Remote Patient Monitoring Market by Product, Indication, End-User

Description

List of Tables

[199 Pages Report] The Remote Patient Monitoring Market size was estimated at USD 30.97 billion in 2023 and expected to reach USD 36.31 billion in 2024, at a CAGR 17.65% to reach USD 96.67 billion by 2030.

Remote patient monitoring (RPM) refers to a form of telehealth solution that allows providers to monitor and manage their patient's chronic conditions. RPM is applied across diverse segments, such as homecare settings, long-term care centers, and hospital care. With the increased adoption of wireless and wearable technologies, RPM tools are used to manage different medical conditions such as diabetes, cardiovascular disorders, and respiratory diseases. It also facilitates remote therapy, post-acute care, and proactive health monitoring, substantially broadening its applications. The need for RPM is being driven by multiple factors, including an aging population, the rising incidences of chronic diseases and genetic disorders across the world, and the need for cost-effective healthcare delivery systems. However, the need for uninterrupted high-speed internet connectivity and difficulties associated with the analysis of large clinical datasets present notable challenges. Additionally, the growth of RPM is challenged by data security and data privacy concerns and a lack of awareness about these technologies in developing regions. However, major players are investing in efforts to include advanced technologies such as AI, ML, and IoT to increase the cybersecurity and privacy of RPM. The application of blockchain technology could also be explored for secure transmission of patient data. Companies could invest in developing comprehensive RPM solutions that are compatible with various devices and platforms for seamless data integration.

KEY MARKET STATISTICS
Base Year [2023]	USD 30.97 billion
Estimated Year [2024]	USD 36.31 billion
Forecast Year [2030]	USD 96.67 billion
CAGR (%)	17.65%

Product: Rapid penetration of wearable technology driving the adoption of devices in remote patient monitoring

Devices used for remote patient monitoring (RPM) encompass various technological tools such as mobile medical devices, sensors, blood pressure cuffs, pulse oximeters, and glucometers. These devices allow clinicians to monitor patients' vital signs and pertinent health data, playing a crucial role in predicting potential health concerns and enabling timely interventions. The services category in RPM includes patient support, telemedicine consultations, and data analysis services, providing personalized medical care tailored to each patient's needs. There is a significant preference for these services amongst individuals with chronic illnesses who require constant monitoring. The software component of RPM includes cloud solutions and various applications that facilitate the collection, transmission, and analysis of health data, ensuring it is accessible to healthcare providers for decision-making. In the need-based preference, software solutions attract healthcare providers seeking to streamline their monitoring processes.

Indication: Expanding government initiatives for raising awareness about chronic obstructive pulmonary disease (COPD)

Remote patine monitoring provides an easy, accurate, and reliable way to measure a patient's systolic and diastolic blood pressure. RPM offers data-driven insights into the patient's blood pressure trends over time, helping the healthcare provider make informed decisions driven by the patient's health trends. RPM provides real-time alerts when a blood pressure reading moves out of the patient's ideal range. For heart conditions such as chronic obstructive pulmonary disease (COPD) and congestive heart failure, RPM provides physicians with a full view of patient vital signs between in-office appointments and heart health over time. In addition, when used appropriately, RPM enables increased clarity of a patient's adherence to treatment and timely intervention. Invasive remote heart monitoring devices could include implantable hemodynamic monitors and cardiovascular implantable electronic devices (pacemakers or defibrillators). An RPM program for diabetes often includes a supply of diabetes home monitoring devices, a personal glucometer, and insulin delivery. RPM can help remotely monitor neurological patients and prevent incidences of severe episodes of mental illness when they start to manifest. Devices for mental health tracking can include smart scales, motion and sleep trackers, and electrocardiograms (ECG). RPM for neonatal patients includes wearable and video monitoring technologies focused on improving the sleep quality and overall health of babies. RPM tools for neurological conditions such as epilepsy, Parkinson's disease, and multiple sclerosis that impact the spinal cord, brain, muscles, and nerves involve regular patient follow-ups, patient data reporting, and mobility tracking. Thermometers and sensor technologies allow the remote monitoring of temperature.

