Remote Patient Monitoring Market to Hold Substantial Growth with a Striking 16.3% CAGR Mounting Demand for Health Monitoring Devices and Growing Elderly Population are the Main Propellers | SkyQuest Technology
WESTFORD, Mass., Aug. 1, 2024 /PRNewswire/ -- According to SkyQuest, the global Remote Patient Monitoring Market size was valued at USD 1.9 Billion in 2022 and is poised to grow from USD 2.2 Billion in 2023 to USD 8.5 Billion by 2031, growing at a CAGR of 16.3% in the forecast period (2024-2031).
Remote patient monitoring in healthcare holds great potential due to the abundant opportunities created by the integration of machine learning and artificial intelligence. Hence remote patient monitoring technology is making the best use of artificial intelligence and predictive analytics to study massive datasets, detect trends, sing customized interventions, and project health issues. Moreover, the growing use of 5G networks will help the speedy transfer of data, allowing better patient monitoring in unexplored regions.
The RPM systems deliver services with enhanced chronic disorders management comprising early detection of health signals along with a progress tracker, thereby impelling the RPM market. Also, the recent pandemic resulted in shortage of beds in hospitals, and patients suffering from chronic diseases were advised to stay at home due to the growing risk of getting infection. This ultimately propelled remote patient monitoring market.
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Remote Patient Monitoring Market Overview:
Report Coverage |
Details |
Market Revenue in 2023 |
USD 2.2 Billion |
Estimated Value by 2031 |
USD 8.5 Billion |
Growth Rate |
Poised to grow at a CAGR of 16.3% |
Forecast Period |
2024–2031 |
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, Europe, Asia-Pacific, Latin America, and Middle East and Africa. |
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
Escalating Use of Remote Patient Monitoring in Fighting Infectious Diseases |
Key Market Drivers |
Increasing Need to Expand Healthcare Access |
Segments covered in Remote Patient Monitoring Market are as follows:
- Type
- Software & Services, Devices (Cardiac Monitoring Devices, Blood Pressure Monitoring Devices, Neurological Monitoring Devices, Respiratory Monitoring Devices, Multiparameter Monitoring Devices, Blood Glucose Monitoring Devices, Fetal and Neonatal Monitoring Devices, Weight Monitoring Devices, Others)
- Application
- Oncology, Hypertension, Cardiovascular Diseases, Diabetes, Sleep Disorders, Weight Management and Fitness Monitoring
- End User
- Providers (Hospitals & Clinics, Home Care Settings and Long-term Care Centers, Ambulatory Care Centers, Others), Payers, Patients, and Others
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Growing Cases of Chronic Diseases, Needing Efficient Monitoring is Driving Devices Segment
By type, the devices segment held majority market and is expected to lead the market in future as well owing to rising cases of chronic illnesses, growing popularity, mounting use of remote patient monitoring technologies, and escalating demand for tailored healthcare. Moreover, incorporation of machine learning and artificial intelligence in RPM is also fueling the demand and ultimately the segment growth.
On the other hand, software and services segment to grow as a fastest growing since remote patient monitoring services are progressing with more remote monitoring programs being reimbursed and more individuals are getting diagnosed with chronic diseases.
Diabetes Segment to Lead the Market Owing to Constant Monitoring of Glucose Levels
By application, the diabetes segment held notable share of the market in 2023 and is projected to continue dominance in future also since diabetes is known cause death if not treated properly. This illness needs constant monitoring, mainly for blood glucose levels since it directly impacts the heart, liver, vision, and renal activity. Moreover, constant and regular monitoring is essential in diabetes which can be done with RPM devices.
On the other hand, hypertension is the fastest-growing region observed in the market since it significantly increases the risk of heart-associated disorders. Every year, more than 1 billion individuals are diagnosed with health diseases. Hence, to reduce this rate, RPM solutions can considerably monitor hypertension by tracking key body signals.
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Providers Domain to be Propelled by the Adoption of a Wide Range of Diagnostic Tests for Patients
By end user, the provider segment is expected to lead since hospitals need to address mounting number of patients. Hospitals offer several diagnostic tests and employ a larger workforce who take care of patients. Rising implementation of RPM in hospitals to take quality care of patients is fueling the segment growth.
Patients segment is the fastest-growing segment since patients are constantly using different health applications and devices to track their diseases from their homes. Hence, growing adoption of remote patient monitoring technologies among patients is impelling the segment growth. This motivates patients to actively get involved in their healthcare by offering better accessibility and convenience.
Use of ML and AI to Promise More Exciting Technological Improvements in RPM
The future of remote patient monitoring is highly favorable with more exciting modernizations and advancements in technologies. They use machine learning and artificial intelligence to monitor the health of patients remotely. RPM is growing in popularity backed by the mounting use of telehealth services and wearable devices. Also, enhanced privacy and security have created trust in the minds of people, which will make it accurate, easy, and dedicated to patients.
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Artificial Intelligence (AI) in Healthcare Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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