Remote Patient Monitoring Market Research Report—Global Forecast till 2030

Remote Patient Monitoring Market Research Report: Information by Type (Devices [Blood Glucose Monitoring, Respiratory Monitoring, Cardiac Monitoring, Multi-parameter Monitoring, and Others], Services), by Application (Cancer, Cardiovascular Diseases, Diabetes, and Others), by End User (Payers, Providers, and Patients), by Region (North America, Europe, Asia-Pacific, and Rest of the World) - Forecast till 2030

ID: MRFR/HC/9421-HCR | September 2022 | Region: Global | 120 Pages         

Remote Patient Monitoring Market

The remote patient monitoring market size is projected to reach USD 6.42 billion by 2030 at CAGR of 18.64% during the forecast period (2022 - 2030)

Segmentation

By Type Devices Services
By Application Cancer Cardiovascular Diseases Diabetes
By End User Payers Providers Patients

Key Players

  • Koninklijke Philips N.V. (Netherlands)
  • Medtronic plc (Ireland)
  • GE Healthcare (US)
  • Cerner Corporation (US)
  • Siemens Healthineers AG (Germany)
  • OMRON Healthcare (Japan)
  • Boston Scientific Corporation (US)
  • Abbott Laboratories (US)
  • Nihon Kohden Corporation (Japan)
  • OSI Systems
  • Inc. (US)

Drivers

  • Increasing geriatric population
  • Growing investments in telehealth
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Remote Patient Monitoring Market Forecast


The remote patient monitoring market size is projected to be worth USD 6.42 billion by 2030, registering a CAGR of 18.64% during the forecast period (2022 - 2030)


Remote Patient Monitoring (RPM) can be referred to as the process of monitoring and obtaining physiological and other patient data remotely through digital means. Remote patient monitoring capabilities enable patients, especially of old age, post-surgical patients, with chronic diseases, and with disabilities to remain at home and receive medical assessment. The remote patient monitoring market has been segmented based on type, application, end user, and region. The market is driven by factors like the Increasing geriatric population, growing investments in telehealth, and rising prevalence of chronic diseases. However, data privacy concerns and lack of access to adequate internet services in developing regions could hamper the growth of the remote patient monitoring market.


Remote Patient Monitoring Market COVID-19 Analysis


COVID-19 has positively impacted demand for remote patient monitoring services significantly. This was due to factors such as lockdowns, social distancing, and travel restrictions which were implemented during the pandemic to curb the spread of the virus. This in turn made it very difficult for patients to visit healthcare institutions and receives medical assessment in-person.


Hence, a significant increase in demand for robust remote patient monitoring services was seen to overcome the disruptions caused by the pandemic. Additionally, it also led to the increase in awareness about remote patient monitoring and its advantages among end users. This has also led to substantial investments in the field driving market growth. For instance, according to Mercom Capital Group (US), USD 1.7 billion was invested in the first half of 2020 into the telehealth sector. Such investments owing to the pandemic has supplemented market growth.


Remote Patient Monitoring Market Dynamics


Drivers



  • Increasing geriatric population

    • The increasing geriatric population is one of the major driving factors for increasing demand for the market. RPM technology can aid seniors in slowing the advancement of chronic conditions and ensuring that their recovery continues even after leaving an acute care facility. RPM technology can also notify healthcare professionals and trigger action when an older individual is hurt or in danger.

    • Therefore, the increasing geriatric population positively impacts the growth for the remote patient monitoring market. According to the UN, one is six people would be aged over 65 years by 2050 from one in eleven as recorded in 2019.



  • Growing investments in telehealth

  • Rising prevalence of chronic diseases


Market Restraints



  • Data privacy concerns

    • The possibility of data breaches and concerns regarding data privacy is hampering growth of the remote patient monitoring market. Medical professionals who access the remote patient monitoring data cannot share information regarding the patient with anyone who is not directly related to the patient’s treatment. Hence, the maintenance of data confidentiality is important.

