According to Vision Research Reports, the remote patient monitoring system market size is predicted to be worth around USD 5.7 billion by 2030, registering a CAGR of 20.1% during the forecast period 2022 to 2030.
According to Vision Research Reports, the remote patient monitoring system market size is predicted to be worth around USD 5.7 billion by 2030, registering a CAGR of 20.1% during the forecast period 2022 to 2030.
Growth Factors
COVID-19 pandemic has a significant impact on the remote patient monitoring system. The main drivers for this market are the increasing geriatric population, cost-effective treatment, and the rising prevalence of chronic conditions. The breakout of Covid-19 has propelled the demand for remote patient monitoring devices and services as healthcare facilities were burdened with Covid-19 infected patients. Key players like Smiths Medical reported that the demand of their home monitoring devices substantially increased during the pandemic.
The amalgamation of telehealth with remote patient monitoring services is expected to further boost market growth. Asia Pacific is also projected to be a key revenue generator in the coming years. The region is backed by developing countries such as China, South Korea, and Thailand which are witnessing an increase in the number of chronic diseases owing to lifestyle changes.
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Report Coverage
| Report Scope | Details |
| Market Size | US$ 5.7 billion by 2030 |
| Growth Rate | CAGR of 20.1% From 2022 to 2030 |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2022 to 2030 |
| Segments Covered | Product, Application, End use |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | Shenzhen Mindray Bio-Medical Electronics Co., Ltd.; Nihon Kohden Corporation; Omron Corporation; OSI Systems, Inc.; Koninklijke Philips N.V.; F. Hoffmann-La Roche Ltd; Welch Allyn; Smiths Medical; Abbott; Boston Scientific Corporation; Dräger Medical; GE Healthcare; Honeywell; Johnson & Johnson; LifeWatch; Medtronic; Masimo; Vitls, Inc.; CareValidate; Biotronik; American Telecare |
By Product Analysis
The vital sign monitors are commonly used, and the segment is expected to witness the fastest growth rate of 21.9% in the market for remote patient monitoring system over the forecast period. Heart rate monitor is identified as the dominating product sub-segment due to the increasing incidence of cardiac conditions globally. The surge in the number of individuals with heart disorders has led to the increased usage of these monitors.
The surge in the number of individuals with heart disorders has led to the increased usage of these monitors. In 2019, Withings introduced the most advanced and diverse home cardiovascular monitors at CES. It is expected to be the first product that measures BP and records ECG and heart readings via a digital stethoscope in one device.
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By Application Analysis
Diabetes emerged as the leading application segment in 2021 and accounted for over 12.8% of the revenue share. Diabetes is one of the leading causes of death, which requires continuous monitoring of blood glucose levels. It is known to affect various functions of the body including heart activity, vision, liver function, and renal activity.
The hypertension application segment is also expected to witness significant growth over the forecast period. Hypertension increases the risk of cardiovascular diseases. According to the World Health Organization (WHO), over 1.0 billion people have hypertension worldwide.
By End-use Analysis
The hospital-based patient segment was the leading end-use segment in 2021 and accounted for 79.4% of the revenue share. Hospitals cater to a large number of outpatients as well as inpatients. They offer a large number of diagnostic tests and have a larger technical staff for catering to the needs of the patients.
A large patient pool and an increasing number of tests being performed are the vital drivers for segment growth. Hospital patients are admitted to facilities in need of acute care and therefore it is vital to keep a continuous check on the vital parameters of patients.
The cost-efficiency of this alternate site along with the availability of qualified resources is expected to support the growth. In addition, considering the increasing strain on hospital resources and personnel, remote patient monitoring presents market players with huge opportunities in terms of partnering with hospitals and other healthcare settings and launching new products to facilitate affordable care at a patient’s home.
By Regional Analysis
North America dominated the remote patient monitoring system market and accounted for the largest revenue share of 41.6% in 2021. The increase in the incidence of chronic diseases, demand for wireless and portable systems coupled with the presence of sophisticated reimbursement structures aimed at cutting out-of-pocket expenditure are the major factors attributed to the regional growth.
In Asia Pacific, the market is expected to witness the fastest CAGR over the forecast period owing to the presence of untapped opportunities in the emerging markets of India and China. Japan is expected to be a key revenue generator owing to its wide old age (65+) population.
Key Players
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Nihon Kohden Corporation
- Omron Corporation
- OSI Systems, Inc.
- Koninklijke Philips N.V.
- F. Hoffmann-La Roche Ltd
- Welch Allyn
- Smiths Medical
- Abbott
- Boston Scientific Corporation
- Dräger Medical
- GE Healthcare
- Honeywell
- Johnson & Johnson
- LifeWatch
- Medtronic
- Masimo
- Vitls, Inc
- CareValidate
- Biotronik
- American Telecare
Market Segmentation
- By Product
- Vital Sign Monitors
- Blood Pressure Monitors
- Pulse Oximeters
- Heart Rate Monitor (ECG)
- Temperature Monitor
- Respiratory Rate Monitor
- Brain Monitoring (EEG)
- Special Monitors
- Anesthesia Monitors
- Blood Glucose Monitors
- Cardiac Rhythm Monitor
- Respiratory Monitor
- Fetal Heart Monitors
- Prothrombin Monitors
- Multi-Parameter Monitors (MPM)
- Others
- Vital Sign Monitors
- By Application
- Cancer
- Cardiovascular Diseases
- Diabetes
- Sleep Disorder
- Weight management and Fitness Monitoring
- Bronchitis
- Infections
- Virus
- Dehydration
- Hypertension
- By End-use
- Hospital Based Patients
- Ambulatory Patients
- Home Healthcare
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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