AI In Remote Patient Monitoring Market

The global AI In Remote Patient Monitoring Market is valued at USD 1.7 Billion in 2022 and is projected to reach a value of USD 11.2 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 26.3% between 2023 and 2030.

Premium Insights

The number of connected wearables around the world increased considerably from 2019 to 2022, as reported by Statista. In 2022, this number reached around 1.1 billion, up from the 929 million recorded one year before. Similarly, around 30% (1266/4551) of U.S. people utilise wearable healthcare devices. According to the NIH, nearly half of the users (47.33%) use the equipment on a daily basis, with the majority (82.38% weighted) keen to discuss health data from wearables with their medical professionals. Thus, the increasing adoption of wearable devices to monitor real-time health data is expected to accelerate market growth in the coming years.

Furthermore, the surge in the prevalence of chronic diseases has created a need for continuous monitoring of patient's health status. AI-enabled remote patient monitoring systems can analyze large volumes of data to detect early signs of deterioration or disease progression, allowing healthcare providers to intervene promptly. For instance, according to the CDC, almost half of all Americans (around 45%, or 133 million) suffer at least one chronic disease.. Chronic diseases account for over 75% of total healthcare costs, or $5300 per person per year in the United States. Similarly, according to the NHIS (National Health Interview Survey), 51.8% of U.S. adults had at least one chronic disease in 2018, while 27.2% had multiple chronic conditions. Women, non-Hispanic white people, people over 65, and people living in rural regions had the highest prevalence.

Moreover, according to American Medical Association, health spending in the U.S. increased by 2.7% in 2022 to $4.3 trillion or $12,914 per capita. Similarly, according to OECD data, an unprecedented 10.9% of the GDP of the European Union was devoted to health care in 2020. Germany and France dedicated the highest shares to health at over 12% of their respective GDP. Sweden, Austria, the Netherlands, and Belgium also spent over 11% of their GDP on health. With this regard, remote patient monitoring with A.I. can reduce the burden of healthcare spending by remotely monitoring patients.

Key Highlights

• North America accounted for the most significant growth, with a revenue share of 45.3% in 2022
• Asia Pacific is expected to lead the market growth during the forecast period
• Based on Technology, the Machine Learning segment accounted for the most considerable market growth and contributed more than 34.2% of the total revenue share in 2022
• Based on Components, the Software segment revealed the most significant market growth and contributed more than 42.8% of the total revenue share in 2022
• Based on the Type of Monitoring Device, the Wearable Devices segment accounted for the potential market growth with more than 34.2% of the total revenue share in 2022
• Based on Application, the Chronic Disease Management segment accounted for the potential market growth with more than 31.6% of the total revenue share in 2022
• Based on End-User, the Hospitals segment accounted for the potential market growth with more than 32.8% of the total revenue share in 2022

Top Market Trends

1. Patients and healthcare professionals are increasingly turning to wearables, such as smartwatches or fitness trackers. These devices can collect and transmit real-time data on vital signs, medication adherence, and lifestyle factors to healthcare professionals. AI-powered algorithms can analyze this data to predict health risks and provide timely interventions to prevent adverse outcomes. For instance, Apple acquired A.I. Music, a company that uses artificial intelligence to create adaptable music and customised soundtracks for marketers, publishers, fitness specialists, and creative organisations; A.I. Music invented the "Infinite Music Engine."
2. AI-powered diagnostic tools have the potential to revolutionize remote patient monitoring by enabling accurate and efficient diagnosis of various health conditions. For example, A.I. algorithms can analyze medical images and identify abnormalities with greater accuracy than human doctors, enabling earlier detection and treatment of diseases.
3. Telemedicine has become increasingly popular in recent years, enabling patients to receive remote consultations with healthcare providers. AI-powered virtual consultations can provide personalized care, enabling healthcare providers to diagnose and treat various conditions without requiring patients to visit a physical clinic.

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Economic Insights

The economic changes brought about by the pandemic have highlighted the importance of remote patient monitoring, as healthcare systems worldwide have been burdened with increased patient volumes and limited resources. AI-powered solutions can help alleviate some of these pressures by enabling healthcare professionals to remotely monitor and manage patients, ensuring timely interventions, and preventing unnecessary hospitalizations. The supply chain for AI-powered remote patient monitoring solutions has faced disruptions due to the pandemic. Border closures, travel restrictions, and lockdown measures have impacted the global movement of goods and services. However, manufacturers and suppliers in this market have been adapting and finding innovative solutions to overcome these challenges. For example, many companies have increased their focus on local manufacturing and sourcing to minimize supply chain disruptions.

Market Segmentation

The global AI In Remote Patient Monitoring market can be categorized as

The global AI In Remote Patient Monitoring market can be categorized into Type of Monitoring Device, Component, Technology, Application, Region. The AI In Remote Patient Monitoring market can be categorized into Wearable Devices, Implantable Devices, Stationary Devices based on Type of Monitoring Device. The AI In Remote Patient Monitoring market can be categorized into Hardware, Services, Software based on Component. The AI In Remote Patient Monitoring market can be categorized into Machine Learning, Natural Language Processing, Computer Vision, Other Technologies based on Technology. The AI In Remote Patient Monitoring market can be categorized into Chronic Disease Management, Geriatric Care Management, Sleep Apnea Monitoring , Fitness Monitoring, Other Applications based on Application. The AI In Remote Patient Monitoring market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Technology

Machine Learning to Express Maximum Market Share Owing to Its Ability to Evaluate Enormous Amounts of Data, Accurately Predict Outcomes, and Enhance Clinical Decision-Making

In 2022, machine learning dominated the market. The growth of machine learning in remote patient monitoring Market is due to its ability to analyze vast amounts of data, accurately predict outcomes, and enhance clinical decision-making. Machine Learning in RPM collects, processes, and analyzes patient data from various medical devices such as wearables, sensors, and monitors. The ML algorithm can then predict potential health risks, identify anomalies requiring further attention, and flag deviations from the patient's regular health range. This information is then conveyed to healthcare professionals, enabling them to make timely, informed decisions about patient care. The incorporation of ML in RPM has revolutionized patient care by providing remote monitoring solutions that improve clinical outcomes.