    • Recent cases of data breaches have led to the damage of trust of the end users on the products. For instance, according to the Healthcare Data Breach Report 2020, over 500 healthcare data records were breached in 2020 which was the highest recorded data breach till 2020. Additionally, surveys show that a large portion of patients are fearful of data breaches and privacy concerns for which they do not opt for remote monitoring services. Therefore, such data privacy and safekeeping concerns may negatively impact market growth.



  • Lack of access to adequate internet services in developing regions


Market Opportunities



  • Technological advancements in remote patient monitoring capabilities

    • There have been several recent advancements in remote monitoring capabilities that are expected to aid in market growth in the forecast period. Some innovations include the use of Artificial Intelligence (AI) to improve clinical decision making through RPM, integration into hospitals globally, and improvements in functioning such as reduction in false alarms.

    • Additionally, commercial companies are trying to integrate RPM into their products. For example, Apple Inc. (US) is currently undertaking research to integrate Parkinson’s disease tracking into its apple watch products. Therefore, such technological advancements and innovations are expected to provide lucrative growth opportunities for market players in the future.




Value Chain Analysis


The value chain analysis for the remote patient monitoring industry comprises four major components, which starts with the research & product development followed by the manufacturing of the products, distribution & sales, and ends with post-marketing surveillance. Throughout the value chain, customer requirements are kept in mind while designing products, methods to improve manufacturing turnaround times are employed and post launch, product monitoring is done to keep end users up to date with product features and ensuring product functions as intended in the market.


Remote Patient Monitoring Market Segmentation


By Type



  • Devices


The devices segment includes the devices that enable monitoring patients remotely. They are used to either monitor vital signs like blood pressure, blood oxygen level, and temperature, or other parameters like blood glucose, and cardiac rhythm. The segment is mainly driven due to increasing innovations and new product launches. For instance, in October 2021, Honeywell Technology Solutions (US) launched a new wearable device called the Real-Time Health Monitoring System (RTHMS) which is capable of monitoring patients’ vital signs remotely in real-time.


The devices segment is further bifurcate into blood glucose monitoring, respiratory monitoring, cardiac monitoring, multi-parameter monitoring, and others.



  • Services


Services refer to complete remote patient solutions offered by market players. They provide an end-to-end solution for both patients and providers. Services are easy to subscribe to and provide superior analytics along with raw data. The services segment was also in high demand during the COVID-19 pandemic owing to increased demand for robust RPM services. In addition, companies providing such services are also increasing which is also aiding in market growth. For instance, Qardio (US), a company founded in 2012, launched its new QardioDirect service for remote cardiac health monitoring in August 2021.


The solutions segment held a larger market share in 2021 provided the higher accessibility and ease of use for end users.


By Application



  • Cancer


Cancer is considered as the leading cause of death worldwide causing around 10 million deaths in 2020. Due to technological advancements, RPM can help the patients suffering from cancer to monitor their symptoms, vitals, and convey the sane to the healthcare providers in real time. Such connected and proactive cancer care lads to a better patient experience, as well as leads o reduction in cost of care.



  • Cardiac Diseases


RPM products and services are extensively used in instances of cardiac diseases. RPM technologies provide as an efficient method of continuous tracking of the patient’s cardiac health and has shown significant contribution in improving patient outcomes. According to the American Heart Association (AHA), RPM technologies have significantly reduced the rate of acute events as well as hospitalization. Furthermore, RPM allows patients to be monitored from the comfort of their hoes rather than staying in the hospital which also reduces the cost of cardiac disease treatment.


The cardiac diseases segment is expected to hold the largest share in 2021 owing to the increasing burden of cardiac diseases globally and the rising adoption of RPM services for the same.



  • Diabetes


Diabetes is a metabolic disorder that causes the blood sugar level to increase.  It can cause several long-term effects such as blood vessel damage, kidney damage, blindness, and even life-threatening effects such as stroke and heart failure. It is also coupled with a high prevalence rate with over 422 million people suffering from diabetes globally according to the WHO.  RPM capabilities allow healthcare providers to receive timely and regular data that facilitates in better patient outcomes.