End-user: Improvements in healthcare infrastructure driving the adoption of remote patient monitoring among patients

Patients are the end-users directly impacted by the application of remote patient monitoring (RPM) technologies. Over the years, RPM has grown exponentially owing to its ability to provide real-time healthcare data and enable doctors to perform critical medical reviews remotely. The comfort of at-home healthcare oversight and the capacity to receive instant healthcare updates have led to the adoption of RPM among patients. Payers broadly constitute insurance companies or organizations that fund or reimburse the costs associated with health services. Remote patient monitoring has proven cost-effective for payers, primarily minimizing hospital readmission costs. Providers in the healthcare industry consist of doctors, healthcare professionals, hospitals, clinics, ambulatory care centers, and long-term care centers that provide healthcare services. For providers, RPM technologies exhibit the potential to amplify patient care, boost clinical efficiency, and expand patient outreach without any geographical constraints.

Regional Insights

In the Americas region, particularly in the United States and Canada, the presence of a robust healthcare infrastructure has driven the adoption of RPM technologies. Consumers, driven by the convenience of healthcare access and improved patient outcomes, have shown an increasing willingness to invest in RPM. A rise in chronic diseases and disorders such as diabetes and cardiovascular diseases has also necessitated the deployment of RPM technologies in this region. The region is also characterized by rapid technological advancements and the integration of innovative technologies, such as AI, ML, and IoT, that have significantly improved the accuracy and reliability of RPM tools. The widespread use of smart devices and digital health platforms in countries such as Germany, France, and the UK act as conductors, driving up the adoption rate of RPM devices in Europe. European agencies are rapidly advancing efforts to provide remote health surveillance services for elderly people above the age of 65 and facilitate the de-institutionalization of long-term care. The exponential growth of RPM in the APAC region is fueled predominantly by awareness and acceptance of RPM technologies and increasing digitalization across various healthcare sectors in countries such as China, Japan, India, and South Korea. Furthermore, high investments in healthcare infrastructures, rapid urbanization, and a burgeoning healthcare start-up ecosystem have led to the accelerated adoption of RPM in this region.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Remote Patient Monitoring Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Remote Patient Monitoring Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Remote Patient Monitoring Market, highlighting leading vendors and their innovative profiles. These include Abbott Laboratories, Aerotel Medical Systems Ltd, Allscripts Healthcare Solutions Inc., Amazon Web Services, Inc., AMD Global Telemedicine, Inc., Biotronik SE & Co. KG, Boston Scientific Corp., CareValidate Inc., Cisco Systems, Inc., Click Labs Inc., Comarch SA, DexCom, Inc., Drager Medical GmbH, F. Hoffmann-La Roche AG, GE Healthcare Technologies Inc., Glooko, Inc., Google LLC by Alphabet Inc., Honeywell International Inc., International Business Machines Corporation, InTouch Technologies, Inc., Johnson & Johnson Services, Inc., Koninklijke Philips N.V., LifeWatch by BioTelemetry Inc., Masimo Corporation, McKesson Corporation, Medtronic Plc, Microsoft Corporation, Omron Corp., Oracle Corporation, Pexip Holding ASA, Siemens Healthiners AG, Teladoc Health, Inc., and Tunstall Healthcare Group Ltd..

Market Segmentation & Coverage

This research report categorizes the Remote Patient Monitoring Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Devices
  - Specialized Monitors
  - Vital Sign Monitors

Services
Software

Indication
- Blood Pressure
- Chronic Obstructive Pulmonary Disease
- Congestive Heart Failure
- Diabetes
- Mental Health
- Neonatal
- Neurology
- Temperature

End-User
- Patients
- Payers
- Providers
  - Ambulatory Care Centers
  - Home Care Settings & Long Term Care Centers
  - Hospitals & Clinics
Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Remote Patient Monitoring Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Remote Patient Monitoring Market?

