DUBLIN--(BUSINESS WIRE)--Nov 28, 2024--
The "Remote Patient Monitoring Market - Focused Insights 2024-2029" report has been added to ResearchAndMarkets.com's offering.
The Remote Patient Monitoring Market was valued at USD 39.54 Billion in 2023, and is expected to reach USD 77.90 Billion by 2029, rising at a CAGR of 11.97%.
The global Remote Patient Monitoring (RPM) market is experiencing robust growth due to several key factors, such as the rising prevalence of chronic diseases, including diabetes, cardiovascular conditions, and respiratory disorders, coupled with an aging population, is driving demand for continuous health monitoring. Most patients are treated more for chronic diseases than other conditions, and a major portion of the healthcare expenditure goes toward treating and monitoring chronic diseases. Therefore, vital signs monitoring and remote patient monitoring devices will have a major impact on the future of the global healthcare market. Post-COVID-19 healthcare settings have invested in virtual care, online consultations, and home healthcare.
MARKET TRENDS & DRIVERS
Integration of Artificial Intelligence (AI) in Remote Patient Monitoring
The adoption of Remote Patient Monitoring (RPM) technology has significantly increased, with devices now commonly used to monitor vital signs such as heart rate, blood pressure, and oxygen levels. The Centers for Medicare and Medicaid Services (CMS) introduced CPT codes for remote physiological monitoring. They expanded them in 2022 to include Remote Therapeutic Monitoring (RTM) for respiratory and musculoskeletal disorders, such as COPD and physical therapy. The pandemic accelerated RPM adoption, particularly by integrating IoT-enabled devices, which enhanced the technology's functionality and patient care. Combining AI with IoT (AIoT) further improved healthcare outcomes by enabling early detection of conditions like asymptomatic infections through advanced data analysis. As wireless data networks advance, the development of telehealth and remote monitoring platforms is expected to grow. There is also a rising demand for less invasive monitoring techniques, exemplified by products like Retia Medical's Argos monitor, which are user-friendly and compatible with existing systems. These technological advancements drive higher clinical demand and usage rates for patient monitors.
Surge in Demand for RPM Technology
The adoption of Remote Patient Monitoring (RPM) technology has surged in recent years, with clinical devices increasingly being used to measure and monitor vital signs such as heart rate variability, blood pressure, and blood oxygen levels. The Centers for Medicare and Medicaid Services (CMS), which sets the standard of care for the U.S. healthcare system, introduced CPT codes for remote physiological monitoring over four years ago. In 2022, the CMS expanded its coverage by introducing CPT codes for Remote Therapeutic Monitoring (RTM), particularly for respiratory and musculoskeletal (MSK) disorders, including remote physical therapy and COPD inhaler tracking. Wireless data transmission network improvements are set to develop telehealth and remote monitoring platforms further. There is an increasing emphasis on non-invasive and less invasive monitoring techniques in various fields, such as fetal/neonatal and cardiac output monitoring. As patient monitors become more advanced and user-friendly, their usage rates are expected to rise, driving higher clinical demand. Virtual ICU care teams increasingly use RPM to integrate physiological parameters, such as vital signs and lab results, with electronic medical records (EMRs) to predict patient deterioration and guide treatment decisions.
Growing Use of Mobile Technologies and Smart Devices in RPM
The integration of mobile technologies and smart devices into Remote Patient Monitoring (RPM) is revolutionizing healthcare by making it more accessible, efficient, and patient-focused. The widespread use of smartphones, tablets, and connected devices has significantly enhanced RPM capabilities. These mobile technologies allow patients to easily monitor health metrics like blood pressure, glucose levels, and heart rate through apps, facilitating continuous health monitoring from home. Smart devices enable real-time data transmission between patients and healthcare providers, allowing clinicians to track health, detect issues early, and intervene promptly. This approach improves chronic condition management and reduces the need for in-person consultations and hospital visits, leading to cost-effective healthcare delivery.
INDUSTRY RESTRAINTS
Integration Challenges of RPM Devices with Existing Healthcare Systems
Integrating Remote Patient Monitoring (RPM) devices with existing healthcare systems, particularly Electronic Health Records (EHRs), faces significant challenges due to the lack of standardization. RPM devices collect and transmit patient data remotely, offering valuable health insights outside clinical settings. However, the fragmentation of RPM devices and platforms, each using proprietary data formats and communication protocols, creates barriers to seamless interoperability. This lack of standardization hinders the effective exchange of data between RPM devices and EHR systems, making it difficult for healthcare providers to incorporate remote monitoring data into a comprehensive patient record, ultimately limiting a holistic view of the patient's health.
