Remote Patient Monitoring [RPM] Market size to reach approximately $458.29 billion by 2031, enabling personalized care and eliminating racial disparities in postpartum emergency room utilization

Technological Advancements Drive the Remote Patient Monitoring Market: Latest Innovations Drive Significant Growth and Transform Healthcare Delivery

PUNE, July 02, 2024 (GLOBE NEWSWIRE) — Remote Patient Monitoring [RPM] Market Size Analysis:

“According to SNS Insider Research, Remote Patient Monitoring (RPM) Market It is on a tremendous upward trend and is expected to grow at a rapid 27.55% annually over the next eight years. This means a massive increase from $65.43 billion in 2023 to $458.29 billion by 2031.”

Remote Patient Monitoring: Market Expected to Explode with Advances in Maternal Care and Personalized Options

Remote patient monitoring (RPM) services provide real-world evidence that can help improve maternal health outcomes, propelling the remote patient monitoring market in a positive direction. Remote monitoring allows for the diagnosis of hypertension immediately after birth in newborns with a history of hypertension. This means that they receive treatment sooner after discharge and have better health outcomes, especially during the critical 10 days after discharge. Additionally, ensuring that all women in every community have access to such close medical monitoring can reduce healthcare disparities. The Hypertension Navigator program was able to enroll approximately 1,500 women, expanding patient reach. However, a recent study (National Library of Medicine, November 2022) found that patients with a history of pregnancy-induced hypertension have a readmission rate of 2.5% to 5.1%, with hypertension being the leading reason for readmission. This is an example of how RPM could help facilitate access to care and stimulate a larger market for these services. It is designed to accommodate complex pregnancies that are considered high-risk cases, which often require closer monitoring. This demonstrates the ability of remote patient monitoring to meet the needs of specialized patients, which could create a more focused and powerful market.

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The analysis of the key players covered in this report includes:

• Boston Scientific Corporation

• Welch Allyn

• Abbott

• Philips NV

• F. Hoffmann-La Roche Co., Ltd.

• Nihon Kohden Corporation

• Smiths Medical

• OSI Systems, Inc.

• OMRON Corporation

• Shenzhen Minlei Biomedical Electronics Co., Ltd.

• Other players

A study published in the National Library of Medicine investigated whether remote patient monitoring increases postpartum blood pressure monitoring rates among black and white women. Studies have shown that black women have difficulty attending in-person follow-up visits, despite being at higher risk for preeclampsia and its associated complications. However, the RPM program eliminated the racial disparity in blood pressure monitoring rates. Overall, the program reduces complications and improves maternal health. This is expected to significantly favor the growth prospects of remote patient monitoring in the maternity care market and positively impact the development of the global market.

The story continues

Monitoring patients remotely keeps them healthy and the RPM (remote patient monitoring) devices market is now exploding. Cardiac monitors, blood glucose meters, oxygen level readers, and lung function monitoring devices are bringing about a positive change in the way chronic diseases are managed. This technology gives doctors continuous access to patient information, which informs them on how to personalize care plans and proactively intervene. This results in improved patient health and personalized care reduces healthcare costs, which will drive the growth of the remote patient monitoring (RPM) market in the coming years.

Scope and Overview of the Remote Patient Monitoring (RPM) Market Report:

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Segmentation Dynamics

of product The global remote patient monitoring (RPM) market segments include devices and software & services. With an increasing number of patients opting for preventive care at home, the easy-to-operate features of RPM devices and the integration of AI applications in healthcare are some of the reasons why people are adopting remote patient monitoring solutions. AI is used to interpret patient data and suggest ways to perfect care.

by application Remote patient monitoring across health concerns – Diabetes will hold the largest market share by 2023. This dominance can be attributed to the sheer number of diabetic patients and its chronic nature. Additionally, advancements in RPM technology have also positioned it as a preferred product for diabetes management.

by End-userHealthcare providers will account for the largest share in 2023, driven by three factors: improved ease of use of RPM devices, more chronically ill and elderly patients being monitored remotely (35%), and an increase in RPM services offered directly to consumers by healthcare providers.

Key Segmentations of the Remote Patient Monitoring (RPM) Market:

By Device

• Respiration monitor

• Cardiac monitor

• Hematology Monitor

• Multi-Parameter Monitor

• others

By Application

By end user

• Home Care Settings

• Hospitals/Clinics

• others

Regional Analysis

What is the Global Remote Patient Monitoring (RPM) Market Segment by 2023? North America has a commanding share of over 51%. This leadership position is due to several factors. First, the high prevalence of chronic diseases in the region is driving the demand for RPM systems. For example, in the United States alone, six in 10 adults have a chronic disease, according to the U.S. Centers for Disease Control and Prevention. Second, the growing popularity of wireless technology is driving the demand for portable and convenient RPM solutions. A Pew Research Center study found that 85% of U.S. adults now own a smartphone, making wireless RPM a great fit for digitally connected lives. Finally, sophisticated reimbursement structures are making RPM more accessible to patients. The Centers for Medicare and Medicaid Services are expanding coverage for certain RPM services, reducing out-of-pocket costs and encouraging wider adoption.

Europeespecially Western European countries are expected to be the second largest market. The region is plagued by high mortality rates that are often associated with chronic diseases, giving rise to the need for effective remote monitoring solutions. Moreover, the growing demand for affordable treatment options is fueling the market for cost-effective RPM systems. This growth is further driven by advancements in technology such as home monitoring systems, supportive central data management platforms, and an increasing number of increasingly accurate and efficient RPM devices.

of Asia Pacific This region is expected to witness the fastest growth with a projected CAGR of 28.38%. This rapid expansion is attributed to the vast untapped potential of emerging markets such as India and China. These rapidly developing economies have an expanding middle class with increasing disposable income, creating an ideal environment for the adoption of RPM. Furthermore, the region is facing a growing geriatric population. For example, Japan has a large population aged 65 and above, which is expected to generate significant revenues for the RPM market. Moreover, India is witnessing an increase in the number of cases of chronic diseases such as diabetes and heart disease, which is contributing significantly to the expansion of the RPM market.

In India, the COVID-19 pandemic has accelerated the integration of digital technologies across industries, including healthcare, leading to increased innovation and virtual care. The pandemic has led to rapid adoption of remote healthcare solutions such as RPM to safely monitor patients, reduce the risk of infection, and ease the strain on an overburdened healthcare system. 80% of healthcare systems plan to increase investments in digital healthcare tools over the next five years. Indian innovators are creating groundbreaking health tech products and solutions, and the government is enabling these digital health advancements through the Ayushman Bharat Digital Mission.

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Table of Contents – Main Points

1.First of all

2. Industry Flowchart

3. Research Methods

4. Market Trends

4.1 Drivers

4.2 Constraints

4.3 Opportunities

4.4 Challenges

5. Porter’s Five Forces Model

6. Plague Analysis

7. Remote Patient Monitoring (RPM) Market Segmentation by Device

8. Remote Patient Monitoring (RPM) Market Segmentation, By Application

9. Remote Patient Monitoring (RPM) Market Segmentation by End User

10. Regional Analysis

11. Company Profile

12. Competitive Environment

13. Use Cases and Best Practices

14. Conclusion

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