of the RPM systems market in the foreseeable future. Moreover, rising disposable income, demand for the advanced healthcare facilities, and increased consumer expenditure on healthcare are the crucial factors the supplements the market growth across the globe.

The rising government initiatives and investments to build a strong and sophisticated healthcare infrastructure is boosting the demand for the latest technologies in the healthcare sector. Moreover, raising investments in the digitalization and automation in the healthcare units in order to increase the operational efficiency of the healthcare units is fueling the adoption of the RPM systems across various markets. The RPM systems provides enhanced diseases and health management by detecting the deteriorating health conditions early and tracks the progress in the health condition of the patients, which helps the healthcare units to offer improved patient care. The RPM systems can reduce hospitalization and chronic conditions that cost higher and hence help to save healthcare costs for the consumers. Hence, this factor may boost the adoption of the RPM systems in the forthcoming years.

Remote Patient Monitoring Systems Market Scope

Report Coverage Details
Remote Patient Monitoring Systems Market by 2023 USD 6.17 Billion
Remote Patient Monitoring Systems Market Size by 2033 USD 33.96 Billion
Remote Patient Monitoring Systems Market Growth Rate from 2023 to 2033 CAGR of 18.6%
Largest Market North America
Fastest Growing Market Asia Pacific
Base Year 2023
Forecast Period 2024 to 2033
Segments Covered By Product, By Application, and By End User
Regions Covered North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa

 

Product Insights

Based on product, the specialized monitors segment accounted for around 81% of the market share in 2023. This is attributed to the increased usage of specialized monitors in remotely monitoring the patient pre and post-surgery owing to its increased efficiency in monitoring clinical data. The introduction of advanced features like smartphones connectivity and wireless communication facilitates remote monitoring efficiently.

The vital sign monitors segment is projected to hit remarkable growth during the forecast period. This is attributed to the increased usage of these monitors for common purposes. The heart rate monitor is extensively used across the healthcare sector all over the globe. Furthermore, the surging prevalence of cardiovascular diseases is expected to boost the growth of this segment. According to the World Health Organization, around 17.9 million deaths were directly linked with the cardiovascular diseases in 2019, globally. This was around 32% of the global deaths in 2019.

Application Insights

Based on application, the diabetes segment accounted for 12% of revenue share in 2023. This segment was closely followed by the hypertension segment. The rising prevalence of diabetes across the globe resulted in the increased demand for the RPM systems for the diabetic patients. According to the World Health Organization, in 2019, around 1.5 million global deaths were directly linked to the diabetes. The unhealthy food habits among the global population are estimated to spur the growth in the number of diabetic population in the upcoming years.

The cardiovascular diseases segment is expected to be the fastest-growing segment during the forecast period. This is simply attributed to the rising prevalence of CVD among the population and the surging number of global deaths due to the CVD. According to the World Health Organization, around 17.9 million deaths were directly linked with the cardiovascular diseases in 2019, globally.

End Use Insights

Based on end use, the hospital patients segment accounted for over 80% of the market share in 2023. This is simply attributed to the increased presence of the hospitals in the developed nations and its rising penetration in the developing markets. The rising number of hospital admissions and the availability of advanced healthcare facilities in the private hospitals have exponentially contributed towards the growth of the hospital patients segment in the past few years.

Remote Patient Monitoring Systems Market Share, By End-use, 2023 (%)

The home healthcare segment is expected to witness the fastest growth during the forecast period. The rising disposable income, increased demand for convenience, and rising awareness regarding hospital acquired infections among the population are the major factors that can be held responsible for the growth of the home healthcare segment during the forecast period.

Key Companies & Market Share Insights

The market is moderately fragmented with the presence of several local companies. These market players are striving to gain higher market share by adopting strategies, such as investments, partnerships, and acquisitions & mergers. Companies are also spending on the development of improved products. Moreover, they are also focusing on maintaining competitive pricing.

In August 2020, Johnson & Johnson invested in Thirty Madison, a telehealth company to participate in the digital health or e-health industry.

In July 2020, Philips and BioIntelliSense collaborated to improve its RPM solutions by integrating the RPM system of BioIntelliSense to its product portfolio.

The various developmental strategies like collaborations, acquisitions and mergers foster market growth and offers lucrative growth opportunities to the market players.

Remote Patient Monitoring Systems Market Companies

  • Abbott Laboratories
  • Aerotel Medical Systems
  • AMD Global Telemedicine
  • Baxter International Inc.
  • Boston Scientific Corporation
  • GE Healthcare
  • Masimo Corporation
  • Medtronic PLC
  • F. Hoffmann-La Roche AG
  • Omron Corporation

Segments Covered in the Report

By Product

  • Specialized Monitors
  • Vital Sign Monitors

By Application

  • Diabetes
  • Cancer
  • Cardiovascular Diseases
  • Weight Management
  • Bronchitis
  • Sleep Disorder
  • Dehydration
  • Virus
  • Hypertension

By End Use

  • Hospital Patients
  • Ambulatory Patients
  • Home Healthcare

By Geography

  • North America
  • U.S.
  • Canada
  • Europe
  • U.K.
  • Germany
  • France
  • Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of the World

Frequently Asked Questions

The global remote patient monitoring systems market size was reached at USD 6.17 billion in 2023 and is anticipated to hit USD 33.96 billion by 2033.

The global remote patient monitoring systems market is growing at a CAGR of 18.6% during the forecast period 2024 to 2033.

The global remote patient monitoring systems market is primarily driven by the growing geriatric population across the globe. The old age people are vulnerable to various diseases and needs healthcare support.

The major players operating in the remote patient monitoring systems market are Abbott Laboratories, Aerotel Medical Systems, AMD Global Telemedicine, Baxter International Inc., Boston Scientific Corporation, GE Healthcare, Masimo Corporation, Medtronic PLC, F. Hoffmann-La Roche AG, Omron Corporation.

The North America accounted for around 41% of the market share in 2020 and expected to remain its dominant in near future.

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