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The global remote patient monitoring devices market size was USD 25.32 billion in 2020. The market is expected to grow from USD 30.05 billion in 2021 to USD 101.02 billion in 2028 at a CAGR of 18.9% in the 2021-2028 period. The global impact of COVID-19 has been unprecedented and staggering, with remote patient monitoring devices witnessing a positive demand shock across all regions amid the pandemic. Based on our analysis, the global market exhibited a stellar growth of 48.5% in 2020 as compared to 2017-2019. The sudden fall in CAGR is attributable to this market’s growth and demand returning to pre-pandemic levels once the pandemic is over. Remote patient monitoring is the use of digital technologies by healthcare professionals to electronically capture and monitor patient health data to provide quality care and consultation.
The growing prevalence of chronic diseases, such as cardiovascular, diabetes, and respiratory diseases, led to an increased need for continuous monitoring of vital signs. For instance, according to the World Health Organization (WHO), there are around 1.13 billion patients with hypertension globally. Remote monitoring of patients has benefitted in obtaining real-time patient data for illnesses, such as chronic obstructive pulmonary disease (COPD), cancer, or diabetes, resulting in timely management of the diseases. Implementation or adoption of next-generation sensor technologies has affected the healthcare systems by minimizing the distance between the patient and healthcare provider. Therefore, the need for technologically advanced products s led to the development and launch of new devices. For instance, in January 2020, BioIntelliSense Inc. received U.S. FDA clearance for a BioSticker on-body sensor designed for continuous monitoring of vital signs.
In addition, improvements in regulations and reimbursement policies globally are anticipated to boost the sales of the devices during the forecast period. For instance, in January 2021, the Centers for Medicare and Medicaid Services announced the amendments to the 2021 Physician Fee Schedule with a focus on providing reimbursement for remote patient monitoring programs. Therefore, potential product launches, adoption of devices, and adequate reimbursement policies are likely to drive remote patient monitoring devices market growth during the forecast duration.
COVID-19 Pandemic Escalated Usage of Virtual Monitoring Devices Subsequently Increased the Demand for Remote Patient Monitoring Devices
COVID-19 pandemic accelerated the adoption and usage of devices for the remote monitoring of patients. During the pandemic, incorporating remote patient monitoring services became the need of the hour owing to the travel restrictions imposed by the country's government. According to the American Medical Association, in 2020, around 9 out of 10 healthcare providers stated that they invested or are still investing in remote monitoring technologies. In addition, healthcare companies acted promptly amid the COVID-19 situation by largely supplying medical devices for remote monitoring of illnesses. For example, in April 2020, the U.S. Food and Drug Administration (U.S. FDA) gave permission for Dexcom and Abbott to provide continuous glucose monitoring systems in hospitals to minimize contact with patients and manage health remotely.
In addition, the pandemic has had a positive impact on the companies' sales due to the increased sales volume of the devices across countries worldwide. For instance, Philips connected care business segment registered a revenue of USD 6,834.0 million in 2020, an increase of 19.0% compared to 2019. Thus, the increased awareness among the population facilitated strong adoption of the devices during COVID-19.
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Role of Internet of Things (IoT) for Remote Monitoring to Increase Market Potential
Integration of IoT features with medical devices has opened doors for improving the quality and effectiveness of care for patients and the elderly population with chronic illnesses. The presence of sensors, actuators, Bluetooth connectivity, and other communication methods have allowed patients and caregivers to transfer data to the medical practitioner via cloud-based platform seamlessly.
Medical device companies focus on launching advanced and next-generation devices to provide value-based care to patients by lowering costs. For instance, in May 2020, Philips announced the launch of the next-generation wireless wearable biosensor BX100 developed for clinical supervision of COVID-19 patients. Therefore, the growing inclination toward effortless monitoring is anticipated to boost the remote patient monitoring devices market potential during 2021-2028.
Growing Disease Burden among the Geriatric Population to Accelerate Market Growth
According to the World Health Organization (WHO), the number of elderly people aged 65 years and older is projected to reach 1.5 billion by 2050. The increasing prevalence of chronic diseases affecting the geriatric population is also anticipated to spur during 2021-2028.
