Global remote patient monitoring systems market is anticipated to grow at a significant CAGR of 13.7% during the forecast period (2024-2031). The major factor driving the market growth is the growing number of elderly people who require constant supervision. Additionally, the higher incidences of chronic health conditions including cardiovascular diseases, diabetes, and respiratory disorders for which vital parameters need to be continually checked, also drive the market growth. Technological improvement in sensing elements and the emergence of new tools for monitoring also contribute to industry growth. Advanced sensors and devices allow for more frequent and unobtrusive telemonitoring of patients. Applicability of remote patient monitoring in the prevention and control of infectious diseases and epidemics through remote identification, virtual visits, and patient contact minimization. Remote patient monitoring can assist in controlling the spread of diseases and is also present considerable opportunity for market growth. New changes in laws and insurance programs globally include coverage for remote patient monitoring services. For instance, in 2021 the US Centers for Medicare and Medicaid Service changed their plans for adjusting the reimbursement for remote patient monitoring programs.
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Recent Developments
- In November 2023, Owlet US got FDA clearance for one of its products, a baby sock that delivers health stats of infants such as pulse rate and oxygen saturation levels. Specialized monitors can also improve efficiency in healthcare facilities since they offer specific data and allow for minimizing the number of requisite gadgets.
- In October 2023, Ricoh USA, Inc. introduced RICOH remote patient monitoring enablement as the newest end-to-end managed service for health systems. This launch enhanced the quality of the service for the patients and care delivery teams and virtual care.
- In August 2023 GE HealthCare, a member of the General Electric group, unveiled its US release of Portrait Mobile, the patient monitoring system of the company. Such a launch was useful in correcting and growing the group in the US market.
- In April 2022 the patient monitoring system by LivaNova was commercially released. This launch enhanced clinical efficiency and quality of patient care during CPB (cardiopulmonary bypass) procedures by launching a patient-tailored approach.
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Market Coverage
- The market number available for – 2023-2031
- Base year- 2023
- Forecast period- 2024-2031
- Segment Covered-
o By Device Type
o By Application
o By End-user
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape- Abbott Laboratories, Boston Scientific Cardiac Diagnostics Inc., GE Healthcare Technologies Inc., Baxter International, Inc., and Medtronic Plc among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Remote Patient Monitoring Systems Market Report Segment-
Device Type
- Heart Monitors
- Breath Monitors
- Hematology Monitors
- Multi-parameter Monitors
- Other
Application
- Sleep Disorder
- Cancer Treatment
- Diabetes Treatment
- Cardiovascular Diseases
- Weight Management and Fitness Monitoring
- Other (Fetal Monitors, and Neurological Monitors)
End-user
- Home Care Settings
- Hospitals/Clinics
- Other (Government and Public Health Organizations, and Ambulatory Care Centers)
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