Remote Patient Monitoring Devices And Equipment Global Market Report 2024

The remote patient monitoring devices and equipment market size has grown rapidly in recent years. It will grow from $1.38 billion in 2023 to $1.57 billion in 2024 at a compound annual growth rate (CAGR) of 14.3%. The growth observed during the historical period can be attributed to factors such as the aging population, the need for improved management of chronic diseases, the increasing adoption of telehealth services, and the emphasis on reducing healthcare costs.

The remote patient monitoring devices and equipment market size is expected to see rapid growth in the next few years. It will grow to $2.6 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The anticipated growth in the forecast period can be attributed to various factors, including the increasing digitization of healthcare, regulatory support for remote patient monitoring, the development of personalized medicine, and the shift toward value-based healthcare models. Major trends expected in the forecast period include the integration of remote monitoring technologies, the utilization of artificial intelligence (AI) and machine learning, the expansion of telemonitoring services, and the incorporation of wearable technology in healthcare.

The remote patient monitoring (RPM) devices and equipment market is being driven by the impending shortage of skilled healthcare professionals, such as doctors and nurses. With a growing number of patients suffering from chronic diseases, there's an increasing need for monitoring their health. However, operational constraints and cost-related issues make it difficult to provide continuous care. The rising prevalence of chronic diseases, coupled with the projected shortage of healthcare workers, is fueling the demand for remote patient monitoring devices and equipment. For instance, a report from Mercer indicates that the US will require 2.3 million new healthcare workers by 2025, including nurses, physicians, lab technicians, and other healthcare personnel. The Bureau of Labor Statistics also projects a need for an additional 203,700 registered nurses every year by 2026, but only 438,100 are expected to be added by that time, falling short of the demand. The World Health Organization (WHO) predicts a deficit of 14.5 million healthcare professionals in low- and middle-income countries by 2030.

The primary types of remote patient monitoring devices and equipment include heart monitors, breath monitors, haematology monitors, and multi-parameter monitors. A heart monitor is a device designed to record the electrical activity of the heart and is typically the size of a pager. These devices have a wide range of applications, including cancer treatment, cardiovascular diseases, diabetes management, sleep disorders, weight monitoring, fitness tracking, and various other healthcare applications. The end-users of these devices can be found in home care settings, clinics, and hospitals.

The remote patient monitoring devices and equipment market research report is one of a series of new reports that provides remote patient monitoring devices and equipment market statistics, including remote patient monitoring devices and equipment industry global market size, regional shares, competitors with a remote patient monitoring devices and equipment market share, detailed remote patient monitoring devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the remote patient monitoring devices and equipment industry. This remote patient monitoring devices and equipment 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 increasing demand for telehealth is expected to drive the growth of the remote patient monitoring devices and equipment market. Telehealth involves the use of telecommunications technology, such as videoconferencing, phone calls, and secure messaging, to deliver healthcare services remotely. Telehealth facilitates the seamless transmission of patient data collected by RPM devices to healthcare providers, allowing for real-time monitoring of vital signs, health metrics, and disease-specific data. For instance, in April 2023, telehealth use in the US rose by 7.3%, with a 7.3% national increase in telehealth usage, accounting for 5.9% of medical claim lines in January 2023, up from 5.5% in December 2022. Therefore, the growing demand for telehealth is propelling the growth of the remote patient monitoring devices and equipment market.

The adoption of advanced remote patient monitoring devices and equipment faces limitations due to healthcare professionals' resistance to embracing new technologies. While these technologies are designed to reduce patients' hospitalization costs for follow-up care, they may lead to a reduction in hospital revenues. As a result, hospitals and healthcare professionals have been hesitant to adopt remote patient monitoring systems, which is constraining the market's growth. For example, a UK case study highlights that various organizational barriers, including technical, social, ethical, financial, and legal factors, have hindered investment, implementation, and the use of advanced patient monitoring systems.

The manufacturers of remote patient monitoring devices are increasingly integrating IoT and wireless technology, which enable the efficient diagnosis and treatment of medical conditions. These technologies include wireless sensor systems, such as biosensor monitoring devices, which can be implanted or embedded into the skin and transmit real-time patient data for monitoring. IoT technology allows healthcare service providers to remotely monitor patients' health parameters. These miniaturized multi-sensor devices help healthcare professionals monitor critical health metrics, such as blood pressure and blood glucose levels, and recommend appropriate treatments. Major companies offering IoT and wireless sensor technology integrated patient monitoring devices include Xsensio, InSilixa, 1Drop Diagnostics, and Kenzen.

Major companies in the remote patient monitoring devices and equipment market are innovating new technological products to enhance their profitability. One such innovation is the Real-Time Health Monitoring System (RTHMS), an intelligent edge-to-cloud communication platform for remote and continuous patient monitoring. For example, in October 2021, Honeywell International, Inc. launched the Real-Time Health Monitoring System (RTHMS) for remote and real-time patient monitoring, acting as a bridge between patients and caregivers. This method uses a skin patch equipped with advanced sensing technology to monitor vital signs and transmits data instantly to medical professionals through mobile devices and an online dashboard. The RTHMS captures real-time patient vital data and conveys it to a comprehensive health dashboard.

In October 2021, Carbon Health, a telemedicine company based in the US, acquired Alertive Healthcare, a remote patient monitoring company based in the UK, to bolster its omnichannel care delivery strategy and expand its offerings in home-based care and remote patient care.

Major companies operating in the remote patient monitoring devices and equipment market include Philips Healthcare, Honeywell International Inc., GE Healthcare, Medtronic PLC, Boston Scientific Corporation, Johnson & Johnson, Biotronik, Robert Bosch GmbH, COVIDien Plc., American Telecare Inc., Intel Corporation, Welch Allyn Inc., Health Anywhere Inc., Global Media Group LLC, AMD Global Telemedicine Inc., Bayer Healthcare AG, IBM Watson, Accenture PLC, Telesofia Medical Ltd., Boehringer Ingelheim GmbH, Eliza Corporation, Natus Medical Inc., Nihon Kohden Corporation, Compumedics, DexCom Inc., Abbott Laboratories, Aerotel Medical Systems Ltd., GYANT Health, Vitls Inc., Medopad, Polso

Asia-Pacific was the largest region in the global remote patient monitoring devices and equipment market in 2023. North America was the second-largest region in the remote patient monitoring devices and equipment market. The regions covered in the remote patient monitoring devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

The countries covered in the remote patient monitoring devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The remote patient monitoring devices and equipment market consists of sales of instruments such as heart monitors, breath monitors, and multi-parameter monitors. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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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