  • Others


Other applications where RPM products and services are utilized include sleep disorder, neurological applications, respiratory applications, weight management and fitness monitoring). The RPM technology is still very new and is undergoing rapid advancements which is expected to further increase its applications in the coming years.


By End User



  • Payers


Payers can be referred to as he organizations such as health insurance companies, Medicaid, and Medicare, who set the service rates, process claims, and pay the providers. The payers segment is expected to grow at a significant CAGR owing to more and more payers opting to have RMP programs. For instance, the leading payers in the US including UnitedHealthcare (US) and Humana (US) both have their own RMP programs. Similarly, in February 2022, Cigna (US) started its own RPM program though MDLIVE, part of its service portfolio.



  • Providers


Providers in the remote patient monitoring market are the medical professionals that diagnose and treat patients suffering from various illnesses. The providers segment held the largest market share based on end user owing to the shift towards value-based healthcare and the capabilities of RPM to improve healthcare outcomes and patient experience. Statistics show that 9 out of 10 providers are opting to implement RMP capabilities in their care.



  • Patients


Patients refer to the people suffering from a disease/disorder and require medical assistance. The patients segment is expected to hold a significant share in the market owing to increasing disease prevalence, increasing per capita income, and rising healthcare awareness. Additionally, the recent COVID-19 outbreak further increased demand for RPM products and services by patients as visiting healthcare practitioners In-person was hindered due to restrictions.


Remote Patient Monitoring Market Regional Analysis


The remote patient monitoring market based on the region has been segmented into North America, Europe, Asia-Pacific, and the Rest of the World. The global population is growing old owing to increasing life expectancy and better healthcare access. However, the geriatric population require constant monitoring to maintain good health and monitor heath disorders which is driving the remote patient monitoring market. Other factors like increasing prevalence for chronic diseases and rising investments in telehealth are increasing the demand for robust remote patient monitoring products and services.


North America



  • The well-established healthcare infrastructure, and rising chronic diseases are fueling the growth of the North American remote patient monitoring market.


The North America remote patient monitoring market held the largest market share by region in 2021. The growing prevalence of chronic diseases is a major driver for rising demand for RPM products and services. According to the Centers for Disease Control and Prevention (CDC) in May 2022, 6 out of 10 Americans suffered from a chronic disease. Additionally, increasing adoption of sedentary lifestyle is leading to heart problems where RPM has the highest applications in. Therefore, such factors helped North America capture the largest market share in 2021.


Remote Patient Monitoring Market Competitive Landscape

The industry players are adopting several business strategies to increase their market presence. They are significantly investing in R&D activities to expand their product portfolio, further driving the remote patient monitoring market. In addition, the market players are adopting several strategic initiatives such as new product launches, contractual agreements, mergers & acquisitions, increasing investments, and partnering with other players to expand their global footprint. Some key players in the market are Koninklijke Philips N.V. (Netherlands), Medtronic plc (Ireland), and GE Healthcare (US).


Koninklijke Philips N.V. is headquartered in Amsterdam, Netherlands. It was funded in 1891and has over 81,592 employees globally. Philips offers products through medical devices, health systems, cardiology, health tech, oncology, respiratory, fertility, and pregnancy segments. It deals in maternity care, childcare, and oral healthcare products; male grooming & beauty products; food preparation & home care products; and sleep & respiratory care products. Philips is innovating extensively in the field of RPM and collaborating with other players to develop new solutions. 


