PUBLISHER: The Business Research Company | PRODUCT CODE: 1409757
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409757
“Remote Health Monitoring Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on remote health monitoring market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for remote health monitoring? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The remote health monitoring market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Remote health monitoring involves utilizing technology to monitor patients in non-clinical settings, such as their homes. This healthcare delivery approach is advantageous for patients, physicians, caregivers, and the healthcare system as a whole, as it makes use of technological advancements to collect patient data outside traditional healthcare facilities.
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 from The Business Research Company 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 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 remote health monitoring market includes revenues earned by entities by providing health monitoring services through homecare telehealth, supports diagnosis, heath risk assessment, data storage and analysis, clinical decision support, disease surveillance. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
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.