Remote Patient Monitoring Market Size & Share, by Monitoring Type (Multi-Parameter, Blood Glucose, Respiratory, Cardiac Monitoring); Type (Wireless, Wired); Component (Devices, Software); Indication (Oncology, Diabetes, Hypertension, COPD, Congestive Heart Failure); End-user (Clinics, Hospitals) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2023-2033

  • Report ID: 2443
  • Published Date: Feb 08, 2023
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2023-2033

Remote Patient Monitoring Market size is anticipated to surpass USD 36 Billion by the end of 2033, growing at a CAGR of 20% during the forecast period, i.e., 2023-2033. In the year 2022, the industry size of remote patient monitoring was over USD 6 Billion.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.

Global remote patient monitoring 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.


Remote Patient Monitoring Market
Get more information on this report: Request Free Sample PDF

Remote Patient Monitoring Sector: 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 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 Globe- As 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 Diseases- As 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 Outbreak- As 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 AffordabilityMost 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

Remote Patient Monitoring Market: Key Insights

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)
Get more information on this report: Request Free Sample PDF

Remote Patient Monitoring Segmentation

Indication (Oncology, Diabetes, Hypertension, COPD, Congestive Heart Failure)

The global remote patient monitoring 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.

Our in-depth analysis of the global 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

Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.

Customize this Report

Remote Patient Monitoring Industry - Regional Synopsis

The North America region remote patient monitoring market 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.

Get more information on this report: Request Free Sample PDF

Companies Dominating the Remote Patient Monitoring Landscape

top-features-companies
    • 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

In-the-news

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.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 2443
  • Published Date: Feb 08, 2023
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

Growing cases of cardiovascular diseases and rising prevalence of diabetes across the globe are estimated to majorly boost the market growth.

The market is anticipated to attain a CAGR of ~20% over the forecast period, i.e., 2023-2033.

A significant need for higher initial investment and higher costs associated with the procedure is estimated to challenge the market growth.

The market in North America region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

The major players in the market are Koninklijke Philips N.V., Abbott Laboratories, Bio Telemetry, Inc., Boston Scientific Corporation, Omron Corporation, Masimo Corporation, Edward Lifesciences Corporation, and others.

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.

The market is segmented by monitoring type, type, component, indication, end-user, and by region.

The oncology segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.
Remote Patient Monitoring Market Report Scope
  GET A FREE SAMPLE

FREE Sample Copy includes market overview, growth trends, statistical charts & tables, forecast estimates, and much more.

 Request Free Sample Copy

Have questions before ordering this report?

Inquiry Before Buying