The use of remote patient monitoring devices makes it possible to digitally record a person's medical information from a single location and to electronically transmit that information to healthcare specialists in other locations for evaluation and recommendations. A few of the medical data that are gathered by the monitoring devices from point-of-care testing include blood pressure, blood oxygen levels, heart rates, electrocardiograms, and blood sugar levels. The medical staff working in hospitals, intensive care units, and nursing homes are then sent the data collected by the devices for further analysis.

In 2021, the market for remote patient monitoring devices was USD 1.45 billion, and by 2030 it will reach USD 4.07 billion, growing at a 8.74% CAGR during the forecast period. 

Over the projection period, the market for remote patient monitoring devices would grow significantly due to the increased prevalence of ailments, including heart problems, respiratory disorders, and other conditions.

Market Dynamics

Drivers 

The market for remote patient monitoring devices will grow due to the increased prevalence of ailments, including heart problems, respiratory disorders, and other conditions. In 2019, cardiovascular illnesses were responsible for 32% of all fatalities globally, killing an estimated 17.9 million people, Per World Health Organization research published in June 2021. 85% of these fatalities globally were caused by heart attacks and strokes. 38% of the 17 million premature fatalities caused by non-communicable diseases worldwide in 2019 were attributable to cardiovascular diseases.

As a result, the high incidence of diabetes and chronic obstructive pulmonary disease will fuel the expansion of the worldwide remote patient monitoring devices market throughout the forecast period.

Restraints

Healthcare fraud is a significant concern in telehealth and telemedicine operations. There are numerous methods to hurt a patient or a medical professional. For instance, institutional providers who are ineligible or not on the list may use improper coding and billing to submit false claims or the identity and account of the doctor may be utilized to receive money from the insurance company.

Market Segmentation

By product

In terms of product, the remote patient monitoring devices market is segmented into monitors, monitoring devices, sign monitors, function monitoring devices, systems monitoring devices, and devices. 

The vital signs monitor segment ruled the market in 2021 with a revenue share of nearly 38.89% and will expand at a CAGR of 21.9% during the forecast period. The need for vital sign monitors is rising as the number of people with cardiac conditions rises. According to the British Heart Foundation, over 7.6 million individuals in the UK have a heart or circulation disease, with 4 million men and 3.6 million women affected.

By End-Use

On the basis of end-user, the remote patient monitoring devices market is segmented into homecare, hospital-based patients, and ambulatory patients. 

In 2021, the hospital-based patient segment was the market leader, with the largest revenue share of 79.4%. To meet the demands of patients, hospitals provide a wide range of diagnostic tests and employ a large technical team. In 2021, there were reportedly 1.9 million new cancer cases, up from the 1.786 million new cancer cases reported in 2020, according to a journal published by the American Cancer Society. 

By Application

In terms of application, the market for remote patient monitoring devices is segmented into monitoring, disorder, management, and disease bronchitis. 

The diabetes segment had the largest market size, with 12.8% of the revenue share. Diabetes which requires continuous monitoring, is one of the leading causes of death worldwide. In North America, 51 million persons, or one in seven, have diabetes, according to the World Diabetes Federation. By 2030, the figure will reach 57 million and 63 million by 2045. Remote patient monitoring devices were required due to increased diabetes cases, which helped the business flourish.

Regional Overview 

In 2022, North America was the biggest regional market, with 42.45% of the revenue share. The main causes of the regional market growth are:

· The increasing rate of chronic diseases.

· The need for wireless and portable systems.

· The availability of complex reimbursement schemes designed to reduce out-of-pocket expenses.

Increasing internal monitoring needs, helpful central data management solutions, and improving RPM accuracy & efficiency are the key growth factors for the region. 

Due to the existence of unexplored potential in the rising markets of India and China, the Asia Pacific region will expand rapidly. Japan will be a significant source of revenue because of its large elderly population.

Key Players 

· Smiths Medical

· Shenzhen Mindray Bio-Medical Electronics Co., Ltd.

· Nihon Kohden Corporation

· Omron Corporation

· Koninklijke Philips N.V.

· F. Hoffmann-La Roche Ltd

· Welch Ally

· American Telecare

· OSI Systems, Inc.

· GE Healthcare

· Boston Scientific Corporation

· Johnson & Johnson

· Masimo

· Dräger Medical

· Vitls, Inc

· CareValidate

· Abbott

· Biotronik

· Cerner Corporation

· LifeWatch

· Honeywell

In 2021, the market for remote patient monitoring devices was USD 1.45 billion, and by 2030 it will reach USD 4.07 billion, growing at a 8.74% CAGR during the forecast period. The market will grow due to both the increased prevalence of cardiovascular diseases and the growing adoption of Internet-of-Things (IoT) services.

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