Remote Patient Monitoring (RPM) Market in terms of revenue was estimated to be worth $14.0 billion in 2023 and is poised to reach $41.7 billion by 2028, growing at a CAGR of 20.1% from 2023 to 2028 according to a new report by MarketsandMarkets.
The growth of the remote patient monitoring (RPM) market is being driven by the aging population, the need to expand healthcare access, the ability of RPM to reduce the burden on medical resources, and rising investments in telehealth and remote patient monitoring. However, informal usage of social meda rsising instance of healthcare fraud and regulatory variations across regions could restrain market growth during the forecast period.
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Remote Patient Monitoring (RPM) Market Scope:
Report Coverage | Details |
Market Revenue in 2023 | $14.0 billion |
Estimated Value by 2028 | $41.7 billion |
Growth Rate | Poised to grow at a CAGR of 20.1% |
Market Size Available for | 2021–2028 |
Forecast Period | 2023–2028 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Type, Application, End User, and Region |
Geographies Covered | North America (US, and Canada), Europe (Germany, France, UK, Italy, Spain, and the RoE), Asia Pacific (Japan, China, India, and RoAPAC), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa) |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | high utility of RPM in comabating infectious diseases and epidemics |
Key Market Drivers | Rising geriatic population and growing need to expand healthcare access |
Software and services is expected to register the highest CAGR during the forecast period
Based on the product, the remote patient monitoring market is segmented into software & services and devices. The software and services segment is expected to register the highest CAGR during the forecast period. The highest growth of this segment is because the RPM services are growing rapidly as more RPM programs are being reimbursed and more people have chronic illnesses.
Diabetes segment accounted for the largest share of the remote patient monitoring market during the forecast period.
Based on application, the global remote patient monitoring market is broadly segmented into oncology, cardiovascular diseases, diabetes, sleep disorders, weight management and fitness monitoring. The diabetes segment accounted for the largest share of the global market during the forecast period. This can be attributed to the high prevalence of diabetes, reimbursement for RPM programs, advancements in RPM technology, and need for continuous monitoring.
Providers segment accounted for the largest share of the remote patient monitoring market during the forecast period.
Based on end users, the global remote patient monitoring market is broadly segmented into providers, payers, patients, and other end users. The proivders segment accounted for the largest share of the remote patient monitoring market during the forecast period. The large share of the providers can be attributed to the increase in telehealth and telemedicine adoption by physician groups, hospitals, clinics, and other healthcare facilities, advancements in telehealth monitoring devices, and increased tele-specialty services offered by the providers.
Asia Pacific is expected to register the highest CAGR during the forecast period
In 2022, Asia Pacific is expected to register the highest CAGR during the forecast period. This can be attributed to the prevalence of chronic diseases, subsequent overcrowding in hospitals, rising geriatric population, growth opportunities for advanced internet-based platforms in the RPM, favourable government policies, the rising need to curtail healthcare expenditure, and increasing consumer awareness of health-related issues in RoAPAC (Rest of Asia-pacific) countries.
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Remote Patient Monitoring (RPM) Market Dynamics:
Drivers:
1. Rising geriatic population and growing need to expand healthcare access
Restraints:
1. Healthcare Fraud
Opportunities:
1. high utility of RPM in comabating infectious diseases and epidemics
Challenge:
1. behavioral barriers, healthcare affordability, and the lack of awareness
Key Market Players of Remote Patient Monitoring (RPM) Industry:
Prominent players in the remote patient monitoring market are Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), GE Healthcare (US), Oracle (US), Siemens Healthineers AG (Germany), Omron Healthcare (Japan), Boston Scientific Corporation (US), Abbott Laboratories (US), Clear Arch, Inc (US), Vivify Health, Inc. (US), Alten Calsoft Labs (France), Bio-Beat (Israel), VitalConnect (US), VivaLNK Inc. (US), Bardy Diagnsotics, Inc. (US), Biotronik SE & Co. KG (Germany), Brook Inc. (US), Blue Spark Technology (US), Welch Allyn (US), Health Beats (Singapore), Alive Cor, Inc. (US), TytoCare Ltd. (US), Teledoc Health Inc. (US), and iRhythm Technologies (US).
Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1 (35%), Tier 2 (45%), and Tier 3 (20%)
- By Designation: C-level (35%), Director-level (25%), and Others (40%)
- By Region: North America (25%), Europe (15%), Asia Pacific (45%), Latin America (10%), and Middle East Africa (5%)
Recent Developments:
- In August 2023, EPIC Health, collaborated to address health inequities and reduce heart attack and stroke risk in underserved Detroit communities. The program will feature VitalSight, OMRON's first remote patient monitoring service designed specifically for patients afflicted by high blood pressure and especially those with uncontrolled Stage 2 hypertension.
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