Remote Patient Monitoring (RPM) Market is Expected to Reach $41.7 billion | MarketsandMarkets.

By GlobeNewswire On Nov 23, 2023

Chicago, Nov. 23, 2023 (GLOBE NEWSWIRE) — 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 latest report published by MarketsandMarkets™. The growth of the telehealth and remote patient monitoring (RPM) market is being driven by the increasing need for healthcare access, the cost benefits of telehealth and RPM, advancements in telecommunications, the growing prevalence of chronic diseases, and rising investments in telehealth and RPM. However, market growth during the forecast period is likely to be constrained by regulatory variations across regions and the informal use of social media practices.

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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 Opportunity	behavioral barriers, healthcare affordability, and the lack of awareness
Key Market Driver	Rising geriatric population and growing need to expand healthcare access

On the basis of product, the remote patient monitoring market is bifurcated into software & services and devices. The software and services segment held the largest share of the global remote patient monitoring (RPM) market in 2022. This is because RPM programs are being reimbursed more often and there are more people with chronic illnesses, which is leading to more people using RPM services around the world.

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 in 2022. This can be attributed to the prevalence and chronic nature of diabetes, continuous monitoring requirements, and technological advancements.

Based on end users, the global remote patient monitoring market is fragmented into providers, payers, patients, and other end users. The healthcare providers segment held the largest share of the global remote patient monitoring market in 2022. This is because more chronically ill and elderly patients are using remote monitoring, RPM monitoring devices are improving, and healthcare providers are offering more RPM services.

The global remote patient monitoring market is segmented into North America, the Asia Pacific, Europe, Latin America, and the Middle East & Africa. North America is expected to have the largest share of the global remote patient monitoring (RPM) market in 2022. This is owed to factors such as rising geriatric population, increasing healthcare expenditure combined with rising prevalence of cheonic conditions.

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Remote Patient Monitoring (RPM) market major players covered in the report, such as:

Boston Scientific Corporation (US)
Clear Arch, Inc (US)
TytoCare Ltd. (US)
GE Healthcare (US)
Abbott Laboratories (US)
Alten Calsoft Labs (France)
Teledoc Health Inc. (US)
Vivify Health, Inc. (US)
Koninklijke Philips N.V. (Netherlands)
Brook Inc. (US)
Blue Spark Technology (US)
Oracle (US)
Siemens Healthineers AG (Germany)
Omron Healthcare (Japan)
Welch Allyn (US)
Health Beats (Singapore)
Medtronic (Ireland)
Bio-Beat (Israel)
VitalConnect (US)
VivaLNK Inc. (US)
Bardy Diagnsotics, Inc. (US)
Biotronik SE & Co. KG (Germany)
Alive Cor, Inc. (US)
iRhythm Technologies (US).
and Among Others

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The study categorizes the remote patient monitoring market into the following segments and subsegments:

Remote Patient Monitoring Market, By Component

Services & Software
Devices
- Cardiac Monitoring Devices
- Neurological Monitoring Devices
- Respiratory Monitoring Devices
- Multiparameter Monitoring Devices
- Blood Glucose Monitoring Devices
- Fetal & Neonatal Monitoring Devices
- Weight Monitoring Devices
- Other Monitoring Devices

Remote patient monitoring Market, By Application

Oncology
Cardiovascular Diseases
Diabetes
Sleep Disorders
Weight Management & Fitness Monitoring

Remote patient monitoring Market, By End-user

Providers
- Hospitals and Clinics
- Home Care Settings and Long Term Care Centers
- Ambulatory Care Centers
- Other End Users
- Passive Exoskeletons
Payers
Patients
Other End Users

Remote patient monitoring Market By Region

North America
- US
- Canada
Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
Asia Pacific
- Japan
- China
- India
- Rest of Asia Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America (LATAM)
Middle East & Africa

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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.
In August 2022, Medtronic plc had announced it has entered into a strategic partnership with BioIntelliSense, a continuous health monitoring and clinical intelligence company, for the exclusive U.S. hospital and 30-day post-acute hospital to home distribution rights of the BioButton multi-parameter wearable for continuous, connected monitoring. The partnership enables the Medtronic Patient Monitoring business to offer access to a medical grade device that provides continuous vital sign measurements of general care patients in-hospital as well as post-discharge.
In July 2022, Biobeat has partnered with Medidata Solutions and become part of the Sensor Cloud Network. By using Biobeat’s medical-grade wearables, they are able to enhance clinical trials with vital signs collection to generate real-world evidence remotely and conveniently from the patient’s home.

Key Stakeholders:

RPM Equipment Manufacturers
Suppliers and Distributors of RPM Equipment
Healthcare IT Service Providers
Healthcare Insurance Companies/Payers
Healthcare Institutions/Providers (Hospitals, Clinics, Medical Groups, Physician Practices, Diagnostic Centers, and Outpatient Clinics)
Venture Capitalists
Government Bodies/Regulatory Bodies
Corporate Entities
Accountable Care Organizations
RPM Resource Centers
Research and Consulting Firms
Medical Research Institutes
Clinical Departments

Report Objectives:

To define, describe, and forecast the remote patient monitoring market based on type, application, end user, and region.
To provide detailed information regarding the major factors influencing the growth of this market (such as drivers, restraints, opportunities, and challenges)
To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall remote patient monitoring market
To analyze opportunities for stakeholders and provide details of the competitive landscape for market leaders
To forecast the size of market segments with respect to five main regions—North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
To profile key players and analyze their market shares and core competencies2
To track and analyze competitive developments such as product launches & approvals, partnerships, agreements, and collaborations, in the overall remote patient monitoring market

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