Therefore, there is a rising need for continuous monitoring of the vital signs and effective management of the disease. For instance, according to the study published in the Journal of American Medical Informatics Association (JAMIA), remote patient monitoring boosts patient engagement for managing chronic conditions. Hence, the adoption of remote systems among the elderly population to avoid frequent hospital visits is anticipated to drive the market growth during the forecasted timeframe.
Shift of Consumers toward Adoption of Sophisticated Devices to Surge Product Demand
COVID-19 pandemic has led to the adoption of technologically advanced solutions that can help track symptoms of disease, medication management, and remote monitoring of vital signs. As the next-generation patient monitoring solutions become broader, more health parameters can be analyzed. Consumers have magnetized towards the usage of technology-driven devices and systems. According to the McKinsey report, utilization of telehealth has increased 38 times compared to pre-pandemic years.
Also, there has been increase in investments in digital health and virtual care innovations. For instance, in August 2021, UCHealth and Royal Philips backed BioIntelliSense with USD 45 million. BioIntelliSense is a startup that received U.S.FDA clearance for its adhesive sensor for remote patient monitoring. Thus, growing investments favor the launch of new devices, thereby leading to an increase in adoption. Therefore, the shift of the consumers for digital systems is projected to fuel the remote patient monitoring devices market growth during the forecast period.
Lack of Remote Monitoring Solution Deployment in Low and Middle-Income Countries to Hamper Growth
Despite the increasing demand for solutions, lack of adoption of the devices and software in low and middle-income countries is anticipated to restrict the market growth during the forecast period. The high implementation cost of the remote patient monitoring systems is one factor contributing to the decline of the adoption rate in these countries. Deployment of these solutions requires sufficient investments, providers, and IT personnel to drive the smooth implementation and provide quality care to the patients. For instance, the Journal of Telemedicine and Telecare stated that equipment purchasing, servicing, and monitoring costs ranged from USD 275 to USD 7,963 per patient annually.
Though developed countries such as the U.S. have put forth reimbursement and regulatory changes to support the virtual monitoring of patients, other developing nations and low-income countries lack these changes. In addition, lack of awareness among the healthcare providers and limited access to quality healthcare service coupled with lower accessibility to the internet in the low-to-middle-income countries (LMICs) is another factor contributing to the hindrance of the remote patient monitoring devices market growth.
Adoption of Devices to Help Drive Market Growth
Based on type, the global market is segmented into devices and services. The services segment dominated the market in terms of value share in 2020. Increased demand for remote patient monitoring services during the COVID-19 pandemic facilitated the sales growth. Additionally, technological advancements and new product launches by key players have been instrumental in the dominance of remote patient monitoring services for blood glucose monitoring, cardiac monitoring, and vital signs in the global market. For example, in October 2021, OnSkyHealth International announced the launch of SkyPad, a virtual care solution aimed at providing contact-free vital signs monitoring of the patient.
The devices segment is expected to grow significantly during the forecast period due to companies' investments in patient-centric approaches to effectively manage chronic conditions. For instance, in February 2020, VitalConnect Inc. announced the launch of arrhythmia detection in its remote monitoring portfolio. Moreover, the growing adoption of these devices and solutions by healthcare facilities in developing countries is another factor contributing to the segment's growth.
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Cardiovascular Disease to Aid Dominance Owing to Increasing Prevalence of Diseases
In terms of application, the market is segmented into oncology, diabetes, cardiovascular diseases, and others. Among them, the cardiovascular disease segment dominated the global market in 2020. The rising prevalence of chronic diseases and growing patient visits are the primary reason for the dominance of this segment in the market.
Diabetes is expected to grow at a faster CAGR due to the adoption of blood glucose monitoring devices by a larger population to daily track glucose levels. Improvements in the devices by upgrading the technological features have led to greater smartphone adoption in nations worldwide.
