Health & Safety Industry Today

Explosive Growth Forecast: Remote Patient Monitoring Market to Reach $8.5 Billion by 2031, with a CAGR of 16.3%

Market Dynamics and Drivers Remote patient monitoring (RPM) involves the collection and transmission of medical and health data from patients to healthcare providers using digital technologies. This process allows for continuous monitoring of patients' health status from their homes, reducing the need for frequent hospital visits and lowering healthcare costs.
Published 24 June 2024

Growth and Prospects of the Global Remote Patient Monitoring Market

The global remote patient monitoring market was valued at $1.9 billion in 2021 and is expected to reach $8.5 billion by 2031, growing at a CAGR of 16.3% from 2022 to 2031. This growth is driven by the increasing prevalence of chronic diseases, rising geriatric population, and advancements in digital health technologies.

Several factors contribute to the growth of the RPM market:

  1. Aging Population: The increasing number of elderly individuals, who are more prone to chronic diseases, boosts the demand for RPM. The World Population Ageing 2020 report indicates that the global population aged 65 and above is expected to increase from 703 million in 2020 to 1.5 billion by 2050.
  2. Chronic Disease Management: The rise in chronic conditions like heart disease, diabetes, and chronic obstructive pulmonary disease (COPD) drives the adoption of RPM devices, which help in managing these conditions effectively.
  3. Technological Advancements: Innovations in mobile health technologies, including mobile cardiac telemetry devices and ambulatory wireless EEG recorders, enhance the capabilities and adoption of RPM systems.
  4. Cost Benefits: RPM systems help in reducing medical costs by minimizing hospital readmissions and enabling early detection and management of health issues.

Market Segmentation

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The RPM market is segmented by condition, component, and region.

  1. By Condition:
  • Congestive Heart Failure (CHF): Dominated the market in 2021 with $916.75 million in revenue.
  • Diabetes
  • COPD
  • Blood Pressure
  • Mental Health
  • Others
  1. By Component:
  • Devices: Leading segment in 2021 with $1,453.63 million in revenue, driven by the high incidence of chronic diseases and the demand for home-based monitoring devices.
  • Software
  1. By Region:
  • North America: Largest market share in 2021, with $746.40 million in revenue, due to the high burden of chronic diseases, increasing elderly population, and advanced healthcare infrastructure.
  • Europe
  • Asia-Pacific
  • LAMEA (Latin America, Middle East, and Africa)

Key Players and Competitive Landscape

Prominent companies in the global RPM market include:

  • Abbott Laboratories
  • Biotronik SE & Co. KG
  • Boston Scientific Corporation
  • Datos Health
  • General Electric
  • Honeywell International
  • Johnson & Johnson
  • Koninklijke Philips N.V.
  • Medtronic
  • Nihon Kohden

Impact of COVID-19

The COVID-19 pandemic significantly impacted the RPM market. Lockdowns and social distancing measures increased the demand for home-based healthcare solutions, as hospitals focused on managing COVID-19 patients. RPM systems provided a viable alternative for monitoring non-COVID patients remotely, thus reducing hospital visits and exposure risks.

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