Global Remote Patient Monitoring Devices Market Overview
Remote Patient Monitoring Devices Market Size was valued at USD 14.2 Billion in 2022. The Remote Patient Monitoring Devices market industry is projected to grow from USD 17.1 Billion in 2023 to USD 76.1 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 20.50% during the forecast period (2023 - 2032). Growing Number of Chronic Illnesses and Growing Demand for Increased Access to Healthcare are the key market drivers boosting the expansion of the market.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Remote Patient Monitoring Devices Market Trends
- High RPM utility in fighting epidemics and infectious diseases is driving the market growth
Market CAGR for remote patient monitoring devices is being driven by high rpm utility in fighting epidemics and infectious diseases. Through the use of digital technology, remote patient monitoring gathers and transmits clinical data, patient registries, and patient current health statuses to a healthcare professional. By gathering the data in the patient's residence, costs associated with care and hospital stays can be reduced. The expansion of the remote patient monitoring market share is driven by an increase in the number of elderly people and an increase in disposable income.
Additionally, the need for RPM can be fully utilized by more recent technological advancements. Blood pressure monitors, weight monitors, patient wearables, blood glucose monitors, spirometers, ECG + stethoscopes, thermometers, Bluetooth scales, electrocardiography (ECG) devices, heart rate monitors, medical alert systems, peak flow monitors, blood pressure cuffs, pulse oximeters, and glucometers are among the devices that can be used for cellular remote patient monitoring, maternal care monitoring, pediatric at-home monitoring, medication monitoring, Bluetooth remote patient monitoring, managing hypertension, medication management and titration, weight measurement for congestive heart failure, weight measurement for being overweight, pulmonology remote patient monitoring, COPD management, asthma management, other respiratory disease management, and endocrinology remote patient monitoring.
Market expansion is anticipated to be fueled by the chronic illness that is becoming more widespread worldwide. Every year, 90% of U.S. healthcare expenditures are related to chronic illnesses. With the use of a remote monitoring system, patients can receive prompt care, preventing this. A telemedicine app's ability to digitize and automate vital processes can postpone ER visits and hospital stays. This decreases administrative burdens at hospitals and will lead to a rise in the use of remote monitoring systems in the years to come. Market expansion is anticipated to be fueled by the chronic illness that is becoming more widespread worldwide. With the use of a remote monitoring system, patients can receive prompt care, preventing this.
For instance, the World Health Organization projects that 10 million new instances of dementia will be reported each year by 2021, out of a projected 55 million persons with dementia. It is anticipated that by 2030 there will be 78 million dementia sufferers worldwide, and by 2050 there will be 139 million. Thus, result in driving the Remote Patient Monitoring Devices market revenue.
Remote Patient Monitoring Devices Market Segment Insights
Remote Patient Monitoring Devices Product Insights
The Remote Patient Monitoring Devices market segmentation, based on Product includes Vital Sign Monitors, Cardiac Monitors, Respiratory Monitoring Devices, Haematological Monitoring Devices, Anaesthesia Systems Monitoring Devices, Renal Function Monitoring Devices, Telemetry Devices, Multi-parameter Monitors, and Others. The Vital Sign Monitors segment dominated the market. Because heart diseases are becoming more commonplace worldwide, heart rate monitors are the most popular product sub-segment. The use of these monitors has increased as a result of the rise in the number of people with heart diseases.
Remote Patient Monitoring Devices End-Use Insights
The Remote Patient Monitoring Devices market segmentation, based on End-Use, includes Hospital-based patients, Home care patients, and Ambulatory patients. The Hospital-based patients category generated the most income. In addition to treating many outpatients, hospitals also treat a lot of inpatients. They have a larger technical staff to meet patient demands and offer a variety of diagnostic testing. The key factors driving the segment's growth are the sizeable patient pool and the rising number of tests being conducted.
Figure1: Remote Patient Monitoring Devices Market, by End-Use, 2022&2032(USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Remote Patient Monitoring Devices Application Insights
The Remote Patient Monitoring Devices market segmentation, based on Application includes Cancer, Diabetes, Sleep Disorder, Weight Management, Fitness Monitoring, Cardiovascular Diseases Bronchitis, Virus, Dehydration, Infections, and Hypertension. The Diabetes segment dominated the market. Diabetes requires regular blood glucose monitoring since it is one of the world's leading causes of death. The illness is known to impair a number of bodily processes, including vision, liver function, heart activity, and kidney activity.
Remote Patient Monitoring Devices Regional Insights
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Remote Patient Monitoring Devices market area will dominate this market. Major reasons contributing to the regional expansion include the rise in chronic disease incidence, the need for wireless and portable devices, and the existence of sophisticated reimbursement schemes designed to reduce out-of-pocket expenses.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: REMOTE PATIENT MONITORING DEVICES MARKET SHARE BY REGION 2022 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Remote Patient Monitoring Devices market has the second-largest portion of the market, because of the increased death rate and growing need for affordable care. Further, the German Remote Patient Monitoring Devices market had the biggest market share. and the UK Remote Patient Monitoring Devices market was the European market with the quickest rate of growth.
