OMRON HEALTHCARE, INC.(SUBSIDIARY OF OMRON CORPORATION)
MEDTRONIC
GE HEALTHCARE
ABBOTT
ORACLE
BOSTON SCIENTIFIC CORPORATION
NIHON KOHDEN CORPORATION
SIEMENS HEALTHINEERS AG
BAXTER
BIOBEAT
BIOTRONIK
VITALCONNECT
VIVALNK, INC.
CLEARARCH, INC.
OPTUM, INC.(VIVIFY HEALTH, PART OF OPTUM)
BLUE SPARK TECHNOLOGIES, INC.
LIGHTBEAM
CLOUD DIAGNOSTICS CANADA ULC
TELADOC HEALTH, INC.
GUANGDONG TRANSTEK MEDICAL ELECTRONICS CO., LTD.
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CARESIMPLE INC.
TIMEDOC, INC.
MD REVOLUTION INC.
OPTIMIZE HEALTH, INC.
HEALTH RECOVERY SOLUTIONS
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The global remote patient monitoring market is projected to reach USD 56.94 billion by 2030 from 27.72 billion in 2024, at a CAGR of 12.7% from 2024 to 2030. Reason for growth in the remote patient monitoring market: More individuals are getting hospital-acquired infections (HAIs) such as bloodstream infections, urinary tract infections, pneumonia, and infections caused by C. difficile. These infections have been associated with critical health complications and death in hospitals, hence the solutions that monitor patients remotely have been necessary in the prevention and management of risks. Further, the incidence of chronic diseases such as cardiovascular diseases, obesity, and diabetes is rising, which in turn increases the demand for effective remote monitoring technologies. The cost of healthcare in the US has substantially deteriorated; almost half of US adults are struggling to afford prescription drugs and doctor visits. This affordability issue challenges patients to use remote patient monitoring technologies since they are experiencing difficulties coming up with money for basic healthcare services, not to mention coming up with money for new digital tools.
Scope of the Report
Years Considered for the Study
2022-2030
Base Year
2023
Forecast Period
2024-2030
Units Considered
Value (USD)
Segments
Component, Indication, and End-user
Regions covered
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
"Cloud based deployment is the fastest segment in the remote patient monitoring software by deployment market in 2023"
Cloud-based deployment is expected to be the fastest-growing segment in the remote patient monitoring market during 2023, mainly because this model has several advantages, such as easy integration of data from multiple cloud sources, unlimited access by users from remote locations, low maintenance costs, high security and privacy, easy access, no need to buy hardware up front, and excellent flexibility in the use of capacity and resources. A plethora of applications made accessible through the cloud-based model with core functionalities involving accounting, performance management, and also webmails and instant messages are all proving to be helpful in fueling this particular portion.
"North America dominated the remote patient monitoring market in 2023."
The remote patient monitoring market is segmented into five major regional segments, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The North American region dominated the remote patient monitoring market because of several factors such as substantially high adoption rates of healthcare technologies, a robust and well-established infrastructure in healthcare, and constant growth in healthcare spending that supports such progress. In addition, the increasing trend in the chronic diseases patients suffer from and the increasing need for home healthcare solutions will also increase growth in this region's market. According to the Department of Health and Human Services' Office of Inspector General report, that Medicare enrolees receiving RPM increased more than 10-fold from 55,000 in 2019 to 570,000 in 2022, indicating a substantial increase in adoption.
The break-down of primary participants is as mentioned below:
By Company Type - Tier 1: 40%, Tier 2: 35%, and Tier 3: 25%
By Designation - C-level: 35%, Director-level: 40%, and Others: 25%
By Region - North America: 45%, Europe: 30%, Asia Pacific: 20%, Latin America: 3%, and Middle East & Africa: 2%.
Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), OMRON Corporation (Japan), GE Healthcare (US), Oracle (US), Boston Scientific Corporation (US), Abbott (US), NIHON KOHDEN CORPORATION (Japan), Siemens Healthineers AG (Germany), Baxter (US), Biobeat (Israel), Biotronik (Germany), and VitalConnect (US) are some of the key players in the remote patient monitoring market.
The study includes an in-depth competitive analysis of these key players in the remote patient monitoring market, with their company profiles, recent developments, and key market strategies.
Research Coverage
This research report categorizes the remote patient monitoring market by component (devices by function [cardiac monitoring devices, neurological monitoring devices, respiratory monitoring devices, blood glucose monitoring devices, fetal & neonatal monitoring devices, weight monitoring devices, multiparameter monitoring devices, pulse oximeter devices, thermometers, other monitoring devices (rehabilitation and physical therapy devices, fall detection devices, and others)], by product type- [wearable devices, implantable devices, handheld & portable devices, others (stationary devices, and others)], software by deployment- [on-premise model and cloud-based model], by transmission type- [synchronous and asynchronous], and services). By indication (oncology, cardiology, neurology, diabetes, sleep disorders, respiratory diseases, wellness improvement (weight management, fitness monitoring, hydration monitoring, nutritional tracking & monitoring, etc), mental health, and others (obstetrics & gynecology, immunology, infectious diseases, metabolic disorders, ophthalmology, gastroenterology, nephrology & urology, hematology, endocrinology, musculoskeletal disorders, and others)). By end user (healthcare providers [hospitals, ambulatory surgical centers, ambulatory care centers, and other outpatient settings, long term care & assisted living facilities, home healthcare, and other healthcare providers (diagnostics & imagining centers, rehabilitation centers, behavioural health centers, and others)], healthcare payers, patients, pharmaceutical & biotechnology companies, medTech companies, and other end users (employer groups, government organizations, academic institutes, research centers, and others)), and by region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa). The scope of the report covers detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the remote patient monitoring market. A detailed analysis of the key industry players has been done to provide insights into their business overview, solutions, and services; key strategies; partnerships, agreements. new product & service launches, regulatory approval, investment, fundings, mergers and acquisitions, and recent developments associated with the remote patient monitoring market. Competitive analysis of upcoming startups in the remote patient monitoring market ecosystem is covered in this report.
