The remote patient monitoring devices market is estimated to be valued at USD 12.37 Bn in 2024, growing at a CAGR of 15.7% over the forecast period (2024 – 2031). The market for remote patient monitoring devices has been growing at an impressive pace over the last few years owing to the increasing geriatric population and growing preference for home healthcare. Furthermore, the increasing incidence of chronic diseases, such as diabetes, Chronic Obstructive Pulmonary Disease, and congestive heart failure requiring long-term monitoring and management, is also contributing to the market growth.
Market Dynamics:
Growing Geriatric Population: The global geriatric population is increasing at a rapid pace. As per World Health Organization, the number of people aged 65 years and above is expected to rise from 703 million in 2019 to 1.5 billion by 2050. The elderly population is more prone to chronic diseases and ailments which require the long term monitoring of health parameters. This is expected to drive the demand for remote patient monitoring devices for the senior citizens globally. There is a rising preference among the patients and healthcare providers for home healthcare as it offers comfort of home environment and reduces hospital costs. Remote monitoring solutions enable virtual care of patients at home while reducing need for frequent hospital visits. This saves considerable healthcare expenditure and makes treatment more efficient.
Increasing prevalence of chronic diseases is driving the remote patient monitoring devices market growth
One of the major drivers for the growth of the remote patient monitoring devices market is the increasing prevalence of chronic diseases across the globe. Chronic diseases such as diabetes, cardiovascular diseases, respiratory diseases, and cancer have been on the rise in the last few decades. As per WHO, chronic diseases are the leading cause of mortality in the world, responsible for approximately 71% of all deaths globally. Remote patient monitoring devices help in managing chronic conditions from home, reducing the need for frequent hospital visits. This improves the quality of life for patients and lowers the healthcare costs associated with chronic diseases. The growing burden of chronic diseases on healthcare systems is expected to increase the demand for remote patient monitoring solutions in the coming years.
Rising geriatric population with multiple comorbidities is propelling the market growth
Another key driver for the remote patient monitoring devices market is the rapid rise in the geriatric population worldwide who often suffers from multiple chronic conditions concurrently known as comorbidities. Older adults are more susceptible to chronic illnesses and require long-term care. Remote monitoring devices help the elderly population to live independently and get medical attention whenever needed. They provide safety, independence, and improve health outcomes for the aging population. This sizable patient demographic suffering from multiple comorbidities is a significant growth opportunity for remote patient monitoring device manufacturers.
Lack of skilled healthcare professionals poses a challenge
One challenge restraining the growth of the remote patient monitoring devices market is the lack of skilled healthcare professionals needed to effectively implement remote patient monitoring programs. Remote patient monitoring requires caregivers trained in using monitoring devices, interpreting medical parameters, coordinating care with physicians, and providing counseling to patients. However, in many parts of the world, there is already a shortage of healthcare workers which is expected to worsen in the coming years. This shortage of trained professionals hinders the widespread adoption of remote monitoring solutions in delivering quality care from home. Addressing the healthcare staffing crisis through medical education reforms and capacity building will help alleviate this constraint.
Data privacy and security concerns limit market expansion
Another major restraint for the remote patient monitoring devices market is concerns regarding patient data privacy and security. Remote monitoring involves capturing sensitive medical information and transmitting it through wireless networks or to the cloud, exposing it to security threats such as cyberattacks and data breaches. If patient data gets compromised, it can cause distress, financial and legal liabilities. Many patients are hesitant to adopt remote monitoring services due to the risk of their critical health records being accessed or stolen by bad actors. Strict data protection laws and implementation of robust cybersecurity measures are required to protect digital patient records and earn public trust, which is essential for the large-scale acceptance of remote monitoring systems.
Cost savings potential attracts payers and providers
One significant growth opportunity in the remote patient monitoring devices market is the cost savings it offers to healthcare payers and providers through more efficient care delivery. Remote patient monitoring allows managing health conditions from home, reducing expensive hospital admissions and readmissions. It also diminishes unnecessary emergency department visits and clinic appointments. This translates to substantial savings for payers and providers in healthcare expenditure which is rising unsustainably. Remote monitoring also enables early diagnosis and preventive care, further driving down overall medical costs in the long run. As financial pressures on healthcare systems continue to mount, remote patient monitoring provides an attractive value proposition for payers, providers, and policymakers seeking cost-effective care pathways.
Growing investments and supportive regulatory framework
Another key opportunity for the remote patient monitoring devices market is the increasing investments by both private investors and government organizations in remote health technologies. There is significant funding flowing into the development of innovative monitoring solutions, digital health platforms, and care provider networks to facilitate widespread adoption. Also, regulatory agencies around the world are introducing favorable regulations to promote remote patient monitoring. For instance, policies permitting reimbursements for remote services are encouraging healthcare providers to offer these services. A conducive funding and regulatory environment enable remote monitoring to fulfil its potential for delivering affordable and accessible healthcare globally. This increasing supportiveness is likely to fuel continuous market expansion.
Link: https://www.coherentmarketinsights.com/market-insight/remote-patient-monitoring-market-215
Key Development
- On February 21, 2024, HealthSnap, a company operating in the U.S. which offers Remote Patient Monitoring (RPM) and Chronic Care Management (CCM) services to healthcare providers, revealed the completion of a Series B funding round totaling USD 5 mi The round was spearheaded by Sands Capital, a private equity firm and saw participation from new investors such as Comcast Ventures, Acronym Venture Capital, and the Florida Opportunity Fund.
- On January 4, 2024, Pylo Health, a prominent supplier of remote patient monitoring equipment, introduced two cutting-edge patient devices: the Pylo 900-LTE blood pressure monitor and the Pylo 200-LTE weight scale. These devices have undergone clinical validation and are compatible with multiple cellular networks, guaranteeing more reliable data transmission throughout the U.S.
- In October 2023, VitalConnect, Inc., a frontrunner in wearable biosensor technology for both remote and in-hospital settings, disclosed a collaboration with Fifth Eye Inc., a company specializing in intuitive real-time clinical analytics. The comprehensive remote patient monitoring solution offered by VitalConnect, Inc. already oversees up to 11 metrics in near-real time, complete with personalized alarms. Moreover, it conducts screenings for 21 cardiac arrhythmias, furnishing continuous and unparalleled insights into patient health.
- In January 2023, Senet, a prominent provider of cloud-based software and services platforms, along with Telli Health, the industry leader in medical remote patient monitoring devices, unveiled the inaugural LoRaWAN-powered remote patient monitoring (RPM) hardware. This innovative technology facilitates physicians in reaching out to more patients in remote and underserved areas, including indigenous communities globally, thereby enhancing healthcare equity and inclusivity. Additionally, it establishes a foundation for future smart home services.
Key Players: Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC, Nihon Kohden Corporation, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH, Cerena Corporation., BPL Group, Mindray Medical International Limited, Drägerwerk AG & Co. KGaA, and Schiller.
