Remote Patient Monitoring (RPM) Market Worth $41.7 Billion | MarketsandMarkets

CHICAGO, Nov. 7, 2023 /PRNewswire/ -- 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. However, informal usage of social meda rsising instance of healthcare fraud and regulatory variations across regions could restrain market growth during the forecast period.

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Browse in-depth TOC on "Remote Patient Monitoring (RPM) Market"
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Remote Patient Monitoring (RPM) Market Scope:

Software and services is expected to register the highest CAGR during the forecast period

Based on the product, the remote patient monitoring market is segmented into software & services and devices. The software and services segment is expected to register the highest CAGR during the forecast period. The highest growth of this segment is because the RPM services are growing rapidly as more RPM programs are being reimbursed and more people have chronic illnesses.

Diabetes segment accounted for the largest share of the remote patient monitoring market during the forecast period.

Based on application, the global remote patient monitoring market is broadly segmented into oncology, cardiovascular diseases, diabetes, sleep disorders, weight management and fitness monitoring. The diabetes segment accounted for the largest share of the global market during the forecast period. This can be attributed to the high prevalence of diabetes, reimbursement for RPM programs, advancements in RPM technology, and need for continuous monitoring.

Providers segment accounted for the largest share of the remote patient monitoring market during the forecast period.

Based on end users, the global remote patient monitoring market is broadly segmented into providers, payers, patients, and other end users. The proivders segment accounted for the largest share of the remote patient monitoring market during the forecast period. The large share of the providers can be attributed to the increase in telehealth and telemedicine adoption by physician groups, hospitals, clinics, and other healthcare facilities, advancements in telehealth monitoring devices, and increased tele-specialty services offered by the providers.

Asia Pacific is expected to register the highest CAGR during the forecast period

In 2022, 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.

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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

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%)

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.
• In August 2022, Medtronic plc had announced it has entered into a strategic partnership with BioIntelliSense, a continuous health monitoring and clinical intelligence company, for the exclusive U.S. hospital and 30-day post-acute hospital to home distribution rights of the BioButton multi-parameter wearable for continuous, connected monitoring. The partnership enables the Medtronic Patient Monitoring business to offer access to a medical grade device that provides continuous vital sign measurements of general care patients in-hospital as well as post-discharge.
• In July 2022, Biobeat has partnered with Medidata Solutions and become part of the Sensor Cloud Network. By using Biobeat's medical-grade wearables, they are able to enhance clinical trials with vital signs collection to generate real-world evidence remotely and conveniently from the patient's home.

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Remote Patient Monitoring (RPM) Market - Report Highlights:

UPDATED MARKET OVERVIEW:

• The current edition of the report covers tariff and regulatory landscape, trade analysis, patent analysis, porter five forces analysis, pricing analysis, key stakeholders & buying criteria, unmet needs in remote patient monitoring, key conferences & events, end user expectations, case study analysis, end user expectations, reimbursement scenario, and trends and disruptions impacting customers business.

UPDATED SEGMENTATION CHAPTER:

• The segmentation chapter includes the Application chapter that has been added with oncology, cardiovascular diseases, diabetes, sleep disorders, weight management and fitness monitoring and other applications as sub segments.

UPDATED COMPETITIVE LANDSCAPE CHAPTER:

• The competitive landscape chapter includes market share analysis of the top players. It has been updated with the revenue share analysis and company benchmarking.

UPDATED FINANCIAL INFORMATION/PRODUCT PORTFOLIOS OF PLAYERS:

• The new edition of the report includes company profiles with updated financial information and product portfolios.
• COVERAGE OF NEW PLAYERS OF REMOTE PATIENT MONITORING MARKET:
• The updated version of the report includes additional company profiles: Health Beats (Singapore), Alive Cor, Inc. (US), and TytoCare Ltd. (US). These companies have emerged as other players due to their products and various strategic investments undertaken in the remote patient monitoring space.

UPDATED MARKET DEVELOPMENTS OF PROFILED PLAYERS:

• Recent developments are important to understand the market trends and growth strategies adopted by players. The current edition of this report provides updated developments of profiled players from January 2020 to October 2023, indicating a continuation of the previous version. Product launches and approvals were the principal growth strategies adopted by market players during this period.

ADDITION OF RECESSION IMPACT:

• The current edition of the report consists of the impact of the recession on the remote patient monitoring Market
• A section on the impact of the recession on all regional markets, such as North America, the Asia Pacific, Europe, Latin America, Middle East & Africa have been included.

Remote Patient Monitoring (RPM) Market - Key Benefits of Buying the Report:

The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the medical exoskeleton market and provides them information on key market drivers, restraints, challenges, and opportunities.

This report provides insights into the following pointers:

• Analysis of key drivers (rise in the geriatric and medically underserved (especially rural) populations; the growing prevalence of chronic conditions; the benefits of telehealth and telemedicine owing to the current shortage of physicians and care personnel due to the pandemic; increasing investments in telehealth and RPM, and rising technological advancements in telecommunications), restraints (inadequate AI workforce and ambiguous regulatory guidelines for medical software), opportunities (role and impact of AI in remote patient monitoring market, high utility of RPM in combating infectious disease and epidemics), challenges (behavioral barriers, healthcare affordability, and the lack of awareness)
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the remote patient monitoring market. The report analyzes this market by type, application, and end user.
• Service Enhancement/Innovation: Detailed insights on upcoming trends in the remote patient monitoring Market
• Market Development: Comprehensive information on the lucrative emerging markets type, application, end user.
• Market Diversification: Exhaustive information about new devices and software, growing geographies, recent developments, and investments in the remote patient monitoring Market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the remote patient monitoring Market.

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