Remote Patient Monitoring Devices Market

Remote Patient Monitoring Devices Market Size

The global remote patient monitoring devices market was estimated at USD 15.8 billion in 2023. The market is expected to grow from USD 17 billion in 2024 to USD 41.3 billion by 2032 at a CAGR of 11.7%. Remote patient monitoring (RPM) devices are technologically developed tools, that allow for the continuous, real-time tracking of patients health apart from traditional clinical method.

These devices range from wearable sensors to implantable and handheld instruments, which monitor numerous physiological parameters such as heart rate, blood pressure, and blood glucose levels. By using RPM devices, data is transferred wirelessly to healthcare providers, allowing real-time health assessments, increasing patient engagement, and supporting value-based healthcare models.

The increasing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, cancer, chronic kidney diseases (CKD) are a significant factors driving the market growth. For instance, according to the report from World Health Federation (WHF), in 2021, 20.5 million deaths surged globally due to cardiovascular diseases (CVD), with 80% of these deaths occurring in low- and middle-income countries. Thus, this alarming statistic highlights the growing need for remote patient monitoring devices to support early detection, continuous management, and timely intervention in managing chronic disorders such as cardiovascular conditions.

Furthermore, the rising adoption of remote patient monitoring devices is due to government-backed initiatives that promote digital health transformation, which is a substantial catalyst for the market growth. RPM devices enables real-time health data collection, which allow for early detection of irregularities and timely interventions. For instance, according to the National Institute of Health (NIH) report, in the U.S. between March 2020 and 2021 the use of RPM devices grew four times among the individuals. RPM devices usage surged during the COVID 19 pandemic across the U.S. Thus, growing disposable income and healthcare expenditure in emerging countries and rising technological advancements in developed nations are the promoting factors that are contributing to the growth of the market.

Remote Patient Monitoring Devices Market Trends

The growing technological advancement in the remote patient monitoring (RPM) devices has revolutionized healthcare in developing countries. Innovations in artificial intelligence in healthcare, which is estimated to reach USD 281.2 billion by 2032, along with the developments in wearable technology, sensor accuracy, and telehealth integration, have led to more effective and personalized monitoring solutions.

• Internet of Things (IoT) and artificial intelligence (AI) are integrated in modern RPM devices. These technologies allow real-time data collection, analysis and automated decision-making. Thus, AI algorithms can help to predict potential health issues by analyzing data trends, which improves early diagnosis and personalized care.
  
• For example, in January 2024, Blue Spark Technologies, launched its first multi-sensor remote patient monitoring platform, VitalTraq, which uses AI driven contactless technologies. It utilizes 30 to 60 second selfie scan, wherein patients, clinicians, and researchers can collect digital measurements, including heart rate variability, blood pressure, and respiratory rate vital signs in a single contactless manner, which set a new standard in patient centered vital sign monitoring.
  
• In addition to this, innovations in wearable technology, which includes smartwatches and fitness trackers, have increased RPM capabilities. These devices continuously monitor vital signs such as heart rate, blood pressure, and glucose levels, which supports valuable data for both patients and healthcare professionals.
  
• For instance, in June 2024, Prevounce Health, launched Pylo GL1-LTE, a cellular-connected blood glucose meter which is designed for use in RPM programs for diabetes management.
  
• Furthermore, advancement in biosensors technology have led to more accurate and reliable monitoring devices. Modern sensors can track wide range of physiological parameters such as blood oxygen levels, respiratory rates, and even sleep patterns.
  
• A notable example for this is BioIntelliSense’s BioButton, a multi-Patient wearable BioDashboard system, that offers continuous patient monitoring through advanced biosensor technology. Thus, this technological advancement is contributing to the growth of the market.
  

Remote Patient Monitoring Devices Market Analysis

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Based on product, the market is divided into cardiac monitoring devices, blood pressure monitors, neurological monitoring devices, multiparameter monitoring devices, blood glucose monitoring devices, fetal and neonatal monitoring devices, sleep monitoring devices, and other monitoring devices. The market was estimated at USD 15.8 billion in 2023. The cardiac monitoring devices held revenue of USD 3.7 billion in 2023 and the segment is poised for significant growth at a CAGR of 12% during the forecast period.

• The rising technological advancement has significantly heightened the demand for cardiac monitoring devices, which leads to more precise and reliable remote patient monitoring (RPM). Innovations in RPM devices such as the integration of artificial intelligence in healthcare and development of advanced sensors have improved the accuracy of these devices in tracking vital cardiac metrics.
  
