Global Remote Patient Monitoring Market to Grow at 13.4% During 2024-2032, Propelled by Rising Home-Based Healthcare

September 29, 2020 | Healthcare

The latest report by IMARC Group, titled “Remote Patient Monitoring Market Report by Device Type (Blood Pressure Monitor, Glucose Monitor, Heart Rate Monitor, Pulse Oximeters, Respiratory Monitor, and Others), Application (Cancer Treatment, Cardiovascular Diseases Treatment and Monitoring, Diabetes Treatment, Sleep Disorder Treatment, Weight Management and Fitness Monitoring, and Others), End-Use (Hospitals and Clinics, Homecare Settings, and Others), and Region 2024-2032,” finds that the global remote patient monitoring market reached a value of US$ 1.5 Billion in 2023. Remote patient monitoring (RPM) is a healthcare delivery method that uses the latest advances in information technology to gather patient data outside of traditional healthcare settings. It collects a wide range of health data from the point of care, such as weight, blood sugar and oxygen levels, heart rate, and electrocardiograms, which is electronically transferred to health care providers for assessment. These programs allow older and disabled individuals to live at home for longer and avoid moving to nursing facilities. This, in turn, aids in reducing the patientcare cost, number of hospitalizations, readmissions and length of stays in hospitals.

Global Remote Patient Monitoring Market Trends:

The highly infectious nature of the coronavirus disease (COVID-19) has prompted healthcare providers to utilize RPM services for monitoring patients and improving the quality of care. RPM technology consists of medical devices deployed in the home that transmit vital signs through a data hub, console or set-top box. This helps healthcare providers to free up resources for treating critical and existing patients by providing more timely and efficient care. Besides this, the rapid advancements in wireless technologies and healthcare infrastructure, and the increasing penetration of smartphones has led to a shift from clinic- to patient-centric healthcare models, such as RPM. As a result, the leading players are introducing next-generation chronic disease RPM systems based on mobile phone platforms that would allow automatic wireless transfer of measurements from medical devices, like glucometers, blood pressure monitors and weighing scales. On account of these factors, the market is anticipated to exhibit a CAGR of 13.4% during the forecast period (2024-2032).

Market Summary:

  • Based on the device type, the report finds that heart rate monitors represent the leading device type. Other major devices are glucose monitors, blood pressure monitors, pulse oximeters and respiratory monitors.
  • On the basis of the application, the market has been categorized into cancer treatment, cardiovascular disease treatment and monitoring, diabetes treatment, sleep disorder treatment, weight management and fitness monitoring and others. Amongst these, cardiovascular disease treatment and monitoring represent the largest application segment.
  • The market has been bifurcated based on the end use into hospitals and clinics, homecare settings and others. At present, hospitals and clinics hold the majority of the global market share.
  • Region-wise, North America (the United States and Canada) exhibits a clear dominance in the market. Other major regions include Europe (Germany, the United Kingdom, France, Italy, Russia, Spain and others), Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
  • The competitive landscape of the market has also been examined with some of the key players being Abbott Laboratories, AMD Global Telemedicine, Inc., BIOTRONIK SE & Co. KG, Boston Scientific Corporation, Dexcom, Inc., GE Healthcare, Inc. (Danaher Corporation), Honeywell International, Inc., Koninklijke Philips N.V., Medtronic, Inc., Nihon Kohden Corporation, OSI Systems, Inc. and Roche Holding AG.

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Global Remote Patient Monitoring Market to Grow at 13.4% During 2024-2032, Propelled by Rising Home-Based Healthcare
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