Advanced Remote Patient Monitoring Systems Market Size - Global Industry, Share, Analysis, Trends and Forecast 2023 - 2032
The Global Advanced Remote Patient Monitoring Systems Market Size accounted for USD 2.6 Billion in 2022 and is projected to achieve a market size of USD 12.3 Billion by 2032 growing at a CAGR of 17.1% from 2023 to 2032.
Advanced Remote Patient Monitoring Systems Market Report Key Highlights
- Global advanced remote patient monitoring systems market revenue is expected to increase by USD 12.3 Billion by 2032, with a 17.1% CAGR from 2023 to 2032
- North America region led with more than 43% of advanced remote patient monitoring systems market share in 2022
- The global COVID-19 pandemic has significantly accelerated the adoption of remote patient monitoring solutions
- According to a survey by McKinsey & Company, the use of telehealth in the United States increased from 11% of consumers in 2019 to 46% of consumers in 2020
- According to a study by the Center for Technology and Aging, remote patient monitoring can lead to a 25% reduction in hospital admissions, a 20% reduction in emergency department visits, and a 15% reduction in the length of hospital stays
- The market for wearable remote patient monitoring devices is expected to grow at a CAGR of 21% from 2023 to 2032
- The respiratory function monitor segment is expected to be the fastest-growing segment in the advanced remote patient monitoring systems market, with a CAGR of 20.2% from 2023 to 2032
- Increasing demand for high-quality, long-lasting, and sustainable infrastructure, drives the advanced remote patient monitoring systems market size
Advanced remote patient monitoring systems (ARPM) are technology-based solutions that enable healthcare providers to remotely monitor their patient's health conditions and vital signs. This technology has become increasingly popular as the world continues to experience the COVID-19 pandemic. ARPM provides a viable alternative for healthcare practitioners to deliver quality healthcare services to their patients while maintaining social distancing protocols. The system involves using wearable sensors and other internet-connected devices to monitor patients' health status and collect data, which can be analyzed by healthcare providers.
The global market for ARPM is expected to grow significantly in the next few years. The market's growth is mainly due to the increasing prevalence of chronic diseases and the need to improve the quality of patient care. The COVID-19 pandemic has further accelerated the growth of the market as healthcare providers seek to limit physical contact with patients, and patients themselves prefer remote monitoring to physical visits to hospitals or clinics. The growing demand for advanced remote patient monitoring systems has also led to the development of innovative technologies such as artificial intelligence, machine learning, and predictive analytics. These technologies are expected to play a significant role in improving the accuracy and efficiency of remote patient monitoring, enabling healthcare providers to deliver more personalized and effective care.
Global Advanced Remote Patient Monitoring Systems Market Trends
Market Drivers
- Increasing prevalence of chronic diseases, such as diabetes, hypertension, and cardiovascular diseases
- Growing adoption of telemedicine and telehealth solutions
- Technological advancements in remote patient monitoring systems, such as wireless connectivity and wearable devices
- Rising demand for remote patient monitoring systems due to the COVID-19 pandemic
Market Restraints
- Limited reimbursement policies
- High costs associated with advanced remote patient monitoring systems
Market Opportunities
- Development of innovative systems that incorporate artificial intelligence and machine learning
- Increasing focus on preventive healthcare and patient-centric care models
Advanced Remote Patient Monitoring Systems Market Report Coverage
| Market | Advanced Remote Patient Monitoring Systems Market |
| Advanced Remote Patient Monitoring Systems Market Size 2022 | USD 2.6 Billion |
| Advanced Remote Patient Monitoring Systems Market Forecast 2032 | USD 12.3 Billion |
| Advanced Remote Patient Monitoring Systems Market CAGR During 2023 - 2032 | 17.1% |
| Advanced Remote Patient Monitoring Systems Market Analysis Period | 2020 - 2032 |
| Advanced Remote Patient Monitoring Systems Market Base Year | 2022 |
| Advanced Remote Patient Monitoring Systems Market Forecast Data | 2023 - 2032 |
