Remote Patient Monitoring Devices Market to Reach USD 6 Billion by 2034 at a CAGR of 15.7%

Remote Patient Monitoring Devices Market

The remote patient monitoring devices market is projected to experience robust growth, with an estimated valuation of USD 1.3 billion in 2024, expected to rise to USD 6 billion by 2034, at an impressive CAGR of 15.7% during the forecast period. This growth is primarily fueled by an increasing demand for connected healthcare solutions that enable continuous monitoring and management of patient health remotely.

The surge in demand for remote patient monitoring devices is driven by several key factors:

1. Rise in Chronic Diseases: The growing prevalence of chronic diseases such as diabetes, cardiovascular conditions, and respiratory disorders necessitates continuous health monitoring to manage patient outcomes effectively, making remote devices essential in healthcare.
2. Aging Population: With an increasing global elderly population, remote monitoring devices help manage health issues associated with aging, allowing for early detection of potential complications.
3. Technological Advancements: Innovations in wireless technology and the integration of AI and IoT in healthcare devices have made remote patient monitoring more accurate, user-friendly, and accessible, fostering market growth.
4. Shift to Value-Based Care: Healthcare systems worldwide are adopting value-based care models, emphasizing preventive care and minimizing hospital admissions, thus increasing the adoption of remote monitoring solutions.
5. Increasing Healthcare Costs: Rising healthcare expenses are encouraging providers to adopt cost-effective remote monitoring solutions to reduce hospital visits and improve patient self-management.

The key factors in the remote patient monitoring industry include the use of blockchain technology to improve data security and patient privacy. Blockchain guarantees safe, immutable recordings of patient data, alleviating concerns about data breaches. The adoption of 5G technology is transforming remote patient monitoring by delivering quicker, more dependable connectivity, allowing for smooth real time data transfer.

A new trend is the development of multi parameter monitoring devices, which may measure many health variables at the same time, providing a more complete picture of a patient health. There is a greater emphasis on user friendly interfaces, making remote patient monitoring devices more accessible to non technologically aware patients.

Competitive Landscape

The remote patient monitoring devices market is extremely competitive, fueled by advances in telemedicine and rising demand for home healthcare. Koninklijke Philips N.V., and GE Healthcare are among the leading providers of comprehensive RPM solutions. Emerging firms provide novel, low cost technologies, increasing competition.

The industry is expanding steadily, fueled by technical advancements such as AI integration and wearable health technology. Regulatory support and the increased frequency of chronic illnesses help to drive market growth. Companies are spending extensively in research and development and strategic alliances to obtain a competitive advantage by improving patient outcomes and streamlining healthcare delivery.

Recent Developments

In June 2024, Koninklijke Philips N.V. has launched its next-generation AI-enabled cardiovascular ultrasound platform, which will assist speed up cardiac ultrasound analysis using proven AI technology while reducing the strain on echocardiography laboratories. The new FDA 510(k) authorized AI apps, which are integrated into Philips’ EPIQ CVx and Affiniti CVx ultrasound systems, considerably expand the company’s cardiovascular imaging and diagnosis solutions by automating measurements and speeding up workflows to increase productivity.

In May 2024, Roche announced today that the Tina-quant® lipoprotein Lp(a) RxDx test has been designated as a Breakthrough Device by the United States Food and Drug Administration (FDA) to identify patients who may benefit from a new Lp(a)-lowering medication that is presently being developed. Lp(a) is emerging as a significant, yet underappreciated, prospective risk factor for cardiovascular disease, and a major public health concern.

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Remote Patient Monitoring Devices Market by Category

By Product Type:

In terms of product type, the market encompasses vital sign monitors (heart rate monitors (ecg) blood pressure monitors, respiratory rate monitors, brain monitoring (eeg), temperature monitors, pulse oximeters and others) and special monitors (blood glucose monitors, fetal heart monitors, multi-parameter monitors (mpm), anaesthesia monitors, prothrombin monitors and others.

By Application:

Application segment is categorized into cardiovascular diseases, diabetes, cancer, hypertension, infections, bronchitis, dehydration, sleep disorder, weight management & fitness monitoring and others.

By End User:

The end user of remote patient monitoring devices hospital based patients, homecare, ambulatory patients and others.

By Region:

As per region, the industry is divided into North America, Latin America, Western Europe, South Asia, East Asia, Eastern Europe and Middle East & Africa

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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