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Global Medical Remote Patient Monitoring and Care Market – Industry Trends and Forecast to 2031

Healthcare

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Global Medical Remote Patient Monitoring and Care Market – Industry Trends and Forecast to 2031

  • Healthcare
  • Upcoming Report
  • May 2024
  • Global
  • 350 Pages
  • No of Tables: 220
  • No of Figures: 60

Global Medical Remote Patient Monitoring and Care Market – Industry Trends and Forecast to 2031

Market Size in USD Billion

CAGR :  % Diagram

Diagram Forecast Period 2023–2031
Diagram Market Size (Base Year) USD 11.29 USD Billion
Diagram Market Size (Forecast Year) USD 28.97 USD Billion
Diagram CAGR %

Major Markets Players

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Global Medical Remote Patient Monitoring and Care Market, By Device Type (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Blood Glucose Monitoring Devices, Respiratory Monitoring Devices, Neurological Monitoring Devices, Multi-Parameter Monitoring Devices, and Others), Application (Oncology, Diabetes, Cardiovascular Diseases, and Others), End User (Hospital-Based Patients, Ambulatory Patients, and Home Healthcare Patients) – Industry Trends and Forecast to 2031.

Medical Remote Patient Monitoring and Care Market

Medical Remote Patient Monitoring and Care Market Analysis and Size

The remote patient monitoring and care market is witnessing significant growth, driven by the increasing prevalence of chronic diseases, rising healthcare costs, and technological advancements in healthcare. The market is characterized by the adoption of remote monitoring devices, such as wearable sensors, smart devices, and mobile apps, which enable healthcare providers to monitor patients' health remotely. These devices help monitor essential signs, medication adherence, and other health parameters, leading to the early detection of health issues and the improved management of chronic conditions.

The global medical remote patient monitoring and care market size was valued at USD 11.29 billion in 2023 and is projected to reach USD 28.97 billion by 2031, with a CAGR of 12.5% during the forecast period of 2024 to 2031. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Report Scope and Market Segmentation       

Report Metric

Details

Forecast Period

2024 to 2031

Base Year

2023

Historic Years

2022 (Customizable to 2016 - 2021)

Quantitative Units

Revenue in USD Billion, Volumes in Units, Pricing in USD

Segments Covered

Device Type (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Blood Glucose Monitoring Devices, Respiratory Monitoring Devices, Neurological Monitoring Devices, Multi-Parameter Monitoring Devices, and Others), Application (Oncology, Diabetes, Cardiovascular Diseases, and Others), End User (Hospital-Based Patients, Ambulatory Patients, and Home Healthcare Patients)

Countries Covered

U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America

Market Players Covered

Medtronic (Ireland), Boston Scientific Corporation (U.S.), VitalConnect (U.S.), Biobeat (Israel), General Electric (U.S.), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Abbott (U.S.), Nihon Kohden Corporation (Japan), Vivify Health, Inc. (U.S.), Aerotel Medical Systems (Israel), BIOTRONIK SE & Co. KG (Germany), A&D Company, Limited (Japan), AliveCor, Inc. (U.S.), Masimo (U.S.), Dexcom, Inc. (U.S.), Senseonics, Inc. (U.S.), ResMed (U.S.), 100Plus (U.S.), ChroniSense Medical, Ltd. (Israel), Vitls (U.S.), Cardiomo (U.S.), CoachCare (U.S.), Neteera (Israel), and Withings (France)

Market Opportunities

  • Remote Monitoring for Post-Acute Care     
  • Rising Popularity of Wearable Technology

Market Definition

Remote Patient Monitoring (RPM) and Care refers to the use of technology to monitor and manage patients' health remotely. It involves the use of devices, such as wearable sensors and monitors, to collect patient data, such as vital signs, activity levels, and medication adherence, which is then transmitted to healthcare providers, including physicians, nurses, and other healthcare professionals.                

Medical Remote Patient Monitoring and Care Market Dynamics

Drivers

  •  Rising Prevalence of Chronic Diseases

The escalating prevalence of chronic diseases such as diabetes, cardiovascular disorders, and respiratory conditions requires continuous monitoring and management, which can be effectively facilitated through remote monitoring technologies. By enabling healthcare providers to remotely track patients' vital signs, medication adherence, and other key health metrics, these solutions help in the early detection of complications, timely intervention, and personalized care plans. This not only improves patient outcomes but also reduces the burden on healthcare systems by minimizing hospitalizations and emergency room visits, fuelling the market growth.

  • Increasing Aging Population 

The global increase in the aging population is leading to a higher prevalence of age-related chronic diseases, such as hypertension, arthritis, and dementia, among others. This demographic shift is driving the need for remote monitoring solutions to monitor the health and well-being of elderly individuals remotely. Remote monitoring technologies can help manage chronic conditions, detect early signs of health deterioration, and provide timely interventions. This is particularly crucial for elderly individuals, who may face challenges related to limited mobility and access to healthcare services. This technology provides an effective and convenient solution to ensure that their health needs are fullfiled, thereby driving market growth.

Opportunities

  • Remote Monitoring for Post-Acute Care   

Remote patient monitoring and care solutions are increasingly valuable in post-acute care settings, including home health, rehabilitation centers, and long-term care facilities. These solutions offer the ability to monitor patients' health remotely, providing timely interventions and improving patient outcomes. Remote monitoring allows healthcare providers to monitor patients outside traditional healthcare settings. This capability can reduce the necessity for hospital readmissions and emergency room visits, ultimately leading to lower healthcare costs. In addition, remote monitoring allows for more personalized care plans tailored to individual patient needs, leading to better overall care quality and patient satisfaction and creating new opportunities for the market.     

