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HEALTHCARE & PHARMACEUTICAL

Remote Patient Monitoring Devices Market Analysis by Monitoring Type (Multi-Parameter, Blood Glucose, Respiratory, Cardiac Monitoring, and Others); by Type (Wireless and Wired); by Component (Devices and Software); by Indication (Oncology, Diabetes, Hypertension, COPD, and Congestive Heart Failure); and by End-User (Clinics, Hospitals, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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IN THE NEWS

  • F. Hoffmann-La Roche Ltd to unveil a digital PCR system, Digital LightCycler System. It is a next-generation PCR system that has been developed for assisting the clinical researcher to understand the type of cancer and if it is associated with an infection or genetic disease.

  • Bio Telemetry, Inc. to complete its acquisition of On.Demand remote patient monitoring (RPM) and coaching platforms. The platform is mainly functioned by Envolve People Care, Inc. The acquisition took place to enhance the quality of life and decrease the cost of care.

Global Remote Patient Monitoring Devices Market Size, Forecast, and Trend Highlights Over 2023 - 2033

Base Year

2022

Forecast Year

2023-2033

CAGR

~20%

Base Year Market Size (2022)

~ USD 6 Billion

Forecast Year Market Size (2033)

~ USD 36 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of Middle East and Africa)

 

The global remote patient monitoring devices market is estimated to garner a revenue of ~USD 36 Billion by the end of 2033 by growing at a CAGR of ~20% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 6 Billion in the year 2022. The growth of the market can primarily be ascribed to the escalating cases of non-communicable diseases (NCDs) across the globe, the lack of space in hospitals for storage, and the increasing number of patients suffering from chronic diseases. World Health Organization (WHO) released a set of data demonstrating that nearly 41 million people lose their lives every year due to non-communicable diseases.

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Global remote patient monitoring devices market trends such as a remarkable rise in government initiatives and spending and increasing cases of COPD are projected to influence the growth of the market positively over the forecast period. For instance, chronic obstructive pulmonary disease (COPD) accounted for approximately 3 million deaths across the globe in 2019. Moreover, improvement in lifestyle, growing awareness toward early diagnosis, and ongoing development of medical technology are some of the major factors that are expected to flourish the growth of the market over the forecast period. As of 2019, the spending on medical technology was estimated to be nearly USD 30 billion while the revenue generated by the technology was anticipated to be around USD 450 billion. Hence, all these factors are forecasted to hike the market growth over the forecast period.

Global Remote Patient Monitoring Devices Market: Growth Drivers and Challenges

Growth Drivers

  • Growing Cases of Cardiovascular Diseases to Boost the Market Growth   It is estimated that approximately 18 million people die on account of cardiovascular (CVDs) disease every year while in 2020, around 350,000 people lost their lives due to coronary heart disease.

The modern era is the era of advanced technology that is flourished with the new innovative technological development of medical devices. Remote patient monitoring devices are very useful for patients and healthcare providers since they are easy to operate and quite affordable. Almost every household has access to some sort of personal patient monitoring device. Some of the common examples of these devices are thermometers, ECG, blood pressure cuffs, pulse oximeters, scales, glucometers, and others.

  • Rising Prevalence of Diabetes across the GlobeAs of 2019, almost 2 million people deceased owing to diabetes while around 35 million individuals were still living with diabetes.

  • Up Surged Demand Owing to Higher Penetration of Respiratory DiseasesAs per the report published by the Pan America Health Organization (PAHO), it was demonstrated that around 534,242 deaths were caused by chronic respiratory diseases solely in America.

  • Exponential Growth in the Global Healthcare Expenditure  World Bank stated that in 2019, the global health expenditure hit USD 1,121.9 per capita.

  • The rising Cases of COVID-19 during the Pandemic OutbreakAs per the data in 2021, about 300 million cases of COVID-19 are reported across the globe including 5 million deaths.

Challenges

  • A Significant Need for Higher Initial Investment
  • Lack of Awareness and Affordability

Most of the elders are not aware of the telehealth facilities. Also, some are not ready to leave behind the conventional method of appointments and refuse to adopt to the new techniques. The fraud associated with this in the name of insurance may victimize anyone including physicians and patients. These behavioral barriers are also significantly restraining market growth due to unfamiliarity and lack of experience.

  • Lack of Requisite Medical Workforce

The global remote patient monitoring devices market is segmented and analyzed for demand and supply by indication into oncology, diabetes, hypertension, COPD, and congestive heart failure, out of which, the oncology segment is projected to witness noteworthy growth over the forecast period. The growth of the segment can be accounted for the rising cases of cancer globally, increasing awareness regarding healthcare owing to advancements in medical treatment, and increasing access to insurance. For instance, nearly 400 new cases of cancer per 100,000 individuals are diagnosed every year.

Global Remote Patient Monitoring Devices Market Regional Synopsis

The North America region remote patient monitoring devices market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. Factors such as the presence of the major key players in the market and the rising prevalence of chronic diseases, the growing demand for low-cost treatment, and increasing wireless and portable systems adoption are anticipated to propel the growth of the market during the forecast period. Based on the data provided by the Centers for Disease Control and Prevention (CDC), it was stated that in every 10 Americans, 6 of them suffer from some sort of chronic diseases such as cancer, diabetes, stroke, and others.

Market Segmentation

Our in-depth analysis of the global remote patient monitoring devices market includes the following segments:

      By Monitoring Type

  • Multi-Parameter
  • Blood Glucose
  • Respiratory
  • Cardiac Monitoring
  • Others

      By Type

  • Wireless
  • Wired

      By Component

  • Devices
  • Software

       By Indication

  • Oncology
  • Diabetes
  • Hypertension
  • COPD
  • Congestive Heart Failure

      By End-User

  • Clinics
  • Hospitals
  • Others

Top Featured Companies Dominating the Global Remote Patient Monitoring Devices Market

  • F. Hoffmann-La Roche Ltd

    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Koninklijke Philips N.V.
  • Abbott Laboratories
  • Bio Telemetry, Inc.
  • Boston Scientific Corporation
  • Omron Corporation
  • Masimo Corporation
  • Edward Lifesciences Corporation
  • Nihon Kohden Corporation
  • Medtronic plc

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