| Segments Covered | By Type, By Application, And By Geography |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Key Companies Profiled | Abbott Laboratories, Siemens Healthcare, Omron Corporation, Roche Diagnostics, Nihon Kohden Corporation, Honeywell International, Inc, Johnson & Johnson, Lifewatch AG, Medtronic PLC, Philips Healthcare, GE Healthcare, Welch Allyn, and Smiths Medical. |
| Report Coverage |
Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Covid-19 Analysis, Regulation Analysis |
Advanced remote patient monitoring systems are a technology that allows observation of patients outside the premises of hospitals and conventional clinics. This helps in avoiding the inconvenience and difficulty caused to critical patients by enhancing the connectivity between medical professionals and patients through wireless technologies that include WLAN (Wireless Local Area Networks) and cellular networks. Advanced remote patient monitoring systems comprise sophisticated peripherals which enable real-time video and audio service, allowing face-to-face communication between medical professionals and patients. Further, it helps in reducing patients’ traveling time to the clinic and enhances medical consultation. Also, the use of this technology helps in reducing mortality rates and increases the efficiency of medical resources. Further, the advantages of advanced remote patient monitoring systems include evading emergency overcrowding, improvement in the maintenance of electronic health records, and managing a large number of patients.
Advanced remote patient monitoring systems reduce patient expenses such as travel, hospitalization, and others. Thus, the low treatment cost is the major factor propelling the market demand for these systems. Also, the frequency of the number of patients suffering from diseases such as diabetes, blood pressure imbalance, congestive heart diseases, and others is increasing day by day, and the availability of cost-effective and advanced healthcare solutions resulting in the growth in demand for advanced remote patient monitoring systems. In comparison to conventional consulting, these systems provide faster, low cost and reliable consulting. Another advantage offered by these systems is enabling the medical professional to simultaneously monitor more than one patient from one place hence; less number of medical professionals are required owing to increased coverage.
Advanced remote patient monitoring enables medical professionals in continuous monitoring which further helps in early diagnoses of serious disorders. The increased adoption of smart devices such as tablets, smartphones, and others is bolstering the advanced patient monitoring systems market growth. Other factors fueling the market growth include growing incidences of people following unhealthy lifestyles and developments in technology for instance portability of devices and ease of use. For chronic disease management, the remote patient monitoring devices used for wide functions that include a care integrator, an early warning system, a progress tracker, a capacity builder, and a confidence builder are anticipated to propel the advanced remote patient monitoring systems market value in near future.
Advanced Remote Patient Monitoring Systems Market Segmentation
The global advanced remote patient monitoring systems market segmentation is based on type, application, and geography.
Advanced Remote Patient Monitoring Systems Market By Type
- Respiratory Function Monitors
- Blood Management and Function Monitors
- Neurological Event and Function Monitors
- Cardiac Event and Function Monitors
According to an advanced remote patient monitoring systems industry analysis, the respiratory function monitors segment is poised for growth and continued innovation in the coming years. Respiratory function monitors are used to measuring various parameters related to respiratory function, such as lung function, oxygen saturation, and respiratory rate. These devices are particularly important for patients with chronic respiratory diseases, such as asthma, chronic obstructive pulmonary disease (COPD), and cystic fibrosis. One of the main drivers of growth in the respiratory function monitor segment is the increasing prevalence of respiratory diseases worldwide. According to the World Health Organization (WHO), respiratory diseases are responsible for more than 10% of global deaths, and the burden of these diseases is expected to increase in the coming years. As a result, there is a growing need for accurate and reliable respiratory function monitoring devices that can help patients and healthcare providers manage these conditions.
