Remote Patient Monitoring Market to Hit USD 56.94 Billion by 2030 with 12.7% CAGR | MarketsandMarkets™
DELRAY BEACH, Fla., Feb. 13, 2025 /PRNewswire/ -- The global remote patient monitoring market, valued at US$24.39 billion in 2023, is forecasted to grow at a robust CAGR of 12.7%, reaching US$27.72 billion in 2024 and an impressive US$56.94 billion by 2030. The key drivers behind this growth include increasing chronic diseases, home healthcare preferences, advances in wearable technology, and the digital transformation of healthcare. Government programs, such as the FCC's COVID-19 Telehealth Program and Rural Health Care Program, are bridging gaps in broadband access in underserved and rural areas. It is making it easier for healthcare providers to offer remote care. The pandemic did push telehealth forward, but infrastructure, digital literacy, and reimbursement issues are among the many hurdles that have to be overcome for widespread adoption.
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Based on indication, the remote patient monitoring market is segmented into oncology, cardiology, neurology, diabetes, sleep disorders, respiratory diseases, wellness improvement, mental health, and others. The cardiology segment holds the largest share of the indication segment market in 2023. Remote patient monitoring (RPM) in cardiology enables healthcare providers to track patient health outside clinical settings, aiding in the management of chronic conditions such as heart failure and hypertension, as well as detecting arrhythmias. RPM helps prevent hospitalizations by alerting clinicians to worsening symptoms. Recent advancements include Medtronic's FDA-cleared PulseSelect Pulse Field Ablation (PFA) System for arrhythmias and HeartBeam's credit card-sized heart monitor. Philips issued a recall due to software issues with its Mobile Cardiac Outpatient Telemetry devices, linked to over 100 injuries. AI models in cardiology have seen FDA clearances, with over 1,000 approved. At CES 2025, companies like Withings unveiled innovations such as AI-powered smart mirrors for heart patients. Additionally, RPM programs have improved outcomes, reducing hospital stays and readmissions after heart surgery, as seen in North Carolina's Atrium Health.
Based on component, remote patient monitoring is segmented into software, services and devices. The software segment is expected to register the highest CAGR in the forecast period. The greatest growth of this segment is on account of a growing demand for advanced healthcare management solutions and also due to integrating artificial intelligence, machine learning, and data analytics to software platforms. These technologies help ensure real-time monitoring, enhanced diagnostics, and better results for patients. The other factor is growing adoption of cloud-based solutions, as well as telemedicine services, that continues to expand this software segment quite rapidly. So, the continued growth in such healthcare systems by using data-based decision-making creates a high requirement for complex and efficient software products to manage a patient's details.
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The remote patient monitoring market is dominated by key players. The major players operating in this market are, Koninklijke Philips N.V. (Netherlands), Medtronic (Ireland), OMRON Corporation (Japan), GE Healthcare (US), Oracle (US), Boston Scientific Corporation (US), Abbott (US), NIHON KOHDEN CORPORATION (Japan), Siemens Healthineers AG (Germany), Baxter (US), Biobeat (Israel), Biotronik (Germany), VitalConnect (US), VivaLNK, Inc (US), Clear Arch, Inc (US), Optum, Inc (Vivifyhealth) (US), Blue Spark Technologies, Inc (US), Lightbeam (US), Cloud Diagnostics Canada ULC (Canada), Teladoc Health, Inc (US), Guangdong Transtek Medical Electronics Co., Ltd (China), CareSimple Inc (Canada), TimeDoc, Inc (US), MD Revolution Inc (US), Optimize Health, Inc (US), Health Recovery Solutions (US), Current Health (US), and Tenovi (US).
Koninklijke Philips N.V. (Netherlands)
Koninklijke Philips N.V. (Royal Philips) is the parent company of the Philips Group. The company works in four areas: Personal Health, Diagnosis & Treatment, Connected Care, and Others. The company aims to grow in both natural ways and by buying other businesses to increase its market presence. Strategic partnerships in high-potential markets and collaborations have been Philips' key growth strategy over the years. For example, in July 2024, Bon Secours Mercy Health (US) announced a 10-year partnership with Philips to implement and scale a new patient monitoring platform across its 49 hospitals and 1,200 care sites. Philips has made partnerships with many big healthcare companies and promising AI start-ups in the healthcare field, located in different places. in April 2024, Philips had collaborated with smartQare (Netherlands) to combine their monitoring systems. This will allow patients to be continuously monitored in and out of the hospital using wearable biosensors. Some of its major subsidiaries are Philips Oral Healthcare, LLC (US), Philips GmbH (Germany), Philips Ultrasound, Inc. (US), and Philips Consumer Lifestyle B.V. (Netherlands). It spans operations across North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
Medtronic (Ireland)
Medtronic is a global healthcare technology company based in Dublin, Ireland. It is an industry leader. The company helps healthcare systems, doctors, clinicians, and patients in more than 150 countries worldwide. It operates through four main business areas: Cardiovascular, Neuroscience, Medical Surgical, and Diabetes. The Cardiovascular segment focuses on the management of heart rhythms, treatment of heart structures, and addressing issues with blood vessels. Neuroscience has various products for surgeries on the spine and brain, and for treating brain-related problems. The Medical Surgical part offers surgical tools, robots that help with surgery, and tools for looking inside the body. Finally, the Diabetes part provides advanced insulin pumps, systems that check blood sugar levels all the time, and smart insulin pens for managing Type 1 and Type 2 diabetes.
Medtronic works on getting product approvals and making partnerships to improve its product range. In August 2024, Medtronic collaborated with Abbott (US) to enhance Medtronic's diabetes care area by incorporating Abbott's advanced glucose monitoring technology. This will enhance Medtronic's products and help patients manage diabetes better. Also, in January 2025, Medtronic reported that the FDA approved and launched the MyCareLink Smart Monitor, first app-based remote monitoring system in the world for pacemaker patients.
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