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Remote Patient Monitoring System Market Likely To Touch At .9 Billion By 2030: Grand View Research Inc.

Posted by Mrudula Anil Karmarkar on August 16th, 2024

San Francisco, 16 August 2024: The ReportRemote Patient Monitoring System Market Size, Share & Trends Analysis Report By Product (Vital Sign Monitor, Specialized Monitor), By End-use (Hospital Based Patient, Ambulatory Patient), By Application, By Region, And Segment Forecasts, 2024 - 2030

The global remote patient monitoring system market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research Inc. It is projected to register a CAGR of 18.6% from 2024 to 2030.  The COVID-19 pandemic has had 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 for 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. The 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. Cardiovascular disease is among the leading cause of death in these countries. The remote patient monitoring system is expected to play a key role in the early detection and timely management of these diseases.

The outbreak of COVID-19 caused a significant impact on the remote patient monitoring system. The remote monitoring systems serve with improved chronic disease management including early warning signs and progress tracker thus boosting its demand in the coming years at a global level. The COVID-19 pandemic led to a shortage of space in hospitals. Apart from this, patients, especially those suffering from chronic diseases, were advised to avoid physical visits to hospitals owing to the threat of getting infected. This led to the development of remote patient monitoring market.

A large number of investments are made by firms by collaborating, acquiring, and partnering with new emerging startups. The personalized telemedicine app provides a communication platform for remote and real-time monitoring of patients that acts as a bridge between caregiver and patient. This step-change, borne out of necessity, changed the entire look of the remote patient monitoring market post-COVID-19. This change has sped up recovery rates as consumers are more willing to join the app. It has also increased the provider's willingness to use the app, and it offers greater access and reimbursements.

Request sample report of Remote Patient Monitoring System Market@https://www.grandviewresearch.com/industry-analysis/remote-patient-monitoring-devices-market/request/rs1

The growing collaboration between the healthcare players to advance patient monitoring programs is expected to propel the market growth. For instance, in August 2023, EPIC Health and OMRON Healthcare, Inc. collaborated to address the health inequities in Detroit, U.S. Within the collaboration, OMRON Healthcare will deploy VitalSight, a remote patient monitoring service to diagnose patients suffering from high blood pressure.

Remote Patient Monitoring System Market Report Highlights

  • The cardiac rhythm monitor segment is expected to witness a significant CAGR over the forecast period owing to the increasing incidence of cardiac conditions globally
  • The home healthcare, is anticipated to exhibit a sturdy CAGR over the forecast period. owing to a rise in the number of patients accessing remote monitoring due to the COVID-19 pandemic
  • In Asia Pacific, the market is expected to showcase high growth potential due to the presence of large unmet needs in emerging economies such as China and India
  • This region is also backed by Japan, which has one of the highest numbers of 65+ year-old adults at a global level

The remote patient monitoring system market is currently in a high-growth stage, with the pace of expansion accelerating. This market is marked by a significant level of innovation, driven by the increasing incidence of chronic disorders and a rising geriatric population.

The growing chronic condition across the globe is expected to propel market growth. Chronic conditions account for 90% of the healthcare costs in the U.S. annually. This can be prevented by timely assistance provided to patients using a remote monitoring system. It can delay emergency room visits and hospitalizations as the telemedicine app helps in digitizing and automating critical tasks, which reduces hospital administrative tasks thus expanding the usage of remote monitoring systems in the coming years.

Remote Patient Monitoring System Market Report Scope

Report Attribute

Details

Market size value in 2024

USD 6.1 billion

Revenue forecast in 2030

USD 16.9 billion

Growth rate

CAGR of 18.6% from 2024 to 2030

Actual data

2018 - 2023

Forecast period

2024 - 2030

According to the Centers for Disease Control and Prevention (CDC), over 100 million people have hypertension in the U.S. Hypertension further increases the risk of heart disease. The American Heart Association (AHA) also supports initiatives that increase access to the use of Remote Patient Monitoring technologies (RPM) for better health management. Similarly, the growing number of neurological disorders and cancer cases across the globe is expected to drive growth. In the U.S., more than 1 million adults are diagnosed annually with chronic brain diseases. In addition, around 19.3 million new cancer cases and almost 10.0 million cancer deaths occurred in 2020.

List of Key Players of Remote Patient Monitoring System Market

  • 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

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Mrudula Anil Karmarkar

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Mrudula Anil Karmarkar
Joined: July 2nd, 2020
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