• For instance, the LINQ II, an insertable cardiac monitor by Medtronic uses AccuRhythm, an AI algorithm to detect arrhythmias with high precision.
  
• Similarly, Abbott’s Confirm Rx, is insertable cardiac monitor (ICM) with SharpSense technology, which transfers data wirelessly via bluetooth to patient’s smartphones, providing a real-time access to cardiac performance data for healthcare professionals.
  
• Additionally, cardiac monitoring devices offer continuous, real-time tracking of heart rhythms, heart rate, and other vital cardiac metrics. This help to detect any unusual heart activity quickly and allowing for quick medical intervention if needed.
  
• Further, these cardiac monitoring devices continuously monitor heart activity and early signs of conditions such as irregular heartbeats, atrial fibrillation, and heart attacks. Thus, early detection improves the chances of successful treatment and minimizes the risk of serious complications. Thus, this helps in accelerating the market growth.
  

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Based on application, the remote patient monitoring devices market is bifurcated into cardiovascular diseases, cancer, diabetes, neurological disorders, infectious diseases respiratory diseases and other applications. The cardiovascular diseases segment accounted for a revenue share of 19% and with revenue of USD 3 billion in 2023.

• Cardiovascular diseases (CVD) such as hypertension, congestive failure, and arrhythmias are among the leading causes of morbidity and mortality globally. For instance, according to the estimates from the World Health Organization (WHO), in 2019, CVD’s accounted for approximately 17.9 million deaths globally, making them a substantial public health concern.
  
• Further, cardiovascular diseases frequently require constant tracking of heart metrics, which includes heart rate, blood pressure, and electrocardiograms (ECGs). Thus, to tackle this, RPM devices provide continuous real-time monitoring, which allows for early detection of  abnormalities or exacerbations in the condition.
  
• Additionally, RPM devices help in the early detection of potential complications to cardiovascular diseases such as heart attacks or worsening heart failure. This early detection permits timely intervention, potentially preventing severe outcomes and hospitalizations, further contributing to the growth of the market.
  

Based on end use, the remote patient monitoring devices market is bifurcated into home-care settings, long-term care, and other end users. The home-care settings segment accounted for USD 8.3 billion in 2023.

• The growing prevalence of chronic disorders globally, such as cardiovascular diseases, diabetes, cancer, among others are creating a demand for effective convenient remote patient monitoring devices for home use.
  
• Advanced RPM devices help patients by providing real time data and alerts and continuous tracking of vital signs, thus making home care a better and easier option for the patients.
  
• New technological innovations in RPM devices has made them more accurate, comfortable and easy to use, which is encouraging more individuals to adopt them. Many RPM devices have ability to connect to smartphones and other digital devices or apps, which also makes it easier to track the data and to share it with healthcare providers.
  
• For example, KardiaMobile by AliveCor is a personal electrocardiogram device that records heart activity and transfers the data to smartphone app, this enables the users to monitor their health at home.
  
• Furthermore, due to the COVID-19 pandemic the adoption of homebased healthcare solutions such as RPM devices has increased. Since, people desired to avoid hospital visit and limit the exposure to healthcare settings, RPM systems have become even more important for managing chronic conditions such as CVD’s, diabetes, etc. at home, which aids to propel the market growth.
  

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The North America remote patient monitoring devices market is accounted for 6.3 billion revenues in 2023 forecasted to reach USD 16.4 billion by 2032. The U.S. dominated the North America market with the largest revenue of USD 5.9 billion in 2023.

• This growth is largely attributed due to the rising prevalence of chronic condition such as cardiovascular diseases, hypertension, and diabetes in the country.
  
• For instance, in 2021, as per the data from the Centers for Disease Control and Prevention (CDC) approximately 38.4 million individuals across the U.S. had diabetes which is equivalent to 11.6% of the total population. Furthermore, between 2021-2023, around 47.7% of adult population including older individuals were diagnosed with hypertension across the U.S.
  
• Thus, the remote patient monitoring devices such as smart blood pressure monitors, remote ECG devices, and pulse oximeters, facilities continuous monitoring of these chronic conditions in real time, thereby propelling the market growth.
  

Europe: The remote patient monitoring devices market in UK is expected to experience significant and promising growth from 2024 to 2032.

• The growth of market in this region is anticipated to bolster by the rising cases of chronic condition such as cardiovascular diseases, hypertension, and diabetes in UK.
  
