Remote Patient Monitoring (RPM) Market in terms of revenue was estimated to be worth $14.0 billion in 2023 and is poised to reach $41.7 billion by 2028, growing at a CAGR of 20.1% from 2023 to 2028 according to a new report by MarketsandMarkets. The growth of the remote patient monitoring (RPM) market is being driven by the aging population, the need to expand healthcare access, the ability of RPM to reduce the burden on medical resources, and rising investments in telehealth and remote patient monitoring.
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The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The growth of the remote patient monitoring (RPM) market is being driven by the healthcare related cost advantage owed to adoption of RPM.
Key Market Players of Remote Patient Monitoring (RPM) Industry:
Prominent players in the remote patient monitoring market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Oracle (US), Siemens Healthineers AG (Germany), Omron Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Clear Arch, Inc (US), Vivify Health, Inc. (US), Alten Calsoft Labs (France), Bio-Beat (Israel), VitalConnect (US), VivaLNK Inc. (US), Bardy Diagnsotics, Inc. (US), Biotronik SE & Co. KG (Germany), Brook Inc. (US), Blue Spark Technology (US), Welch Allyn (US), Health Beats (Singapore), Alive Cor, Inc. (US), TytoCare Ltd. (US), Teledoc Health Inc. (US), and iRhythm Technologies (US).
Breakdown of supply-side primary interviews, by company type, designation, and region:
· By Company Type: Tier 1 (35%), Tier 2 (45%), and Tier 3 (20%)
· By Designation: C-level (35%), Director-level (25%), and Others (40%)
· By Region: North America (25%), Europe (15%), Asia Pacific (45%), Latin America (10%), and Middle East Africa (5%)
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Remote Patient Monitoring (RPM) Market Dynamics:
Drivers:
1. Rising geriatic population and growing need to expand healthcare access
Restraints:
1. Healthcare Fraud
Opportunities:
1. high utility of RPM in comabating infectious diseases and epidemics
Challenge:
1. behavioral barriers, healthcare affordability, and the lack of awareness
Asia Pacific is expected to register the highest CAGR during the forecast period
Asia Pacific is expected to register the highest CAGR during the forecast period. This can be attributed to the prevalence of chronic diseases, subsequent overcrowding in hospitals, rising geriatric population, growth opportunities for advanced internet-based platforms in the RPM, favourable government policies, the rising need to curtail healthcare expenditure, and increasing consumer awareness of health-related issues in RoAPAC (Rest of Asia-pacific) countries.
The study categorizes the remote patient monitoring market to forecast revenue and analyze trends in each of the following submarkets:
By Component
· Services & Software
· Devices
o Cardiac Monitoring Devices
o Neurological Monitoring Devices
o Respiratory Monitoring Devices
o Multiparameter Monitoring Devices
o Blood Glucose Monitoring Devices
o Fetal & Neonatal Monitoring Devices
o Weight Monitoring Devices
o Other Monitoring Devices
By Application
· Oncology
· Cardiovuscular Diseases
· Diabetes
· Sleep Disorders
· Weight Management & Fitness Monitoring
By End User
· Providers
o Hospitals and Clinics
o Home Care Settings and Long Term Care Centers
o Ambulatory Care Centers
o Other End Users
o Passive Exoskeletons
· Payers
· Patients
· Other End Users
By Region
o North America
o Europe
o Asia Pacific
o Latin America
o Middle East & Africa
Recent Developments:
· In August 2023, EPIC Health, collaborated to address health inequities and reduce heart attack and stroke risk in underserved Detroit communities. The program will feature VitalSight, OMRON's first remote patient monitoring service designed specifically for patients afflicted by high blood pressure and especially those with uncontrolled Stage 2 hypertension.
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