SEGMENTATION INSIGHTS
INSIGHTS BY COMPONENT
The global remote patient monitoring market by component is segmented into services and devices & software. The service segment dominates and holds the largest market share. The segmental growth is primarily driven by remote patient monitoring (RPM) services that leverage advanced telemetric technology to revolutionize patient health data collection, monitoring, and management. By utilizing remote sensors and devices, medical professionals can continuously track critical health parameters such as blood pressure, blood glucose levels, body temperature, and heart rate from afar. This real-time monitoring capability enables healthcare providers to keep a close eye on their patients without the need for frequent physical visits to a medical facility. Moreover, RPM technology is equipped to send alerts in case of any unusual changes in vital signs, allowing for timely intervention and preventing potential health crises. This proactive approach ensures that patients receive the best possible care while away from the hospital and supports earlier medical interventions, potentially improving patient outcomes.
INSIGHTS BY APPLICATION
The global remote patient monitoring market by application is categorized into cardiovascular diseases, respiratory diseases, diabetes, musculoskeletal diseases, and others. The musculoskeletal diseases show significant growth, with the fastest-growing CAGR during the forecast period. Musculoskeletal diseases, encompassing a broad range of disorders affecting the joints, muscles, bones, ligaments, tendons, and spine, are rising significantly globally. The global rise in musculoskeletal disorders can be attributed to several factors, including an aging population, increased sedentary lifestyles, and a higher prevalence of obesity. These conditions are major contributors to disability worldwide, limiting mobility, reducing quality of life, and often leading to chronic pain and other health complications. Conditions such as osteoarthritis, rheumatoid arthritis, and lower back pain are among the most common musculoskeletal disorders, and their prevalence is expected to grow in the coming decades.
GEOGRAPHICAL ANALYSIS
North America holds the largest share of the global remote patient monitoring market. Key competitors' presence and strategic growth initiatives drive the region's market growth. The market in this region benefits from increased healthcare spending and a growing awareness of the benefits of illness prevention. Additionally, the rise in cardiac diseases and adopting e-health solutions in rural areas have further strengthened the dominance of RPM systems and devices in North America. Government efforts to expand telehealth services to rural regions, along with the presence of large firms, also contribute to the market's growth. The North American RPM market is poised for continued expansion due to the rising incidence of chronic diseases linked to lifestyle changes, an aging population, and the increasing demand for home-based monitoring devices.
COMPETITIVE LANDSCAPE
The global remote patient monitoring market report contains exclusive data on 49 vendors. The market is highly competitive, with established companies and smaller regional players vying for market share. Key competitors include Medtronics, Resmed, Philips, GE Healthcare, AMD Global Telemedicine, Teladoc Health, and Vivify Health. The subscription-based model is particularly popular, allowing manufacturers and service providers to offer RPM equipment and platforms to clinicians for patient monitoring.
Companies focus on reducing costs, improving patient outcomes, and minimizing hospital readmissions by leveraging RPM technology, home health monitoring systems, and telehealth services. Collaborations and partnerships, like Dexcom's partnership with Alphabet's life sciences unit for a new diabetes sensor and Medtronic's launch of a COVID-19 monitoring solution, are key strategies to enhance market presence and drive growth in this expanding sector.
Key Vendors
Other Prominent Vendors
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $39.54 Billion |
| Forecasted Market Value (USD) by 2029 | $77.9 Billion |
| Compound Annual Growth Rate | 11.9% |
| Regions Covered | Global |
Key Topics Covered:
Chapter - 1: Remote Patient Monitoring Market Overview
Chapter - 2: Remote Patient Monitoring Market
Chapter - 3: Remote Patient Monitoring Market Segmentation Data
Global: Projected Revenue by Component (2020-2029; $Billions)
Global: Projected Revenue by Application (2020-2029; $Billions)
Global: Projected Revenue by End-user (2020-2029; $Billions)
Chapter - 4: Key Regions Overview
North America: Projected Revenue of Remote Patient Monitoring Market (2020-2029; $Billions)
Europe: Projected Revenue of Remote Patient Monitoring Market (2020-2029; $Billions)
APAC: Projected Revenue of Remote Patient Monitoring Market (2020-2029; $Billions)
Latin America: Projected Revenue of Remote Patient Monitoring Market (2020-2029; $Billions)
Middle East & Africa: Projected Revenue of Remote Patient Monitoring Market (2020-2029; $Billions)
Chapter - 5: Remote Patient Monitoring Market Prospects & Opportunities
Chapter - 6: Remote Patient Monitoring Industry Overview
For more information about this report visit https://www.researchandmarkets.com/r/5f9uew
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KEYWORD:
INDUSTRY KEYWORD: HOSPITALS HEALTH MEDICAL DEVICES
SOURCE: Research and Markets
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PUB: 11/28/2024 09:41 AM/DISC: 11/28/2024 09:40 AM
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