Remote patient monitoring devices are used for digital collection of a person’s medical health data from one location, and electronically transmit the information to health care providers in different location for recommendation and assessments. The monitoring devices collect wide range of healthcare data from the point-of-care testing, which includes blood pressure, blood oxygen levels, heart rates, electrocardiograms, and blood sugar. The data obtained through the devices is then transmitted to health professionals in facilities such as hospitals, intensive care units, and nursing facilities for further assessment.
Global remote patient monitoring devices market size was valued at US$ 1,192.5 million in 2022 and is expected to witness a CAGR of 7.4% over the forecast period (2022 – 2030).
Figure 1. Global Remote Patients Monitoring Devices Market Share (%), by Product Type, 2022
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Increasing prevalence of several disorders and diseases is expected to drive the global remote patient monitoring devices market growth over the forecast period.
The global remote patient monitoring devices market is expected to witness significant growth over the forecast period, owing to increasing prevalence of disorders such as cardiac disorders, respiratory disorders, and others. According to the World Health Organization report published in June 2021, an estimated 17.9 million people died from cardiovascular diseases in 2019, representing 32% of all global deaths, out of these deaths, 85% were due to heart attack and stroke globally. Out of the 17 million premature deaths (under the age of 70) due to noncommunicable diseases in 2019, 38% were caused by cardiovascular diseases globally.
Moreover, according to the same source, on May 20, 2022, nearly 90% of COPD, Chronic obstructive pulmonary disease, deaths globally in those under 70 years of age occur in low- and middle-income countries (LMIC) like India and Bangladesh.
Therefore, high prevalence of diabetes and chronic obstructive pulmonary disease worldwide is expected to drive the global remote patient monitoring devices market growth over the forecast period.
Remote Patient Monitoring Devices Market Report Coverage
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2022: | US$ 1,192.5 Mn |
Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 7.4% | 2030 Value Projection: | US$ 2,114.3 Mn |
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Companies covered: |
Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC, Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH and Cerena Corporation. |
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Growth Drivers: |
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Restraints & Challenges: |
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Figure 2. Global Remote Patient Monitoring Devices Market Share (%), by Region, 2022
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Increasing product launches by key players is expected to boost the global remote patient monitoring devices market growth
Key players are focused on launching new devices for patient monitoring, in order to meet unmet needs in the healthcare sector, which is expected to drive the global remote patient monitoring devices market growth. For instance, in February 2019, AT&T Inc., a U.S.-based multinational company launched a new smart watch, One Pulse, designed with telehealth and remote patient monitoring capabilities. This smart watch helps in monitoring real-time alerts for family and physicians, medication reminders, and prescription refills. It also provides medical records, which can be accessed through a cloud-based software and application programming interface that allows connectivity to any electronic health record platform.
Moreover, in September 2019, Sanskritech Smart Solutions Private Limited, a healthcare startup company, announced launched of an advanced self-monitoring, health diagnostic Point-of-care testing (POCT) system ‘Swayam AHM’, which is an ATM-like kiosk that helps people to walk in and take 55 basic and advanced pathology tests with instant test reports.
Global Remote Patients Monitoring Devices Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.The sudden outbreak of COVID-19 has bought the world to a standstill. The whole world is fighting this pandemic with increased burden on hospitals and healthcare professionals.
For instance, in May 2020, Royal Philips, a global health technology, announced that it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for its wearable biosensor (Philips Biosensor BX100) to help manage confirmed and suspected COVID-19 patients in the hospital. The next generation wireless wearable biosensor enhances clinical surveillance in the Philips patient deterioration detection solution to help clinicians detect risk so they can intervene earlier and help improve care for patients in lower acuity care areas. The solution has already received CE (Conformitè Europëenne) mark, and is currently in use with the first install at the OLVG Hospital in the Netherlands, Europe to help manage the triage and clinical surveillance of COVID-19 patients.
Thus COVID-19 has driven the growth of global remote patient monitoring devices market for the forecast period.
Global Remote Patients Monitoring Devices Market: Key Developments
Global Remote Patients Monitoring Devices Market: Restraints
Factors restraining the global remote patient monitoring device market growth include lack of trained professionals, insufficiency in maintaining privacy and security of the medical data, lack of uniformity in device functionality, and lack of awareness about monitoring devices in rural or backward areas.
Key Players
Key players operating in the global remote patients monitoring devices market include Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC., Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH, and Cerena Corporation.
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