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| Remote Patient Monitoring Devices Market Size |
The global Remote Patient Monitoring Devices Market is estimated to be valued
at US$ 67.82 Mn in 2023 and is
expected to exhibit a CAGR of 7.4% over
the forecast period from 2023 to 2030, as highlighted in a new report published
by Coherent Market Insights.
Market Overview:
Remote patient monitoring (RPM) devices facilitate remote monitoring of a
patient's vitals outside of conventional clinical settings such as hospitals or
doctor's clinics. These devices help monitor health indicators such as blood
pressure, weight, pulse oximetry, blood glucose, and peak flow meters. They
allow continuous monitoring of patients with chronic conditions such as
congestive heart failure (CHF), diabetes, and respiratory diseases at home.
This reduces hospital visits and healthcare costs. The advantages of using RPM
devices include improved patient access to care, early detection and prevention
of adverse events, reduction in hospital admissions and readmissions, and
improved patient self-management through enhanced education and communication
between patients and clinicians.
Market key trends:
One of the major trends that is driving the Remote
Patient Monitoring Devices Market Size is the increasing adoption of
remote health monitoring solutions. With the ongoing Covid-19 pandemic,
healthcare agencies and providers are focusing on digital care and telehealth
to provide adequate care to patients while avoiding unnecessary visits to
clinics and hospitals. There is a high demand for remote monitoring devices
that help clinicians keep tabs on patient vital signs and symptoms remotely.
Wearable devices that monitor ECG, heart rate, sleep, activity, and other
health parameters are becoming popular remote monitoring options. Technologies
such as AI and cloud computing are also being leveraged to improve remote
health monitoring capabilities. The increasing penetration of smartphone
devices along with remote monitoring apps further strengthens remote care
delivery.
Porter's Analysis
Threat of new entrants: The remote patient monitoring devices market requires
high initial investments and compliance with regulatory policies which limits
the threat of new entrants.
Bargaining power of buyers: Individual customers have low bargaining power
considering the specialized nature of remote patient monitoring devices but
healthcare organizations have moderate bargaining power.
Bargaining power of suppliers: The presence of numerous component and device
suppliers limits their individual bargaining power.
Threat of new substitutes: Though smartphone-based monitoring solutions offer
alternatives but currently there are no perfect substitutes to medical-grade
remote monitoring devices.
Competitive rivalry: The remote patient monitoring devices market is dominated
by few large players which intensifies competition.
Key Takeaways
The global remote patient monitoring devices market is expected to witness high
growth, exhibiting CAGR of 7.4% over
the forecast period, due to increasing prevalence of chronic diseases. Devices
help monitor heart diseases, diabetes and respiratory illnesses from home.
Regionally, North America dominates the market and is expected to continue its
dominance during the forecast period. This is attributed to growing geriatric
population, rising healthcare expenditure and prevalence of chronic conditions
in the US and Canada. However, Asia Pacific is anticipated to exhibit the
highest growth rate owing to developing healthcare infrastructure and growing
medical tourism in the region.
Key players operating in the remote patient monitoring devices market are
Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC, Nihon
Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd.,
Koninklijke Philips N.V., Siemens Healthcare GmbH and Cerena Corporation. These
players are focused on developing innovative and advanced monitoring solutions
to expand their market share.