REMOTE PATIENT MONITORING DEVICES MARKET ANALYSIS

Remote Patient Monitoring Devices Market Size and Trends

The remote patient monitoring devices market is estimated to be valued at USD 12.37 Bn in 2024 and is expected to reach USD 34.41 Bn by 2031, growing at a compound annual growth rate (CAGR) of 15.7% from 2024 to 2031.

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The market is expected to witness strong growth during the forecast period due to the rising geriatric population, growing prevalence of chronic diseases, and increasing need for cost-effective healthcare delivery. Remote patient monitoring enables remote tracking of vital signs and ensures early detection of adverse health conditions in at-risk patients. This helps in improving health outcomes, reducing healthcare costs, and managing chronic conditions effectively without hospital visits or professional healthcare assistance. Therefore, with its benefits of enhanced patient care and cost savings, the demand for remote patient monitoring devices is projected to increase significantly over the next few years.

Increasing prevalence of several disorders and diseases

The global remote patient monitoring devices market is expected to witness significant growth over the forecast period, owing to the increasing prevalence of disorders such as cardiac disorders, respiratory disorders, and others. According to the World Health Organization (WHO) report published in June 2021, an estimated 17.9 million people died from cardiovascular diseases in 2019, representing 32% of all global deaths, out of these deaths, 85% were due to heart attack and stroke globally. Out of the 17 million premature deaths (under the age of 70) due to non-communicable diseases in 2019, 38% were caused by cardiovascular diseases globally.

Moreover, according to the same source, on May 20, 2022, nearly 90% of chronic obstructive pulmonary disease (COPD) deaths globally in those under 70 years of age occur in low- and middle-income countries (LMIC) like India and Bangladesh. Therefore, the high prevalence of diabetes and chronic obstructive pulmonary disease worldwide is expected to drive the global remote patient monitoring devices market growth over the forecast period.

Key players are focused on adopting inorganic growth strategies, such as collaborations, which is expected to drive the global remote patient monitoring devices market growth. For instance, in October 2022, GE Healthcare, a medical technology company, and AMC Health, a provider of remote patient monitoring services, announced a collaboration that will enable clinicians to offer Remote Patient Monitoring (RPM) as a virtual care solution that extends patient care beyond the hospital to the home environment. The combination of GE Healthcare's acute patient monitoring capabilities in the hospital setting and AMC Health's expertise in RPM solutions using an U.S. FDA Class II 510(k)-cleared platform with analytics will broaden the continuum of non-acute care for patients after they are discharged from the hospital.