Higher Adoption of Products by Providers to Enable Dominance of the Providers Segment
Based on end-user, the market segments include payers, providers, and patients. Among them, the provider's segment held the dominating share of the market in 2020. The growing number of patient visits in the hospitals has boosted the providers to adopt the devices in healthcare facilities. Additionally, the pandemic has further increased the adoption rate owing to the social-distancing norms imposed by the countries worldwide.
The patients segment is anticipated to experience a faster growth during the forecast period due to the increasing awareness among the patient population regarding the need for real-time monitoring of the health parameters. Implementation of affordable health plans by payers will help assist the patients in adopting devices that embrace digital transformation. Therefore, assisting patients in adopting affordable devices is anticipated to help leverage the growth of the payers segment.
North America Remote Patient Monitoring Devices Market Size, 2020 (USD Billion)
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The remote patient monitoring devices market size in North America stood at USD 12.05 billion in 2020. The market in the region is characterized by higher adoption of these monitoring devices by hospital settings and patients. Furthermore, higher investment in the launch of sophisticated devices for quality care of the patient pool is responsible for the region enjoying the dominant market share in 2020.
Therefore, the increasing prevalence of chronic diseases is anticipated to bolster the demand for U.S. FDA-approved remote patient monitoring devices during the forecast period.
Europe held the second position in the market owing to the favorable regulatory scenario, availability of adequate healthcare infrastructure, and rapid adoption of the devices. In addition, strategic partnerships among the companies to provide complete remote patient monitoring to patients are contributing to the launch of these monitoring devices in the region leading to higher adoption. For instance, in August 2021, MTech Mobility and GenieMD entered into a partnership agreement to provide its customers with an exhaustive remote patient monitoring solutions.
The market in Asia Pacific is projected to register a comparatively higher CAGR during the forecast period. Growing patient awareness regarding the blood glucose monitoring devices coupled with cardiac monitors leads to higher adoption for these devices in the region. In addition, penetration of the companies in the rural areas and improving healthcare systems in countries, such as India, Australia, and Southeast Asian, are expected to facilitate the region's growth during 2021-2028.
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The Latin America and the Middle East & Africa market are currently in a nascent stage. However, the developing healthcare infrastructure and growing prevalence of chronic diseases will boost remote patient monitoring devices’ demand during 2021-2028. For instance, according to the World Heart Federation, 1 in 3 South African adults have hypertension that may lead to a risk of heart failure and heart attack. Therefore, implementing strategies to promote the usage of remote patient monitoring devices is likely to contribute towards the segmental growth during the forecast period.
Diverse Portfolio of Leading Players and Strong Focus on Partnerships and Acquisition to Strengthen Market Position
The global remote patient monitoring devices market is fragmented, with most of the manufacturers emerging from developed countries. A diversified product portfolio of digital platforms and constant innovations by the remote patient monitoring companies leading to the introduction of new products are prominent and major factors responsible for the strong presence of the companies.
Moreover, strong emphasis on partnerships and acquisition strategies in the market to digitally transform the systems in the middle and lower-income countries is expected to help attract high consumers, resulting in market revenue growth in the forthcoming years. For instance, in August 2021, Rx.Health announced a strategic partnership with LiveCare to provide remote patient monitoring systems to patients and healthcare providers.
An Infographic Representation of Remote Patient Monitoring Devices Market
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The global remote patient monitoring (rpm) devices report includes detailed information regarding various insights and statistics of the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the global next-generation patient monitoring market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2017 to 2028 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources.
Value (USD Billion)
Type, Application, End-user, and Geography
Fortune Business Insights says that the global market size is worth USD 101.02 billion by 2028.
In 2020, the market value stood at USD 25.32 billion.
The market will grow at a CAGR of 18.9% during the forecast period (2021-2028).
The services segment is the leading segment in the market during the forecast period.
Growing adoption of the devices by patients and providers, increasing new product launches, and growing penetration of players in untapped markets are key factors driving the global market.
Boston Scientific Corporation, Philips, and Omron Healthcare are the key players in the market.
North America dominated the market share in 2020.
Inclination of patients toward technology-driven devices for monitoring of vital health parameters is the major trend for the growth of the market.
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