3. What are the technology trends and regulatory frameworks in the Remote Patient Monitoring Market?

4. What is the market share of the leading vendors in the Remote Patient Monitoring Market?

5. Which modes and strategic moves are suitable for entering the Remote Patient Monitoring Market?

Product Code: MRR-FB6C9E792AD7

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Increasing prevalence of chronic diseases and aging population
  - 5.1.1.2. Growing awareness and acceptance of telehealth solutions
  - 5.1.1.3. Evolving and improving healthcare infrastructures across economies
- 5.1.2. Restraints
  - 5.1.2.1. High costs associated with telemonitoring procedures and solutions
- 5.1.3. Opportunities
  - 5.1.3.1. Robust activities to develop new remote patient monitoring technology
  - 5.1.3.2. Higher potential of artificial intelligence in telemonitoring solutions
- 5.1.4. Challenges
  - 5.1.4.1. Data security and privacy concerns of telemonitoring systems
5.2. Market Segmentation Analysis
- 5.2.1. Product: Rapid penetration of wearable technology driving the adoption of devices in remote patient monitoring
- 5.2.2. Indication: Expanding government initiatives for raising awareness about chronic obstructive pulmonary disease (COPD)
- 5.2.3. End-user: Improvements in healthcare infrastructure driving the adoption of remote patient monitoring among patients
5.3. Market Disruption Analysis
5.4. Porter's Five Forces Analysis
- 5.4.1. Threat of New Entrants
- 5.4.2. Threat of Substitutes
- 5.4.3. Bargaining Power of Customers
- 5.4.4. Bargaining Power of Suppliers
- 5.4.5. Industry Rivalry
5.5. Value Chain & Critical Path Analysis
5.6. Pricing Analysis
5.7. Technology Analysis
5.8. Patent Analysis
5.9. Trade Analysis
5.10. Regulatory Framework Analysis

6. Remote Patient Monitoring Market, by Product

6.1. Introduction
6.2. Devices
6.3. Services
6.4. Software

7. Remote Patient Monitoring Market, by Indication

7.1. Introduction
7.2. Blood Pressure
7.3. Chronic Obstructive Pulmonary Disease
7.4. Congestive Heart Failure
7.5. Diabetes
7.6. Mental Health
7.7. Neonatal
7.8. Neurology
7.9. Temperature

8. Remote Patient Monitoring Market, by End-User

8.1. Introduction
8.2. Patients
8.3. Payers
8.4. Providers

9. Americas Remote Patient Monitoring Market

9.1. Introduction
9.2. Argentina
9.3. Brazil
9.4. Canada
9.5. Mexico
9.6. United States

10. Asia-Pacific Remote Patient Monitoring Market

10.1. Introduction
10.2. Australia
10.3. China
10.4. India
10.5. Indonesia
10.6. Japan
10.7. Malaysia
10.8. Philippines
10.9. Singapore
10.10. South Korea
10.11. Taiwan
10.12. Thailand
10.13. Vietnam

11. Europe, Middle East & Africa Remote Patient Monitoring Market

11.1. Introduction
11.2. Denmark
11.3. Egypt
11.4. Finland
11.5. France
11.6. Germany
11.7. Israel
11.8. Italy
11.9. Netherlands
11.10. Nigeria
11.11. Norway
11.12. Poland
11.13. Qatar
11.14. Russia
11.15. Saudi Arabia
11.16. South Africa
11.17. Spain
11.18. Sweden
11.19. Switzerland
11.20. Turkey
11.21. United Arab Emirates
11.22. United Kingdom

12. Competitive Landscape

12.1. Market Share Analysis, 2023
12.2. FPNV Positioning Matrix, 2023
12.3. Competitive Scenario Analysis
- 12.3.1. Iron Bow Healthcare Solutions Launches Remote Patient Monitoring Solution
- 12.3.2. GE HealthCare Receives FDA Clearance for Portrait Mobile Wireless Monitoring Solution
- 12.3.3. MD Revolution Acquires NavCare to Expand Remote Patient Care Management Services
12.4. Strategy Analysis & Recommendation

13. Competitive Portfolio

13.1. Key Company Profiles
13.2. Key Product Portfolio