• For instance, according to the British Diabetic Association estimates, 5.8 million people in the UK were living with diabetes , additionally nearly 1.3 million people had type 2 diabetes.
  
• Further, the growth of market in this region is anticipated to be strengthened by the UK governments commitment towards tacking chronic condition via initiatives such as public health campaigns and guidelines that promoting the healthier lifestyle, is contributing to the market growth.
  

Asia Pacific: Japan remote patient monitoring devices market is anticipated to witness lucrative growth between 2024 – 2032.

• The country has one of fastest aging population which necessities frequent health monitoring. RPM devices facilities effective and convenient option for elderly care, impelling their adoption in the country.
  
• For example, in 2023 projections from the World Economic Forum revealed that 1 in 10 people in Japan are aged 80 years and above which is about one-third of the population.
  

Middle East and Africa: The remote patient monitoring devices market in Saudi Arabia is expected to experience significant and promising growth from 2024 to 2032.

• Saudi Arabia rising healthcare investment along with the innovation in their digital health system providing a favorable environment for the growth of the market.
  
• Moreover, the rising awareness regarding the benefits of RPM devices and physical fitness across various age group of individuals in the country, further propelling the market growth.
  

Remote Patient Monitoring Devices Market Share

The top 3 players of the market account for approximately 55% of the market share which includes companies such as Boston Scientific Corporation, Koninklijke Philips N.V, Medtronic, among others. With every firm introducing new devices and using advanced technologies, modernization is extremely important. Moreover, strategic partnerships with research institutes, and government agencies play a primary role in advancing the development of devices and getting the necessary permits. The development of public awareness about chronic conditions  and its health impact through the social media platform, will encourage more individuals to seek the treatment, enabling market players to strengthen their position in this growing sector.

Remote Patient Monitoring Devices Market Companies

Some of the eminent market participants operating in the remote patient monitoring devices industry include:

• Abbott Laboratories
• Cerner Corporation
• Baxter International Inc.
• Boston Scientific Corporation
• DexCom, Inc.
• F. Hoffmann-La Roche Ltd
• General Electric Company
• Johnson & Johnson
• Koninklijke Philips N.V
• Medtronic plc
• OMRON Corporation
• Siemens Healthineers AG    
• VitalConnect
  
  
• Boston Scientific Corporation has strong product portfolio leading to larger adoption and significant market expansion. Boston specializes in implantable cardiac monitoring solutions, such as LATITUDE, a remote patient monitoring system.
  
• Koninklijke Philips N.V. invests in research & development, fostering innovation and growth. The company continuously evolves with newest advancement in RPM devices.
  
• Medtronic has strong geographical presence which enables it to enhance its market reach. Medtronic operates in more than 150 countries thus comprising of a robust distribution network.
  

Remote Patient Monitoring Devices Industry News:

• In October 2023, VitalConnect partnered with Fifth Eye Inc., to enhance its remote patient monitoring solutions by integrating Fifth Eye’s AHI system, the only FDA cleared software use to detect hemodynamic instability before the vital signs indicate deterioration. Thus, this partnership strengthened the company’s position in the industry.
  
• In August 2022, Medtronic plc formed a strategic partnership with BioIntelliSense for exclusive U.S. distribution rights of the BioButton wearable, supporting continuous, connected monitoring. This partnership increased Medtronic's remote monitoring capabilities and enhanced its market presence.
  
• In November 2022, Boston Scientific Corporation launched the LUX-Dx Insertable Cardiac Monitor (ICM) System in Europe, a device for detecting arrhythmias. This expansion strengthened its cardiac monitoring portfolio and competitive position in the European market.
  

The remote patient monitoring devices market research report includes an in-depth coverage of the industry with estimates and forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:

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Market, By Product

• Cardiac monitoring devices
• Blood pressure monitoring devices
• Neurological monitoring devices
• Respiratory monitoring devices
• Multiparameter monitoring devices
• Blood glucose monitoring devices
• Fetal and neonatal monitoring devices
• Sleep monitoring devices
• Other monitoring devices

Market, By Application

• Cardiovascular diseases
• Cancer
• Diabetes
• Neurological disorders
• Infectious diseases
• Respiratory diseases
• Other applications

Market, By End Use

• Home-care settings
• Long-term care
• Other end users

The above information is provided for the following regions and countries:

• North America 
  • U.S.
  • Canada 
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Russia
  • Poland
  • Switzerland
  • Netherlands 
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Thailand
  • Indonesia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Colombia
  • Chile 
• Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Israel