Advanced Remote Patient Monitoring Systems Market By Application
- Hospitals
- Nursing Homes
- Home Health
- Others
According to the advanced remote patient monitoring systems market forecast, the home health segment is expected to grow significantly in the coming years. Home health monitoring solutions allow patients to receive medical care in the comfort of their own homes while providing healthcare providers with real-time patient data to monitor and manage chronic conditions. The use of home health monitoring systems has become increasingly important during the COVID-19 pandemic, as it allows patients to receive medical care while reducing the risk of exposure to the virus in healthcare facilities. One of the main drivers of growth in the home health segment is the increasing demand for patient-centered care models. Patients and their families are seeking more personalized and convenient healthcare solutions that fit their lifestyles and preferences. Home health monitoring systems allow patients to receive medical care without the need for frequent visits to healthcare facilities, which can be particularly important for patients with chronic conditions that require ongoing monitoring.
Advanced Remote Patient Monitoring Systems Market Regional Outlook
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Rest of Europe
Asia-Pacific
- India
- Japan
- China
- Australia
- South Korea
- Rest of Asia-Pacific
Latin America
- Brazil
- Mexico
- Rest of Latin America
The Middle East & Africa
- South Africa
- GCC Countries
- Rest of the Middle East & Africa (ME&A)
Advanced Remote Patient Monitoring Systems Market Regional Analysis
North America is currently dominating the advanced remote patient monitoring systems market due to several factors. One of the main factors is the high prevalence of chronic diseases in the region, such as diabetes, cardiovascular diseases, and respiratory diseases, which have created a significant demand for remote patient monitoring solutions. In addition, the region has a well-developed healthcare infrastructure and a high level of healthcare spending, which has allowed for the adoption of advanced technologies in the healthcare industry, including remote patient monitoring systems.
Another important factor contributing to the dominance of North America in the advanced remote patient monitoring systems market is the presence of leading market players in the region. Many of the top companies in the remote patient monitoring systems market, such as Philips Healthcare, Honeywell International, and Medtronic, are based in North America. These companies have significant expertise and resources to develop and market advanced remote patient monitoring solutions, which has given them a competitive advantage in the global market.
Advanced Remote Patient Monitoring Systems Market Player
Some of the top advanced remote patient monitoring systems market companies offered in the professional report includes Abbott Laboratories, Siemens Healthcare, Omron Corporation, Roche Diagnostics, Nihon Kohden Corporation, Honeywell International, Inc, Johnson & Johnson, Lifewatch AG, Medtronic PLC, Philips Healthcare, GE Healthcare, Welch Allyn, and Smiths Medical.
Frequently Asked Questions
What was the market size of the global advanced remote patient monitoring systems in 2022?
The market size of advanced remote patient monitoring systems was USD 2.6 Billion in 2022.
What is the CAGR of the global advanced remote patient monitoring systems market during forecast period of 2023 to 2032?
The CAGR of advanced remote patient monitoring systems market is 17.1% during the analysis period of 2023 to 2032.
Which are the key players operating in the market?
The key players operating in the global advanced remote patient monitoring systems market are Abbott Laboratories, Siemens Healthcare, Omron Corporation, Roche Diagnostics, Nihon Kohden Corporation, Honeywell International, Inc, Johnson & Johnson, Lifewatch AG, Medtronic PLC, Philips Healthcare, GE Healthcare, Welch Allyn, and Smiths Medical.
Which region held the dominating position in the global advanced remote patient monitoring systems market?
North America held the dominating position in advanced remote patient monitoring systems market during the analysis period of 2023 to 2032.
Which region registered the fastest growing CAGR for the forecast period of 2023 to 2032?
Asia-Pacific region exhibited fastest growing CAGR for advanced remote patient monitoring systems market during the analysis period of 2023 to 2032.
What are the current trends and dynamics in the global advanced remote patient monitoring systems market?
The current trends and dynamics in the advanced remote patient monitoring systems industry include the increasing prevalence of chronic diseases, such as diabetes, hypertension, and cardiovascular diseases.
Which type held the maximum share in 2022?
The respiratory function monitors type held the maximum share of the advanced remote patient monitoring systems market.
Select Licence Type
Connect with our sales team
Why Acumen Research And Consulting
100%
Customer Satisfaction
24x7
Availability - we are always there when you need us
200+
Fortune 50 Companies trust Acumen Research and Consulting
80%
of our reports are exclusive and first in the industry
100%
more data and analysis
1000+
reports published till date