Based on Component

Software Segment to Mention Maximum Market Share Owing to the Increased Adoption of RPM Solutions

The software segment accounted for the most substantial growth in 2022. As RPM solutions become more common, there is an expanding need for software solutions which assist clinicians manage patient data more effectively. RPM solutions would allow clinicians to deliver high-quality patient care regardless of location, which has become increasingly important in light of the COVID-19 pandemic. For instance, Philips Healthcare received FDA clearance for its cloud-based, AI-powered remote patient monitoring software, IntelliSpace Corsium. The platform helps clinicians track patients with chronic conditions in real time and make informed decisions.

Based on the Type of Monitoring Device

Wearable Devices Account for Maximum Market Growth Owing to Improved Patient Satisfaction and Increased Efficiency

The wearable devices segment mentioned the maximum growth of the market in 2022. Wearable devices have been instrumental in advancing remote patient monitoring technology. The devices allow healthcare providers to monitor vital signs such as blood pressure, glucose levels oxygen saturation, and heart rate. The data obtained from wearable devices can be analyzed and used to monitor changes in the patient's health condition. RPM has come a long way in recent years, and the incorporation of A.I. makes it possible to detect even subtle changes, alerting healthcare providers and enabling early intervention. For instance, Fitbit Inc. launched its lineup of new watches. The lineup includes Sense 2, Inspire 2, and Versa 4, providing features like a heart rate sensor and blood oxygen monitor (SpO2).

Based on Application

Chronic Disease Management Account for Maximum Market Growth Owing to the Increase in the Prevalence of Chronic Diseases

The chronic disease management segment mentioned the maximum growth of the market in 2022. A growing number of chronic diseases is a major driver in the segmental growth of Artificial Intelligence in Remote Patient Monitoring Market. Diabetes, hypertension, and cardiovascular disease are all on the rise globally, need ongoing management and monitoring. RPM solutions enable healthcare providers to collect data on patients' vital signs, symptoms, and medication adherence, among others, thus providing valuable insights into health trends and risks. AI-powered algorithms and predictive analytics can also aid in the identification of trends and warning signs of chronic illnesses, allowing healthcare providers to intervene early and avoid problems.

Based on the End User

Hospitals Segment Account for Maximum Market Growth Owing to the Rising Focus on Patient-Centered Care

The hospitals segment mentioned the maximum growth of the market in 2022. Patient-centered care is becoming increasingly important in healthcare, with healthcare providers focusing on delivering personalized and tailored care to each patient's needs. AI-powered remote patient monitoring tools enable healthcare providers to collect large amounts of patient data and use it to develop personalized care plans, enhancing the patient experience.

Based on Region

North America to Dominate Global Sales Owing to Increasing Demand for Plant-Based Food Products

In 2022, North America accounted lucrative growth of Artificial Intelligence in Remote Patient Monitoring Market. The Region has witnessed rapid adoption of RPM due to the need for more effective and efficient healthcare delivery. With the aging population, rising chronic diseases, and limited healthcare resources, remote patient monitoring has gained immense importance in North America. A.I. brings automation, data analytics, and predictive modeling capabilities that enhance the efficiency and effectiveness of RPM solutions, leading to improved patient outcomes and cost savings. In addition, an AI-powered RPM system can detect a sudden increase in a patient's blood pressure or heart rate that could indicate an impending heart attack. The A.I. algorithm can notify the patient and their healthcare provider immediately, enabling timely intervention and potentially preventing a life-threatening event.

Competitive Landscape

Major players in the RPM industry play a critical role in the growth of A.I. By developing A.I. algorithms, collecting and analyzing data, building AI-powered RPM devices, and training healthcare providers. They have the potential to enhance patient outcomes while also reducing medical costs. Players are actively developing A.I. algorithms to improve patient monitoring and enhance the insights provided by RPM devices. In addition, players can train healthcare providers on using AI-powered RPM devices to ensure they provide quality patient care. Providers must be prepared to interpret data generated by these devices and identify anomalies accurately.

The key players in the global AI In Remote Patient Monitoring market include - Atomwise Inc. (U.S.), International Business Machines Corp. (U.S.), BPG Bio Inc. (U.S.), Ferrum Health (U.S.), Modernizing Medicine Inc. (U.S.), Caption Health Inc. (U.S.), Sensely Inc. (U.S.), AiCure LLC (U.S.), Medasense Biometrics Ltd. (Israel), Nuance Communications (U.S.) among others.

Recent Market Developments

• July 2023: BPGbio, Inc., a leading AI-powered biopharma that focuses on oncology, neurology, and rare diseases, announced its collaboration with VELL Health, a technology leader in wellness and holistic health, to introduce a groundbreaking holistic health and wellness application for people with Type 2 Diabetes in Guyana.
• July 2023: BPGbio, Inc., a leading AI-powered biopharma that focuses on oncology, neurology and rare diseases, has signed a collaborative agreement with Grupo Terralpe, Inc., a renowned private investment group based in Mexico City and Boston, Mass.
• March 2023: Nanox.AI has entered into strategic partnership with Ferrum Health, a leading player in the AI platform market. This partnership will broaden the reach of Nanox AI’s technology for medical imaging including Nanox.

Segmentation of the Global AI In Remote Patient Monitoring Market