The Remote Patient Monitoring Market to Reach $116.84 Billion by 2031-Exclusive Report by Meticulous Research®

The Remote Patient Monitoring Market to Reach $116.84 Billion by 2031-Exclusive Report by Meticulous Research®
According to a new market research report titled 'Remote Patient Monitoring Market by Product ([Blood Glucose, Respiratory, Blood Pressure, Fetal, Weight Monitoring] [Wearable, Portable, Benchtop]), Application (Diabetes, Oncology, Cardiovascular, Neurological Disorders), End User-Global Forecast to 2031,' published by Meticulous Research®, the remote patient monitoring market is projected to reach $116.84 billion by 2031, at a CAGR of 13.7% from 2024 to 2031.
Remote patient monitoring involves using connected medical devices to measure and monitor patient health data and transmit it to a healthcare provider. It includes the use of various medical devices to measure health data and software platforms to transmit the data to healthcare providers.

The increasing geriatric population, rising prevalence of chronic diseases, global shortage of healthcare professionals, growing awareness regarding the benefits of RPM, such as convenience and improved patient outcomes, rising need to reduce healthcare costs, and favorable government initiatives promoting remote patient monitoring are the factors driving the growth of the remote patient monitoring market. Additionally, technological advancements in telehealth & remote patient monitoring, emerging economies with growing patient populations, increasing adoption of wearable devices, advancements in sensor technologies, and integration of artificial intelligence (AI) with RPM serve as opportunities for the market.

However, data accuracy & reliability concerns and barriers limiting the use of remote patient monitoring technologies, such as limited access and low technology literacy among patients, restrain the market's growth. Additionally, data security & privacy concerns and increased overhead expenses due to the need for additional staff to manage RPM systems are challenging factors in the market.

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The Rising Prevalence of Chronic Diseases Associated with Aging Population
The increasing global geriatric population, coupled with the rising prevalence of chronic diseases, has propelled the growth of this market. Remote patient monitoring can improve patient outcomes through chronic-care management, mental health services, and care delivery in home settings. These services are important, particularly for older individuals with physical and cognitive limitations. According to World Population Prospects, the population aged 65 years and above is growing faster than other age groups. In 2019, there were 703 million people in the age group of 65 years and above globally, which is projected to double to 1.5 billion by 2050. Remote patient monitoring and telehealth, in general, are gaining traction and becoming increasingly important in fulfilling the needs of the elderly population.

Aging is associated with progressive deterioration in the structure and function of bodily organs, making the elderly population more susceptible to chronic diseases. According to the National Council on Aging (NCOA), around 80% of people over 65 have at least one chronic condition, while 68% have two or more. This makes it difficult for them to travel to the hospital whenever they need treatment or in emergencies. Remote patient monitoring is helpful in such cases, as patients can wear devices to monitor their vitals or use technologies, software, or applications to connect to the doctor virtually and receive treatment. This also allows doctors to follow up with the patient anytime.

The global remote patient monitoring market is segmented by Product (Monitoring Devices {By Functionality [Blood Glucose Monitoring, Cardiac Monitoring, Neurological Monitoring, Respiratory Monitoring, Multiparameter Monitoring, Blood Pressure Monitoring, Fetal and Neonatal Monitoring, Weight Monitoring, and Other Monitoring Devices] By Type [Wearable Monitoring Devices, Portable Monitoring Devices, and Bench-top Monitoring Devices]}, Software, Services), Application (Diabetes, Cardiovascular Diseases, Neurological Disorders, Respiratory Diseases, Oncology, Other Applications), End User (Home-care Settings, Hospitals, Long-term Care Facilities, Other End Users) and Geography. The study also evaluates industry competitors and analyzes their market share at global and regional levels.

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Among the products, in 2024, the monitoring devices segment is expected to account for the larger share of the remote patient monitoring market. Remote patient monitoring devices are instruments that are used to monitor, analyze, and report patient health conditions and data outside hospital settings. These devices collect and transmit data and monitor certain health parameters such as vital signs, activity levels, glucose levels, and blood pressure. The large share of this segment is attributed to factors such as the increasing prevalence of chronic diseases, the rising elderly population, favorable regulatory scenarios, advancements in sensor technologies, and the rising demand for personalized healthcare.