The Asia-Pacific Remote Patient Monitoring Devices Market is anticipated to expand between 2023 and 2032 at the quickest CAGR. This is because there are unexplored prospects in China's and India's developing markets. Moreover, China’s Remote Patient Monitoring Devices market had the biggest market share, and the Indian Remote Patient Monitoring Devices market was the Asia-Pacific region's fastest-growing market.
Remote Patient Monitoring Devices Key Market Players& Competitive Insights
Leading market players are putting a lot of money in R&D to grow their product lines, which will allow the market for remote patient monitoring devices to continue growing. Additionally, market players are engaging in a range of calculated initiatives to increase their worldwide presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Remote Patient Monitoring Devices industry must provide reasonably priced goods.
Manufacturing locally is one of the primary business techniques used by manufacturers to cut operational costs in the Remote Patient Monitoring Devices industry to help customers and expand the market segment. In recent years, the Remote Patient Monitoring Devices industry has provided some of the biggest benefits to medicine. Major players in the Remote Patient Monitoring Devices market, including Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Nihon Omron Corporation, OSI Systems, Inc., Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, Smiths Medical, Kohden Corporation, Masimo, Welch Allyn., and others, are engaging in research and development activities in an effort to boost market demand.
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. manufactures a variety of medical equipment and supplies. The company reported RMB 23.8 billion in revenue in 2020, with a YoY growth rate of 18.6%, according to its annual report. Mindray introduced the ground-breaking MC-80 Automated Digital Cell Morphology Analyzer in 2021. This device enhances laboratory productivity, intelligence, and clarity.
Nihon Omron Corporation offers a variety of goods and services, such as social systems, healthcare, and environmental solutions. Nidec Corporation declared in October 2019 that it would buy Omron Automotive Electronics Co. Ltd. from Omron Corporation. Nidec Corporation successfully acquired Omron Automotive Electronics Co. Ltd. in October 2019. Clinicians may now remotely monitor patients with hypertension thanks to Omron Healthcare's VitalSight remote patient monitoring platform, which was introduced in 2021.
Key Companies in the Remote Patient Monitoring Devices market include
- Shenzhen Mindray Bio-Medical Electronics Co. Ltd.
- Nihon Omron Corporation
- OSI Systems, Inc.
- Koninklijke Philips N.V.
- F. Hoffmann-La Roche Ltd
- Smiths Medical
- Kohden Corporation
- Masimo
- Welch Allyn
- Boston Scientific Corporation
- Dräger Medical
- Honeywell
- LifeWatch
- Medtronic
- Vitls, Inc.
- CareValidate
- Biotronik
- GE Healthcare
- Johnson & Johnson
- Cerner Corporation Telecare
Remote Patient Monitoring Devices Industry Developments
2021: OSI Systems, Inc. declared that it had successfully acquired the Patient Monitoring division of Nihon Kohden Corporation, the world leader in anesthesia monitoring.
April 2023: The statistics from Philips demonstrated the strength of its ophthalmology portfolio and its dedication to improving eye care at ARVO 2023.
December 2019: Kelli Bernard was chosen to serve on OSI Systems, Inc.'s board of directors.
Remote Patient Monitoring Devices Regional Outlook
-
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
-
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Middle East
- Africa
- Latin America
| Report Attribute/Metric |
Details |
| Market Size2022 |
USD 14.2 Billion |
| Market Size 2023 |
USD 17.11 Billion |
| Market Size2032 |
USD 76.1 Billion |
| Compound Annual Growth Rate (CAGR) |
20.50% (2023-2032) |
| Base Year |
2022 |
| Market Forecast Period |
2023-2032 |
| Historical Data |
2018- 2022 |
| Market Forecast Units |
Value (USD Billion) |
| Report Coverage |
Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered |
Product, End-Use, Application, and Region |
| Geographies Covered |
North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered |
The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled |
 Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Nihon Omron Corporation, OSI Systems, Inc., Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, Smiths Medical, Kohden Corporation, Masimo, Welch Allyn |
| Key Market Opportunities |
·        Global chronic illness rates are predicted to rise, driving market expansion. |
| Key Market Dynamics |
·        Growing Number of Chronic Illnesses and Growing Demand for Increased Access to Healthcare |
Frequently Asked Questions (FAQ) :
In 2022, the market for remote patient monitoring devices was estimated to be worth USD 14.2 billion.
From 2023 to 2032, the market is expected to expand at a compound annual growth rate (CAGR) of 20.50%.
North America held the most market share worldwide.
The key players in the market are Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Nihon Omron Corporation, OSI Systems, Inc., Koninklijke Philips N.V., F. Hoffmann-La Roche Ltd, Smiths Medical.
The market in 2022 was dominated by the Vital Sign Monitors segment.
The market's largest share belonged to hospital-based patients.