  • Rising Popularity of Wearable Technology

The wearable technology, such as smartwatches and fitness trackers, is equipped with sensors that can track various health metrics, such as heart rate, activity levels, and sleep patterns. By leveraging wearable technology, remote monitoring solutions can provide continuous monitoring of patient's health status, enabling early detection of health issues and proactive intervention. Furthermore, wearable devices are user-friendly and integrate seamlessly into patients' daily lives, making them a convenient and accessible tool for remote health monitoring and management. The rising popularity of wearable devices presents a significant opportunity for remote patient monitoring and care solutions.

Restraints/Challenges

  • Data Security and Privacy Concerns

With the increasing use of remote monitoring devices and platforms, there is a growing concern about the security of patient data transmitted over these systems. Patients naturally worry about the confidentiality of their health information, particularly when it is transmitted over the Internet. Healthcare providers also face challenges in ensuring the security of patient data, as any breach could have serious consequences for patient trust and regulatory compliance. The issue of data security and privacy is a major restraint for market growth.  

  • Reimbursement Challenges

Healthcare providers may be reluctant to invest in these solutions without clear and consistent reimbursement mechanisms in place. The complexity of reimbursement policies can also be a challenge, as providers must navigate different rules and requirements across different payers. Furthermore, the absence of reimbursement for remote monitoring services can restrict patient access to these beneficial tools, especially for those who need them most. The lack of standardized reimbursement policies is a significant barrier to the adoption of remote patient monitoring and care services.

This market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Recent Developments

  • In January 2024, Apollo Hospital, a prestigious multi-specialty hospital in India, revealed a pioneering partnership with LifeSigns, a leading health monitoring technology company powered by AI
  • In May 2023, Philips launched Virtual Care Management, an extensive range of flexible solutions and services designed for health systems, providers, payers, and employers. These solutions aim to effectively motivate and engage with patients, regardless of their location

Medical Remote Patient Monitoring and Care Market Scope

The market is segmented into three notable segments such as device type, application, and end user. The growth amongst these segments will help you analyze major growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Device Type

  • Cardiac Monitoring Devices
  • Blood Pressure Monitoring Devices
  • Blood Glucose Monitoring Devices     
  • Respiratory Monitoring Devices
  • Neurologiocal Monitoring Devices
  • Multi-Parameter Monitoring Devices
  • Others

Application

  • Oncology
  • Diabetes
  • Cardiovascular Diseases
  • Others

End User 

  • Hospital-Based Patients 
  • Ambulatory Patients
  • Home Healthcare Patients 

Medical Remote Patient Monitoring and Care Market Regional Analysis/Insights

The market is analyzed and market size insights and trends are provided by country, device type, application, and end user as referenced above.

The countries covered in the market are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E., South Africa, Egypt, Israel, Rest of Middle East and Africa, Brazil, Argentina, and Rest of South America.

North America is expected to dominate the market due to the region's increasing investments in RPM and care, which are poised to stimulate market growth. Within North America, the U.S. is expected to lead, propelled by advancements in RPM and care technologies.

Asia-Pacific is expected to witness significant growth during the forecast period due to the availability of untapped opportunities in the emerging markets of India and China. Japan is expected to play a crucial role in revenue generation due to its large elderly population. The increasing incidence of chronic diseases is also a key factor fueling the market growth in India.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed Base and New Technology Penetration

The market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the market. The data is available for historic period 2011-2021.

Competitive Landscape and Medical Remote Patient Monitoring and Care Market Share Analysis

The market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to the market.

Some of the major players operating in the market are:

  • Medtronic (Ireland)
  • Boston Scientific Corporation (U.S.)
  • VitalConnect (U.S.)
  • Biobeat (Israel)
  • General Electric (U.S.)
  • Koninklijke Philips N.V. (Netherlands)
  • OMRON Corporation (Japan)
  • Abbott (U.S.)
  • Nihon Kohden Corporation (Japan)
  • Vivify Health, Inc. (U.S.)
  • Aerotel Medical Systems (Israel)
  • BIOTRONIK SE & Co. KG (Germany)
  • A&D Company, Limited (Japan)
  • AliveCor, Inc. (U.S.)
  • Masimo (U.S.)
  • Dexcom, Inc. (U.S.)
  • Senseonics, Inc. (U.S.)
  • ResMed (U.S.)
  • 100Plus (U.S.)
  • ChroniSense Medical, Ltd. (Israel)
  • Vitls (U.S.)
  • Cardiomo (U.S.)
  • CoachCare (U.S.)
  • Neteera (Israel)
  • Withings (France)


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FREQUENTLY ASK QUESTIONS

The Medical Remote Patient Monitoring and Care Market size will be worth USD 28.97 billion by 2031.
The Medical Remote Patient Monitoring and Care Market growth rate will be 12.5% by 2031.
Rising Prevalence of Chronic Diseases and Increasing Aging Population are the growth drivers of the Medical Remote Patient Monitoring and Care Market.
The device type, application, and end user are the factors on which the Medical Remote Patient Monitoring and Care Market research is based.
The major companies in the Medical Remote Patient Monitoring and Care Market are Medtronic (Ireland), Boston Scientific Corporation (U.S.), VitalConnect (U.S.), Biobeat (Israel), General Electric (U.S.), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Abbott (U.S.), Nihon Kohden Corporation (Japan), Vivify Health, Inc. (U.S.), Aerotel Medical Systems (Israel), BIOTRONIK SE & Co. KG (Germany), A&D Company, Limited (Japan), AliveCor, Inc. (U.S.), Masimo (U.S.), Dexcom, Inc. (U.S.), Senseonics, Inc. (U.S.), ResMed (U.S.), 100Plus (U.S.), ChroniSense Medical, Ltd. (Israel), Vitls (U.S.), Cardiomo (U.S.), CoachCare (U.S.), Neteera (Israel), and Withings (France).
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