List of companies covered in this report:



  • Koninklijke Philips N.V. (Netherlands)

  • Medtronic plc (Ireland)

  • GE Healthcare (US)

  • Cerner Corporation (US)

  • Siemens Healthineers AG (Germany)

  • OMRON Healthcare (Japan)

  • Boston Scientific Corporation (US)

  • Abbott Laboratories (US)

  • Nihon Kohden Corporation (Japan)

  • OSI Systems, Inc. (US)


Remote Patient Monitoring Market Recent Developments



  • In July 2021, Abbott (US) launched its Jot Dx. insertable remote cardiac monitor which can remotely detect and diagnose cardiac arrythmia in patients.

  • In February 2021, Philips healthcare launched its Philips Medical Tablet which enable physicians to remotely monitor patent vitals during emergencies.

  • In February 2021, Philips acquired BioTelemetry, Inc. (US) which improved its cardiac remote patient monitoring capabilities.

  • In March 2020, Medtronic plc launched two new RPM service solutions Respiratory Infectious Disease Health Check and COVID-19 Virtual Care Evaluation and Monitoring solution to support patients with COVID-19.

  • In May 2020, Philips launched its BX100, a wireless wearable biosensor specifically designed to monitor COVID-19 patients remotely.


Remote Patient Monitoring Market Report Overview


The study covers the existing short-term and long-term market effects. It helps decision-makers to draught short-term and long-term business plans by region. The report covers major regions in North America, Europe, Asia-Pacific, and the Rest of the World. The report analyzes market drivers, restraints, opportunities, challenges, Porter's five forces, value chain, and impact of COVID-19 on the market.


Study Objectives



  • To provide a detailed analysis of the market structure and forecast for the next seven years of the various segments and sub-segments of the remote patient monitoring market

  • To provide insights about factors affecting the market growth

  • To analyze the remote patient monitoring market based on various factors- price analysis, supply chain analysis, Porter's five force analysis, etc.

  • To provide historical and forecast revenues of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia-Pacific, and the Rest of the World

  • To provide country-level analysis of the market with respect to the current market size and future prospective

  • To provide strategic profiling of key players in the market, comprehensively analyze their core competencies, and draw a competitive market landscape

  • To track and analyze competitive developments such as joint ventures, strategic alliances, mergers & acquisitions, new product developments, and R&D in the remote patient monitoring market


Remote Patient Monitoring Market Segmental Overview:


Global Remote Patient Monitoring Market, By Type



  • Devices

    • Blood Glucose Monitoring

    • Respiratory Monitoring

    • Cardiac Monitoring

    • Multi-parameter Monitoring

    • Others



  • Services


Global Remote Patient Monitoring Market, By Application



  • Cancer Treatment

  • Cardiovascular Diseases

  • Diabetes Treatment

  • Other


Global Remote Patient Monitoring Market, By End User



  • Payers

  • Providers

  • Patients


Global Remote Patient Monitoring Market, By Region



  • North America

    • US

    • Canada



  • Europe

    • Germany

    • France

    • UK

    • Italy

    • Spain

    • Rest of Europe



  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Rest of Asia-Pacific



  • Rest of the World

    • Middle East

    • Africa

    • Latin America




Intended Audience



  • Product manufacturers and suppliers

  • Healthcare Institutions

  • Research and Development (R&D) Companies

  • Health Insurance Companies

  • Government and Independent Regulatory Authorities

  • Market Research and Consulting Service Providers

  • Academic Institutes and Universities



Report Scope:

Report Attribute/Metric Details
  Market Size   USD 6.42 billion
  CAGR   18.64%
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2018 to 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application, and End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World
  Key Vendors   • Koninklijke Philips N.V. (Netherlands) • Medtronic plc (Ireland) • GE Healthcare (US) • Cerner Corporation (US) • Siemens Healthineers AG (Germany) • OMRON Healthcare (Japan) • Boston Scientific Corporation (US) • Abbott Laboratories (US) • Nihon Kohden Corporation (Japan) • OSI Systems, Inc. (US)
  Key Market Opportunities   Lack of access to adequate internet services in developing regions
  Key Market Drivers   • Increasing geriatric population • Growing investments in telehealth • Rising prevalence of chronic diseases


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