Remote Patient Monitoring System Market Size, Share & Trends Analysis Report By Product (Vital Sign Monitors, Specialized Monitors), By End Use (Hospital Based Patients), By Application, And Segment Forecasts, 2022 - 2030

Report Overview 

The global remote patient monitoring system market size was valued at USD 1,282.0 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 20.2% from 2022 to 2030. The outbreak of COVID-19 has 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. 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 help in digitizing and automating critical tasks, which reduces hospital administrative tasks thus expanding usage of remote monitoring systems in the coming years. The COVID-19 pandemic has led to a shortage of space in hospitals. Apart from this, patients, especially those suffering from chronic diseases, are also advised to avoid physical visits to hospitals owing to the threat of getting infected. This led to the development of the market for remote patient monitoring system. 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, has changed the entire look of the market for remote patient monitoring system post-COVID-19 as well. 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. 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. Efforts from device manufacturers to develop advanced products are expected to further propel the growth. For instance, in July 2021, Philips and BioIntelliSense formed a strategic collaboration to enhance remote patient monitoring solutions. Philips integrated the latter’s BioSticker device into its remote patient monitoring (RPM) portfolio. It is a wearable device that monitors chronic conditions and keeps a track of COVID-19 symptoms as well. 

Product Insights

The special monitors' segment led the market for remote patient monitoring system and accounted for the largest revenue share of over 83.8% in 2021 due to its ability to monitor clinically important data pre and post-surgery, identify symptoms, and prevent complications. Advanced features such as wireless communication and iPad connectivity allow early diagnosis and higher applicability of the products. Vital sign monitors can effectively track a patient's ECG, noninvasive blood pressure, body temperature, respiration rate, and brain activity. Integration of more than one vital sign monitor in single system is expected to boost the popularity of these products thereby leading to increased adoption during the forecast period. 

The vital sign monitors are commonly used, and the segment is expected to witness the fastest growth rate of 21.9% in the market for remote patient monitoring system over the forecast period. Heart rate monitor is identified as the dominating product sub-segment due to the increasing incidence of cardiac conditions globally. The surge in the number of individuals with heart disorders has led to the increased usage of these monitors. In 2019, Withings introduced the most advanced and diverse home cardiovascular monitors at CES. It is expected to be the first product that measures BP and records ECG and heart readings via a digital stethoscope in one device. 

Application Insights 

Diabetes emerged as the leading application segment in 2021 and accounted for over 12.8% of the revenue share. Diabetes is one of the leading causes of death, which requires continuous monitoring of blood glucose levels. It is known to affect various functions of the body including heart activity, vision, liver function, and renal activity. Hence, continuous and routine monitoring is required, which can be easily accomplished using remote patient monitoring devices. According to the International Diabetes Federation, 425 million people are living with diabetes globally. The number is expected to reach 642 million by 2040. As the prevalence of diabetes is increasing, devices like insulin infusion pump come in handy for people that can self-administer insulin daily. 

The hypertension application segment is also expected to witness significant growth over the forecast period. Hypertension increases the risk of cardiovascular diseases. According to the World Health Organization (WHO), over 1.0 billion people have hypertension worldwide.  Remote patient monitoring can play a key role in controlling hypertension. The cardiovascular disease treatment segment is expected to witness lucrative growth of 20.6% over the forecast period due to the increasing prevalence of the disease. 

End-use Insights 

The hospital-based patient segment was the leading end-use segment in 2021 and accounted for 79.4% of the revenue share. Hospitals cater to a large number of outpatients as well as inpatients. They offer a large number of diagnostic tests and have a larger technical staff for catering to the needs of the patients. A large patient pool and an increasing number of tests being performed are the vital drivers for segment growth. Hospital patients are admitted to facilities in need of acute care and therefore it is vital to keep a continuous check on the vital parameters of patients. In 2017, there was 2.8 million cancer-related adult hospitalization in the U.S. However, the high cost of hospital admissions and tedious reimbursement procedures are expected to restrain the market growth. 

