2024 Remote Patient Monitoring (RPM) Market Trends: What’s Next?

Posted by mayur pande on July 10th, 2024

Remote Patient Monitoring Market Outlook, Scope & Overview:

Industry reports indicate that the global remote patient monitoring market was valued at USD 65.43 billion in 2023 and is projected to reach USD 458.29 billion by 2031, growing at a CAGR of 27.55% over the forecast period 2024-2031.

Technological Advancements to Drive Growth of Global Remote Patient Monitoring Market

The adoption of remote patient monitoring (RPM) technologies will continue to influence global market revenues. Healthcare providers are increasingly utilizing RPM solutions to improve patient outcomes, reduce hospital readmissions, and manage chronic diseases more effectively.

As a product segment, wearable devices and mobile health applications currently hold a significant share of the global remote patient monitoring market. This segment is anticipated to grow at a year-over-year rate of 27.55% in 2024 over 2023 and reach USD 458.29 billion in revenues by 2031. The increasing prevalence of chronic diseases, coupled with advancements in telehealth technologies, is expected to drive market growth.

Remote Patient Monitoring Solutions – Market Dynamics

Drivers:

Remote patient monitoring solutions are witnessing significant growth in the global market due to their ability to provide continuous health monitoring, improve patient engagement, and enhance healthcare delivery. The growing adoption of wearable health devices, rising healthcare costs, and the shift towards value-based care models are key factors driving the adoption of RPM technologies worldwide. Additionally, the increasing elderly population and the need for home-based healthcare solutions are further propelling market growth.

Restraints:

Despite the growth potential, challenges such as data privacy concerns, high initial costs, and the need for reliable internet connectivity are hindering the widespread adoption of remote patient monitoring solutions. Moreover, regulatory and reimbursement issues, as well as the need for healthcare professionals to adapt to new technologies, pose additional challenges to market expansion.

Remote Patient Monitoring Solutions – Market Outlook

The proven benefits of remote patient monitoring solutions in managing chronic conditions, reducing hospital admissions, and enhancing patient compliance have contributed to the market's growth. RPM solutions are expected to witness increased adoption across major healthcare markets, including North America, Europe, and Asia Pacific, driven by technological advancements and the increasing focus on preventive healthcare.

Global Remote Patient Monitoring Market

The rise in demand for remote patient monitoring solutions in developed and emerging markets is expected to drive market growth over the forecast period. North America currently holds a significant market share in the global remote patient monitoring market, with the US being a key contributor to market revenues. Europe and Asia Pacific regions are also experiencing rapid adoption of RPM solutions, supported by favorable regulatory frameworks and increasing investments in healthcare infrastructure.

Key Players in the Remote Patient Monitoring Solutions Market

Leading companies in the remote patient monitoring solutions market include Philips Healthcare, Medtronic plc, GE Healthcare, and BioTelemetry, Inc. These companies are at the forefront of developing and commercializing advanced RPM platforms for various healthcare applications, including chronic disease management, post-acute care, and preventive health monitoring.

In conclusion, the global remote patient monitoring market is poised for substantial growth over the forecast period, driven by technological advancements, increasing healthcare costs, and the expanding adoption of telehealth solutions across diverse healthcare settings.

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mayur pande

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mayur pande
Joined: November 30th, 2023
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