Remote Patient Monitoring System Market Size, Share & Trends Report

Remote Patient Monitoring System Market Size, Share & Trends Analysis Report By Product (Vital Sign Monitors, Specialized Monitors), By Application, By End-use, And Segment Forecasts, 2021 - 2028

  • Published Date: Jan, 2021
  • Base Year for Estimate: 2020
  • Report ID: 978-1-68038-383-6
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2019
  • Number of Pages: 172

Report Overview

The global remote patient monitoring system market size was valued at USD 956.46 million in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 19.7% from 2021 to 2028. Remote monitoring systems serve with improved chronic disease management, including early warning signs and progress tracker, thus anticipated to witness an increased demand in the coming years at the 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, thus expanding the usage of remote monitoring systems in the coming years.

U.S. RPM system market size, by product, 2016 - 2028 (USD Million)

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 has led hospitals to implement a remote patient monitoring system to keep track of a patient’s health. Hence, a remote patient monitoring system is expected to play a vital role amidst the COVID-19 pandemic.

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 (RPM) technologies for better health management.

Efforts from device manufacturers to develop advanced products are expected to further propel the market growth. For instance, in July 2020, 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

Based on the product, the market is segmented into vital sign monitors and specialized monitors. The specialized monitors segment led the market with a share of over 80.0% in 2020 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.

The vital sign monitors are expected to witness the fastest growth over the forecast period owing to their common usage. In the vital sign monitors segment, heart rate monitor emerged as the dominant sub-segment in 2020 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.

Application Insights

The diabetes application segment held the largest share of 11.9% in 2020. The hypertension application segment held the second-largest share in 2020. Hypertension increases the risk of cardiovascular diseases. According to the World Health Organization (WHO), over 1 billion people have hypertension worldwide.  Remote patient monitoring can play a key role in controlling hypertension.

On the basis of application, the market is segmented into cancer, cardiovascular diseases, diabetes, sleep disorder, weight management and fitness monitoring, bronchitis, infections, virus, dehydration, and hypertension. The cardiovascular diseases segment is expected to witness lucrative growth over the forecast period due to the increasing prevalence of the disease.

End-use Insights

Hospital-based patients, ambulatory patients, and home healthcare are the key end-use segments in the market. The hospital-based patients segment was the leading end-use segment in 2020 and accounted for 80.0% share owing to the presence of a large number of patients and tests being performed in hospitals.

Alternate site monitoring, especially home healthcare, is anticipated to exhibit a 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 of the segment. Apart from this, the recent COVID-19 has increased the number of patients interacting with their doctors from home, thus boosting the demand for remote patient monitoring systems.

Regional Insights

North America dominated the market in 2020 and accounted for more than 40.0% share. 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.

Global RPM system market share, by region, 2020 (%)

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-largest 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 factors for the regional growth.

Asia Pacific is expected to witness the fastest growth 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 market participants engage in collaborations, investments, and new product developments in an attempt to maintain sustainability. For instance, in September 2020, Roche introduced a remote patient monitoring solution for diabetes. In August, Johnson & Johnson invested in telehealth company, Thirty Madison. Some prominent players in the global remote patient monitoring system market include:

  • Honeywell

  • American Telecare

  • Roche

  • Philips Healthcare

  • Bosch

  • Biotronik

  • Intel

  • Welch Allyn

  • Health anywhere Inc.

  • Johnson & Johnson

  • Covidien Plc.

Remote Patient Monitoring System Market Report Scope

Report Attribute

Details

Market size value in 2021

USD 1.2 billion

Revenue forecast in 2028

USD 4.1 billion

Growth Rate

CAGR of 19.7% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million/billion and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Product, application, end-use, region

Regional scope

North America; Europe; Asia Pacific; Latin America; MEA

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Japan; China; India; Thailand; South Korea; Brazil; Mexico; Argentina; Columbia; South Africa; Saudi Arabia; UAE

Key companies profiled

Honeywell; American Telecare; Roche; Philips Healthcare; Bosch; Biotronik; Intel; Welch Allyn; Health anywhere Inc.; Johnson & Johnson; Covidien Plc.

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Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. 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, 2016 - 2028)

    • Vital Sign Monitors

      • Blood Pressure Monitors

      • Pulse Oximeters

      • Heart Rate Monitor (ECG)

      • Temperature Monitor

      • Respiratory Rate Monitor

      • Brain Monitoring (EEG)

    • Specialized 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, 2016 - 2028)

    • Cancer

    • Cardiovascular Diseases

    • Diabetes

    • Sleep Disorder

    • Weight management and Fitness Monitoring

    • Bronchitis

    • Infections

    • Virus

    • Dehydration

    • Hypertension

  • End-use Outlook (Revenue, USD Million, 2016 - 2028)

    • Hospital Based Patients

    • Ambulatory Patients

    • Home Healthcare

  • Regional Outlook (Revenue, USD Million, 2016 - 2028)

    • 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

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