Remote Health Monitoring Global Market Report 2024

The remote health monitoring market size has grown rapidly in recent years. It will grow from $4.84 billion in 2023 to $5.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth observed in the historical period can be attributed to factors such as an aging population and the prevalence of chronic diseases, increased adoption of telemedicine, government initiatives and regulations, a preference among patients for home-based care, and the pursuit of cost-efficiency in healthcare delivery.

The remote health monitoring market size is expected to see rapid growth in the next few years. It will grow to $9.73 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The anticipated growth in the forecast period can be attributed to the rapid expansion of the Internet of Things (IoT) in healthcare, the integration of artificial intelligence, a focus on pandemic preparedness and response, the utilization of remote patient monitoring in clinical trials, and an increasing emphasis on preventive healthcare. Key trends expected in the forecast period include the rise of wearable technology, advancements in chronic disease management, increased utilization of IoT connectivity, a focus on data security and privacy, and the implementation of remote patient monitoring in elderly care.

The remote health monitoring market is poised for significant growth, driven in large part by the increasing global elderly population. This demographic, encompassing individuals aged 65 and above, has created a substantial demand for remote health monitoring, a technology used to oversee the health of the elderly by remotely tracking their physiological data. As reported by the World Health Organization (WHO) in October 2022, the global population aged over 60 is expected to reach 2.1 billion by 2050, with the number of individuals aged 80 and above projected to triple between 2020 and 2050, reaching 426 million. Hence, the growing elderly population worldwide is anticipated to be a major factor propelling the remote health monitoring market.

Another key factor contributing to the growth of the remote health monitoring market is the increasing demand within hospitals. Hospitals, being comprehensive healthcare institutions providing diverse medical services, have witnessed a surge in the adoption of remote health monitoring. This technology facilitates patient-centered, efficient, and proactive healthcare by enabling continuous monitoring, early intervention, reduced hospital readmissions, and improved data accuracy. The demand for remote health monitoring in hospitals is further substantiated by statistics from Interweave Textiles Limited, revealing 1148 hospitals in the UK alone. Consequently, the rising demand within hospitals is a significant driver for the growth of the remote health monitoring market.

Technological advancement stands out as a prominent trend in the remote health monitoring market, with major companies actively integrating new technologies such as cloud computing and artificial intelligence (AI). These technological innovations enhance the accuracy and effectiveness of remote health monitoring systems. For instance, in October 2021, Honeywell International Inc. launched the real-time health monitoring System (RTHMS), an intelligent edge-to-cloud communication technology designed for remote and real-time patient monitoring. RTHMS utilizes artificial intelligence and machine learning to digitize and automate administrative tasks, thereby improving care delivery and increasing efficiency in healthcare processes.

Major players in the remote health monitoring market are also focusing on product innovation to drive revenue growth. Innovative products, such as the IronMed digital health platform, offer a comprehensive digital healthcare system that incorporates remote patient monitoring (RPM). IronMed RPM, launched by Iron Bow Healthcare Solutions in August 2023, provides patient-centric software solutions for monitoring acute or chronic diseases outside of clinical settings. The platform aims to enhance the quality of life for patients, promote independence, and ensure caregivers can supervise and intervene appropriately.

In September 2022, Medicare Inc., a healthcare services company, acquired VRI Intermediate Holdings LLC for $315 million. This acquisition expands Medicare's portfolio by adding remote health monitoring services. VRI Intermediate Holdings LLC is a provider of remote health monitoring technology and solutions based in the United States.

Major companies operating in the remote health monitoring market report are Nihon Kohden Corporation, Koninklijke Philips NV, Omron Corporation, F. Hoffmann-La Roche Ltd., American Telecare Inc., Welch Allyn Inc., Boston Scientific Corporation, GE Healthcare Company, Masimo Corporation, Vitls Inc., Abbott Laboratories, Biotronik SE & Co. KG, LifeWatch AG, Athelas Inc., Capterra Inc., Dexcom Inc., Senseonics Holdings Inc., AT&T Inc., Medtronic plc, Resideo Technologies Inc., Health Recovery Solutions Inc., Babyscripts Inc., TytoCare Ltd., Accuhealth Inc., Vivify Health Inc., Get Well Network Inc., VitalTech Holdings Inc., Rimidi Inc., SeamlessMD Inc., Raziel Health Inc., Conversa Health Inc., Livongo Health Inc.

North America was the largest region in the remote health monitoring market in 2023. The regions covered in the remote health monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the remote health monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary types of devices used for remote health monitoring include respiratory monitoring, blood glucose monitoring, cardiac monitoring, and multi-parameter monitoring. Respiratory monitoring involves tracking the respiratory process by monitoring parameters such as blood gases, brain and organ oxygenation, perfusion, and hemodynamics. These devices find applications in various healthcare areas, including cancer treatment, cardiovascular diseases, diabetes treatment, sleep disorders, weight management, fitness monitoring, among others. They are used in diverse settings such as home care, hospitals/clinics, and others.

The remote health monitoring market research report is one of a series of new reports that provides remote health monitoring market statistics, including remote health monitoring industry global market size, regional shares, competitors with a remote health monitoring market share, detailed remote health monitoring market segments, market trends, and opportunities, and any further data you may need to thrive in the remote health monitoring industry. This remote health monitoring market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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