Among applications, in 2024, the diabetes segment is expected to account for the largest share of the remote patient monitoring market. Remote patient monitoring can be used to monitor diabetic patients by using devices such as continuous glucose monitors, glucose sensor patches, and glucometers in order to keep track of the glucose levels of patients. Furthermore, the challenge of providing continuous care due to limited medical resources has increased the adoption of RPM technologies.

Among end users, in 2024, the home-care settings segment is expected to account for the largest share of the remote patient monitoring market. The large share of the market is attributed to a growing shift towards home-care settings, a rise in chronic diseases among the elderly population, a shortage of healthcare professionals, and increasing consumer awareness regarding the monitoring of chronic conditions through RPM tools. The shortage of healthcare professionals was highlighted more after the pandemic. According to the Asian Economic Integration Report 2022, an estimated 18 million additional healthcare workers were required to attend to patients during the pandemic.

Therefore, the use of remote patient monitoring will enable patients and healthcare providers to monitor data from remote areas, access specialized care, and save travel costs.
Based on geography, the remote patient monitoring market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa, with a further analysis of major countries in these regions. In 2024, North America is expected to account for the largest share of the remote patient monitoring market, followed by Europe, Asia-Pacific, Latin America, and the Middle East & Africa. However, Asia-Pacific is projected to be the fastest-growing region of the global remote patient monitoring market. The fast growth in this region is driven by growing consumer awareness, increasing personal disposable incomes, a large target population, and increasing prevalence of chronic & infectious diseases.

The report includes a competitive landscape based on an extensive assessment of the geographic presence and key strategic developments of leading market players during 2020-2023. The remote patient monitoring market has witnessed several new product launches, product approvals, collaborations, acquisitions, and expansions in recent years.
Some of the key players operating in the global remote patient monitoring market are Medtronic plc (Ireland), Koninklijke Philips N.V. (Netherlands), OMRON Corporation (Japan), Boston Scientific Corporation (U.S.), Abbott Laboratories (U.S.), Siemens Healthineers AG (Germany), GE HealthCare Technologies, Inc. (U.S.), F. Hoffmann-La Roche AG (Switzerland), Baxter International, Inc. (U.S.), Oracle Corporation (U.S.), DexCom, Inc. (U.S.), and VitalConnect, Inc. (U.S.).

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Scope of the Report:
Remote Patient Monitoring Market Assessment-by Product
• Monitoring Devices
o Monitoring Devices, by Functionality
 Blood Glucose Monitoring Devices
 Cardiac Monitoring Devices
 Neurological Monitoring Devices
 Respiratory Monitoring Devices
 Multiparameter Monitoring Devices
 Blood Pressure Monitoring Devices
 Fetal and Neonatal Monitoring Devices
 Weight Monitoring Devices
 Other Monitoring Devices
Note: Other monitoring devices include temperature monitors, brain monitoring (EEG), and prothrombin monitors.
o Monitoring Devices, by Type
 Wearable Monitoring Devices
 Portable Monitoring Devices
 Bench-top Monitoring Devices
• Software
• Services
Remote Patient Monitoring Market Assessment-by Application
• Diabetes
• Cardiovascular Diseases
• Neurological Diseases
• Respiratory Diseases
• Oncology
• Other Applications
Note: Other applications include maternity care, post-surgery monitoring, elderly care, medical adherence, and sleep monitoring.
Remote Patient Monitoring Market Assessment-by End User
• Home-care Settings
• Hospitals
• Long-term Care Facilities
• Other End Users
Note: Other end users include ambulatory care, healthcare payers, and clinical research organizations
Remote Patient Monitoring Market-by Geography
• North America
o U.S.
o Canada
• Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe (RoE)
• Asia-Pacific (APAC)
o China
o Japan
o India
o Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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