Reasons to buy this report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the remote patient monitoring market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
The report provides insights on the following pointers:
Analysis of key drivers (transforming patient care through digital innovation, telehealth driving growth in remote patient monitoring, rising prevalence of chronic diseases, growing geriatric population globally, need for cost-containment and improved patient care in healthcare industry, and wearables, health apps and connected devices enhancing remote patient monitoring solutions) restraints (high investments and lack of it expertise, behavioral barriers and healthcare affordability challenges in remote patient monitoring, and regulatory barriers in 2024 medicare policies impacting remote patient monitoring) opportunities (emergence of AI & ML, growing shift toward outpatient care environments, growing use in combating infectious diseases and enhanced patient care through early detection, hospital-at-home, and enhanced patient care through early detection and continuous monitoring) challenges (growing data security concerns data security issues, data accessibility issues, and integration of social determinants of health (sdoh) factors into rpm programs) influencing the growth of the remote patient monitoring market.
Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the remote patient monitoring market
Market Development: Comprehensive information about lucrative markets - the report analyses the remote patient monitoring market across varied regions.
Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the remote patient monitoring market
Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players such as Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), OMRON Corporation (Japan), GE Healthcare (US), Boston Scientific Corporation (US), Abbott (US), NIHON KOHDEN CORPORATION (Japan), and Siemens Healthineers AG); among others in the remote patient monitoring market
TABLE OF CONTENTS
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.3 MARKET SCOPE
1.3.1 MARKET SEGMENTATION
1.3.2 INCLUSIONS & EXCLUSIONS
1.3.3 YEARS CONSIDERED
1.3.4 CURRENCY CONSIDERED
1.4 LIMITATIONS
1.5 STAKEHOLDERS
1.6 SUMMARY OF CHANGES
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
2.1.1 SECONDARY DATA
2.1.1.1 Key data from secondary sources
2.1.2 PRIMARY DATA
2.1.2.1 Key data from primary sources
2.1.2.2 Breakdown of primary sources
2.2 MARKET SIZE ESTIMATION
2.2.1 SUPPLY-SIDE ANALYSIS
2.2.2 BOTTOM-UP APPROACH: END-USER ADOPTION
2.2.3 TOP-DOWN OF PARENT MARKET ASSESSMENT
2.2.4 COMPANY PRESENTATIONS AND PRIMARY INTERVIEWS
2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
2.4 RESEARCH ASSUMPTIONS
2.4.1 MARKET SIZING ASSUMPTIONS
2.4.2 OVERALL STUDY ASSUMPTIONS
2.5 RISK ASSESSMENT
2.6 RESEARCH LIMITATIONS
2.6.1 METHODOLOGY-RELATED LIMITATIONS
2.6.2 SCOPE-RELATED LIMITATIONS
3 EXECUTIVE SUMMARY
4 PREMIUM INSIGHTS
4.1 REMOTE PATIENT MONITORING MARKET OVERVIEW
4.2 NORTH AMERICA: REMOTE PATIENT MONITORING MARKET, BY END USER AND REGION (2023)
4.3 GEOGRAPHIC GROWTH OPPORTUNITIES
4.4 REMOTE PATIENT MONITORING MARKET: DEVELOPED MARKETS VS. EMERGING MARKETS
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.1.1 DRIVERS
5.1.1.1 Transformation of patient care through digital innovation
5.1.1.2 Expansion of telehealth in remote patient monitoring
5.1.1.3 Rising prevalence of chronic diseases
5.1.1.4 Increasing geriatric population and rising uptake of RPM services
5.1.1.5 Growing need for cost-containment across healthcare facilities
5.1.1.6 Technological innovation in wearables, mhealth apps, and connected devices
5.1.2 RESTRAINTS
5.1.2.1 High investments and lack of IT expertise
5.1.2.2 Behavioral barriers and healthcare affordability challenges in remote patient monitoring
5.1.2.3 Challenges associated with 2024 CMS regulations
5.1.3 OPPORTUNITIES
5.1.3.1 Emergence of AI & ML
5.1.3.2 Gradual shift toward outpatient care environments
5.1.3.3 Increasing utilization for infectious disease diagnostics
5.1.3.4 Rising initiatives for hospital-at-home programs
5.1.4 CHALLENGES
5.1.4.1 Concerns associated with data security
5.1.4.2 Data accessibility issues
5.1.4.3 incorporation of SDOH factors into RPM programs