However, alternate site monitoring, especially home healthcare, is anticipated to exhibit sturdy CAGR over the forecast period. The cost-efficiency of this alternate site along with the availability of qualified resources is expected to support the growth. In addition, considering the increasing strain on hospital resources and personnel, remote patient monitoring presents market players with huge opportunities in terms of partnering with hospitals and other healthcare settings and launching new products to facilitate affordable care at a patient’s home. Apart from this, the recent COVID-19 has increased the number of patients interacting with their doctors from home, boosting demand for the remote patient monitoring system. 

Regional Insights

North America dominated the remote patient monitoring system market and accounted for the largest revenue share of 41.6% in 2021. The increase in the incidence of chronic diseases, demand for wireless and portable systems coupled with the presence of sophisticated reimbursement structures aimed at cutting out-of-pocket expenditure are the major factors attributed to the regional growth. In addition, increasing R&D to design novel sensor-based patient monitoring systems is also driving the market in the region. Moreover, most of the key companies operating in the market are headquartered in the region, which, in turn, is propelling market growth in the region.

Europe, especially the Western European countries, due to the higher mortality rate and rising demand for low-cost treatment, is expected to remain the second most revenue-generating region over the forecast period. Rising demand for in-house monitoring, supportive central data management systems, and rising accuracy and efficiency of remote patient monitors are the high impact rendering drivers for the regional growth. In Asia Pacific, the market is expected to witness the fastest CAGR over the forecast period owing to the presence of untapped opportunities in the emerging markets of India and China. Japan is expected to be a key revenue generator owing to its wide old age (65+) population. 

Key Companies & Market Share Insights 

The major trend in the market for remote patient monitoring system is the enhancement of the existing technologies, new product launches, product portfolio expansion, and mergers or tie-ups with healthcare facilities. In February 2021, Philips acquired BioTelemetry, Inc. This acquisition is expected to aid Philips to increase its patient monitoring portfolio by adding BioTelemetry’s cardiac diagnostics and monitoring devices. Expanding manufacturing operations to countries with high population and disease burdens is also a strategy currently undertaken by players. In June 2020, Mindray announced the expansion of its new R&D facility in China. This facility will become a distinctive R&D, manufacturing, and operation center of medical equipment systems. Some of the prominent players in the remote patient monitoring system market include:

• 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

• Dräger Medical

• GE Healthcare

• Honeywell

• Johnson & Johnson

• LifeWatch

• Medtronic

• Masimo

• Vitls, Inc

• CareValidate

• Biotronik

• American Telecare

Remote Patient Monitoring System Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. For the purpose of this study, Grand View Research has segmented the global remote patient monitoring system market report on the basis of product, application, end use, and region:

• Product Outlook (Revenue, USD Million, 2017 - 2030)

  • Vital Sign Monitors

    • Blood Pressure Monitors

    • Pulse Oximeters

    • Heart Rate Monitor (ECG)

    • Temperature Monitor

    • Respiratory Rate Monitor

    • Brain Monitoring (EEG)

  • Special Monitors

    • Anesthesia Monitors

    • Blood Glucose Monitors

    • Cardiac Rhythm Monitor

    • Respiratory Monitor

    • Fetal Heart Monitors

    • Prothrombin Monitors

    • Multi-Parameter Monitors (MPM)

    • Others

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • Cancer

  • Cardiovascular Diseases

  • Diabetes

  • Sleep Disorder

  • Weight management and Fitness Monitoring

  • Bronchitis

  • Infections

  • Virus

  • Dehydration

  • Hypertension

• End-use Outlook (Revenue, USD Million, 2017 - 2030)

  • Hospital Based Patients

  • Ambulatory Patients

  • Home Healthcare

• Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • Japan

    • India

    • Thailand

    • South Korea

  • Latin America

    • Mexico

    • Brazil

    • Argentina

    • Colombia

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE