Remote Patient Monitoring (RPM) Market

The global Remote Patient Monitoring (RPM) Market is valued at USD 15.71 Billion in 2023 and is projected to reach a value of USD 78.6 Billion by 2032 at a CAGR (Compound Annual Growth Rate) of 19.6% between 2024 and 2032.

Key Highlights of Remote Patient Monitoring (RPM) Market

• North America predominantly led the Remote Patient Monitoring (RPM) market in 2023, with 51.4% of the total market share,
• Europe is projected to remain the second most revenue-generating region during the forecast period,
• The Providers segment significantly contributed to the market’s expansion, constituting over 45.5% of the overall revenue share in 2023,
• The Services & Software segment played a substantial role in driving the market’s growth in 2023,
• The Diabetes segment took the lead in the market in 2023,
• OMRON Healthcare partnered with Luscii, a Dutch platform specializing in Remote Patient Monitoring (RPM) and remote consultation services tailored for specialists in prominent hospitals. Luscii offers various e-health solutions, including RPM and telemedicine services, catering to chronic hypertensive patients, and has extended these services to approximately half of the hospitals in the Netherlands.

Remote Patient Monitoring (RPM) Market: Regional Overview

The North America Remote Patient Monitoring (RPM) market exhibited dominance in 2023, with 51.4% of revenue share. A dynamic landscape in the area of healthcare and technology is represented by the North America Remote Patient Monitoring (RPM) market. As the population grows older and the prevalence of conditions such as diabetes and cardiovascular diseases increases, there is a growing demand for telemedicine solutions to monitor patients remotely. In order to enable proactive intervention and individualized healthcare delivery, Remote Patient Monitoring (RPM) enables health professionals to remotely examine patients’ critical signs, symptoms, and overall health parameters at regular intervals. North America has a robust ecosystem of healthcare technology companies, medical device manufacturers, and innovative startups that are driving the development of Remote Patient Monitoring (RPM) technologies.

U.S. Remote Patient Monitoring (RPM) Market Overview

The Remote Patient Monitoring (RPM) market in the United States, with a valuation of USD 1.76 Billion in 2023, is projected to reach around USD 7.82 Billion by 2032. A significant Compound Annual Growth Rate (CAGR) of 18.1% from 2024 to 2032 is projected in this forecast. The US Food and Drug Administration has revised its final guidance concerning modifications to remote monitoring devices. This update aims to support stakeholders in adjusting their operations and procedures as the COVID-19 public health emergency (PHE) ends. Initially issued in March 2020, during the pandemic’s onset, the original guidance communicated that the FDA would not object to specific limited alterations to non-invasive remote monitoring devices used for patients during the COVID-19 PHE. Subsequent versions in June 2020 and October 2020 broadened the scope to include more remote monitoring devices under the enforcement policy.

With the federal PHE for COVID-19 concluding in May 2023, the FDA expressed its intention to maintain the outlined policies in the guidance. The primary objective of the final guidance is to alleviate the regulatory burden on both manufacturers and the FDA by minimizing the need for numerous 510(k) submissions due to certain modifications necessary for remote monitoring.

The global Remote Patient Monitoring (RPM) market can be categorized as Component, Application, End User, and Region.

Remote Patient Monitoring (RPM) Market: Component Overview

In 2023, substantial expansion was observed in the Global Remote Patient Monitoring (RPM) market within the Services & Software category. Based on the Component, the Remote Patient Monitoring (RPM) market is bifurcated into Services & Software and Devices. The Services & Software segment in the Global Remote Patient Monitoring (RPM) market is critical in delivering comprehensive solutions to healthcare providers and patients. Many services and software platforms are included in this segment, tailored to support Remote Patient Monitoring (RPM) initiatives. This offering includes remote monitoring platforms, data analysis software, telemedicine services, and patient engagement tools. These services and software are used by healthcare professionals to remotely monitor the patient’s critical signs, manage their illness, or take care of them in a personalized way.

Remote Patient Monitoring (RPM) Market: Application Overview

There was significant growth in the Diabetes segment in 2023. Based on the Application, the Remote Patient Monitoring (RPM) market is segmented into Cardiovascular Diseases, Oncology, Diabetes, Weight Management & Fitness Monitoring, and Sleep Disorders. In the Global Remote Patient Monitoring (RPM) market, the Diabetes segment is witnessing significant growth due to the rising prevalence of diabetes worldwide. Remote monitoring solutions specifically designed for diabetic patients offer continuous tracking of blood glucose levels, vital signs, and adherence to medication from the comfort of home. These technologies allow healthcare professionals to remotely monitor patients’ health status in real-time, enabling timely intervention and individualized care management. Remote monitoring systems provide valuable insight into the patient’s trends and behavior, facilitating proactive management and optimizing treatment plans by integrating AI and data analysis.

Remote Patient Monitoring (RPM) Market: End User Overview

In 2023, there was noteworthy growth in the Providers segment, over 45.5% of the market share. Based on the End User, the Remote Patient Monitoring (RPM) market is divided into Providers, Payers, Patients, and Others. The Providers segment is crucial in providing effective healthcare services in the global Remote Patient Monitoring (RPM) market. Remote monitoring solutions are increasingly being adopted by healthcare providers such as hospitals, clinics, and physicians to enhance the care of patients and simplify procedures. Remote monitoring technology enables these providers to monitor patients’ vital signs, symptoms, and health data in real time for preventive measures and personalized therapy plans. Remote Patient Monitoring (RPM) allows healthcare professionals to extend their reach beyond traditional care settings and improve patient access while reducing the strain on health infrastructure.

Key Trends

1. Rapid technological developments, including the integration of AI, machine learning, and the Internet of Things, have substantially enhanced the ability to monitor patients remotely. This technology also enables the implementation of data analysis, prediction modeling, and personalized health interventions.
2. In the area of lifelong disease management, e.g., diabetes, cardiovascular diseases, and pulmonary disorders, there has been a notable shift in patient monitoring being performed remotely. To prevent complications, remote monitoring of a patient’s condition will allow it to be continuously monitored for signs and symptoms so that they can be detected early when there is an impending deterioration in health.
3. Integrating Remote Patient Monitoring (RPM) into telemedicine platforms is becoming increasingly common. To improve access to treatment and reduce healthcare costs, healthcare providers use telehealth visits to remotely monitor patient’s health status, conduct consultations via videoconference, or deliver interventions on time.
4. Remote monitoring of patients, which is compatible with the latest guidelines and policies to foster innovation and protect patients, is increasingly supported by regulatory authorities. Furthermore, favorable reimbursement policies for healthcare professionals support the implementation of such solutions.
5. With the growing demand for home healthcare and an aging population, telemedicine patient monitoring solutions are becoming more relevant in healthcare at home. To reduce readmissions and improve patient outcomes, telemedicine allows healthcare professionals to monitor the health status of their patients at a distance so that they can comply with treatment or take appropriate action before admission into the hospital.

Premium Insights

Amidst the evolving healthcare landscape, the Global Remote Patient Monitoring (RPM) market stands at the forefront of patient-centered care. By enabling patients with mobility devices to monitor vital signs and symptoms remotely, RPM has traditionally been applied to treat chronic diseases such as heart disease, diabetes mellitus, or asthma. Based on the studies that have shown improvements in patient engagement, treatment adherence, and healthcare access, its importance is further strengthened by endorsement from organizations such as the American Heart Association. In the COVID-19 pandemic, where it was a key instrument for improving patient safety and health resources, RPM’s vital role has been reinforced. The Remote Patient Monitoring (RPM) market worldwide will continue to expand in the coming years.

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Market Dynamics

Advanced Remote Patient Monitoring (RPM) systems of BIOTRONIK allow healthcare professionals to provide remote monitoring for patients’ vital signs, providing them with prompt intervention and personalized care as well as any patient who uses a BIOTRONIK cardiac device. The opportunity to provide intelligent, alert-based care is offered by their telemedicine cardiac monitoring system, BIOTRONIK Home Monitoring®. Patients can also be connected to their condition through the BIOTRONIK Patient App and actively participate in remote monitoring of heart rate. Their solutions allow healthcare professionals to make informed decisions and optimize treatment plans using timely data transmission. Patient privacy is guaranteed by the security and user-friendliness of this platform, which facilitates effective communication among doctors and patients in order to ensure better patient care.

In October 2022, a collaboration was announced between GE Healthcare and AMC Health that would allow physicians to provide Remote Patient Monitoring (RPM) as a virtual solution to extend patient care outside the hospital to the home environment. The incorporation of GE Healthcare’s acute patient monitoring capabilities in the hospital setting, along with AMC Health’s expertise in Remote Patient Monitoring (RPM) solutions leveraging an FDA Class II 510(k)-cleared platform with analytics, will extend the range of non-acute care for patients after being discharged from the hospital. To identify the expected demand for future services, such as admissions or readmissions, these companies are working together to meet the market needs of a scalable RPM solution based on Analytics and Risk stratification. This can ultimately bring these RPM solutions to more healthcare providers and patients through AMC Health’s broad suite of solutions and GE Healthcare’s extensive installed base in the United States.

Competitive Landscape

Strategic partnerships and innovative solutions drive the competitive landscape in the global Remote Patient Monitoring (RPM) market. For example, with strategic partnerships with leading hospital systems and independent physicians such as Mount Sinai and Northwestern Medicine, OMRON is becoming a prominent player in the United States Remote Patient Monitoring (RPM) market. Their telemedicine patient monitoring service, VitalSight, was praised by physicians for increasing patients’ engagement and adherence to treatment. VitalSight seamlessly integrates with clinicians’ Electronic Medical Record systems or through the OMRON Doctor Dashboard, providing automatic notifications for actionable patient readings. Physicians can easily enroll high-risk hypertension patients, who receive a kit containing OMRON’s connected blood pressure monitor and data hub for secure sharing with their healthcare team. Recognized for its innovation, VitalSight™ received Engadget’s “Best of CES 2023” award for Best Digital Health and Fitness Product, further cementing OMRON’s position in the competitive Remote Patient Monitoring (RPM) landscape.

Recent Market Developments

• In April 2024, Philips and smartQare collaborate to streamline continuous patient monitoring within and beyond hospital settings. Philips unveiled a strategic alliance to incorporate smartQare’s advanced viQtor solution into Philips’ top-tier clinical patient monitoring platforms. This partnership seeks to facilitate the advancement of continuous patient monitoring for the next generation, initially focusing on Europe.
• In April 2024, at the EHRA Congress 2024, BIOTRONIK unveiled the new BIOMONITOR IV insertable cardiac monitor, incorporating artificial intelligence. This latest device received CE approval and marked its initial European implantation by BIOTRONIK. The BIOMONITOR IV utilizes AI to mitigate false positives, distinguishing itself as the sole insertable cardiac monitor offering premature ventricular and atrial contraction (PVC and PAC) discrimination capabilities.
• In January 2024, Blue Spark Technologies introduced VitalTraq™, an innovative multi-vital Remote Patient Monitoring (RPM) platform. This groundbreaking solution, developed by Blue Spark Technologies, Inc., a renowned leader in clinical-grade wearable and digital health technology, marks the launch of a pioneering Remote Patient Monitoring (RPM) platform. VitalTraq™ incorporates state-of-the-art contactless vital sign measurement sensors, including Remote Photoplethysmography (rPPG), setting a new standard in patient monitoring technology.
• In October 2023, VitalConnect®, Inc., a distinguished leader in wearable biosensor technology for remote and in-hospital applications, partnered with Fifth Eye Inc., a renowned provider of intuitive real-time clinical analytics, which has been recognized as a top Artificial Intelligence Solutions Provider several times. VitalConnect’s comprehensive Remote Patient Monitoring (RPM) solution already tracks up to 11 measurements in near real-time, offering customizable alerts and screening for 21 cardiac arrhythmias, providing continuous and unparalleled insight into patient health. By integrating Fifth Eye’s AHI System™, the sole FDA-cleared medical device software capable of detecting hemodynamic instability indicating potential deterioration before vital signs, healthcare professionals can access even more comprehensive patient information.
• In March 2023, Royal Philips, a prominent figure in global health technology, introduced Philips Virtual Care Management, an extensive collection of adaptable solutions and services designed to facilitate more meaningful engagement and connection with patients for health systems, providers, payers, and employer groups, regardless of location. Philips Virtual Care Management has the potential to alleviate strain on hospital personnel by minimizing emergency department visits and optimizing chronic disease management, ultimately leading to cost savings in healthcare delivery.

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