Artificial Intelligence (AI) in Remote Patient Monitoring Global Market Report 2024

The artificial intelligence (AI) in remote patient monitoring market size has grown exponentially in recent years. It will grow from $1.8 billion in 2023 to $2.23 billion in 2024 at a compound annual growth rate (CAGR) of 24%. The growth observed in the historical period can be attributed to several factors, including heightened rates of chronic diseases, advancements in data security, the integration of AI-driven applications that enhance patient engagement, the incorporation of electronic health records (EHR), and a pressing need to reduce healthcare costs.

The artificial intelligence (AI) in remote patient monitoring market size is expected to see exponential growth in the next few years. It will grow to $5.31 billion in 2028 at a compound annual growth rate (CAGR) of 24.2%. The anticipated growth in the forecast period can be attributed to various factors, including global health challenges, regulatory support, ongoing advancements in AI-powered diagnostic applications, the increasing adoption of telehealth, and the anticipated progress in predictive analytics. Major trends expected in the forecast period encompass the rise of wearable technology, continuous advances in AI algorithms and machine learning techniques, heightened focus on cybersecurity and data privacy, and a growing emphasis on personalized medicine and treatment plans.

The widespread adoption of telemedicine is poised to drive the expansion of artificial intelligence (AI) within the remote patient monitoring sector in the forthcoming years. Telemedicine utilizes telecommunications technology, encompassing video calls, phone calls, and online messaging, to deliver medical services remotely. Integration of AI into remote patient monitoring, coupled with telemedicine, enables real-time analysis of patient data, facilitating the detection of subtle changes and alerting healthcare professionals to potential issues before they escalate into emergencies. For instance, data from the Australian Digital Health Agency revealed that between March 2020 and July 2022, over 95,000 practitioners utilized telehealth services, providing 118.2 million services to 18 million patients. Consequently, the widespread adoption of telemedicine is set to propel the growth of AI in the remote patient monitoring market.

Leading enterprises within the artificial intelligence (AI) in remote patient monitoring realm are concentrating on the fusion of AI with wearable devices, exemplified by AI-powered ambulatory connected patient monitoring systems, to attain a competitive edge and enhance healthcare provision. An AI-powered ambulatory connected patient monitoring system integrates AI with ambulatory monitoring technology to continuously monitor and analyze a patient's vital signs and health metrics in real time. For instance, in October 2023, Dozee, an India-based medical equipment manufacturer, unveiled 'Dozee Pro Ex,' an innovative ambulatory connected patient monitoring system tailored for global markets. This solution features wireless wearable sensors for ongoing monitoring of vital parameters, including ECG rhythm, blood pressure, heart rate, oxygen saturation, respiration rate, and temperature. Noteworthy is its AI-powered early warning system, which scrutinizes vital parameter trends, issuing timely alerts for potential clinical deterioration. 'Dozee Pro Ex' aims to redefine conventional healthcare boundaries by enabling round-the-clock patient monitoring, whether patients are in hospital beds, mobile, at healthcare facilities, or within their homes.

In August 2021, Connect America LLC, a leading digital health and connected care provider based in the United States, completed the acquisition of 100Plus for an undisclosed sum. This strategic move marks the integration of Connect America's Personal Emergency Response Services (PERS) with 100Plus's advanced Remote Patient Monitoring (RPM) platform, powered by artificial intelligence (AI). By combining the strengths of both entities, Connect America enhances its offerings by incorporating 100Plus's robust RPM solutions, resulting in a cohesive care management platform. 100Plus, a US-based firm specializing in AI-driven remote patient monitoring (RPM), complements Connect America's vision for comprehensive and innovative healthcare solutions.

Major companies operating in the artificial intelligence (ai) in remote patient monitoring market report are Medtronic plc, Siemens Healthineers, Koninklijke Philips N.V., GE Healthcare, DexCom Inc, Cerner Corporation, Infosys BPM, Tunstall Healthcare, Connect America LLC, American Well, Biofourmis, Tempus, Merative L.P., Vivify Health, Clarify Health Solutions, Current Health, BioIntelliSense, Preventice Solutions, AiCure LLC, Orbita, MobileHelp, EarlySense, Gyant, Myia Labs, Sentrian, Biobeat, ChroniSense Medical Ltd., Somatix Inc., Twistle, HealthWatch Technologies.

North America was the largest region in the artificial intelligence (AI) in remote patient monitoring market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the artificial intelligence (ai) in remote patient monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the artificial intelligence (ai) in remote patient monitoring market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Artificial intelligence (AI) integrated into remote patient monitoring (RPM) involves the incorporation of AI technologies into systems designed to remotely monitor and manage patients' health. The utilization of AI aims to elevate the capabilities of remote monitoring solutions, offering advanced analytics, automation, and intelligent insights for healthcare professionals.

The primary solution categories in artificial intelligence (AI) for remote patient monitoring include software, hardware, and services. Software refers to programs and applications tailored for data analysis, pattern recognition, and decision support within AI-driven remote patient monitoring. In AI applications, software processes and interprets data obtained from remote patient monitoring devices, facilitating real-time analysis, anomaly detection, and personalized health insights. These products are classified into vital monitors, special monitors, and other products, integrated with technologies such as natural language processing, machine learning, querying methods, and speech recognition. These applications extend across various health domains, including diabetes, respiratory issues, weight management and fitness monitoring, cancer, dehydration, cardiovascular diseases, sleep disorders, viral infections, and other healthcare applications.

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

The artificial intelligence (AI) in remote patient monitoring market consists of revenues earned by entities by providing services such as data transmission and connectivity, cloud-based storage and hosting, data integration and aggregation, predictive modeling, and clinical decision support. The market value includes the value of related goods sold by the service provider or included within the service offering. The artificial intelligence (AI) in remote patient monitoring market also includes sales of wearable devices, remote monitoring platforms, and clinical communication tools. 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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