Remote patient monitoring devices facilitate tracking of health-related parameters like blood pressure, blood glucose, heart rate among others, of patients outside of conventional clinical settings. These devices help monitor cardiac rhythm and respiratory disorders, diabetes, chronic obstructive pulmonary disease, and cancer treatment remotely. They monitor patients at home and automatically transfer the data to healthcare providers through a digital wireless network, which they can then evaluate easily. This reduces the need for frequent travel and visits to physician offices or emergency rooms leading to reduced healthcare costs. Remote patient monitoring devices allow easy access to health data and enable timely medical interventions to manage critical situations.

The global Remote Patient Monitoring Devices Market is estimated to be valued at US$ 1,192.5 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

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Market key trends:

The remote patient monitoring devices market is witnessing increasing adoption of advanced connectivity technologies that facilitates seamless transfer of health data from home to healthcare providers. Integration of Internet of Things (IoT) and artificial intelligence (AI) is allowing analysis of large patient data and helping personalize care. IoT enabled devices aids wireless transmission of clinical information through apps and web portals. AI helps predict health anomalies and automate alerts. Many companies are also focusing on development of remote monitoring solutions especially for chronic diseases like hypertension, diabetes and cardiac disorders to minimize hospital visits and reduce healthcare costs. Miniaturization of devices and use of non-invasive/wearable sensors is further driving the demand of remote monitoring solutions.

Porter’s Analysis

Threat of new entrants: The remote patient monitoring devices market has moderate threat of new entrants due to established brands, requirement of large investments and regulatory compliance.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitutes and focus on pricing by established players.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes and focus on long-term relationships by OEMs.

Threat of new substitutes: Threat from new substitutes is low as remote patient monitoring devices offer distinct value proposition of remote healthcare access and management.

Competitive rivalry: The market has high competitive rivalry due to presence of large companies and focus on new product launches, mergers and partnerships.

Key Takeaways

The global remote patient monitoring devices market is expected to witness high growth over the forecast period. The global Remote Patient Monitoring Devices Market is estimated to be valued at US$ 1,192.5 Mn in 2023 and is expected to exhibit a CAGR of 7.4% over the forecast period 2023 to 2030.

Regional analysis: North America is expected to hold the largest share of the remote patient monitoring devices market during the forecast period. This is attributed to growing elderly population, rising prevalence of chronic diseases, stringent regulations for patient care and safety and presence of key players in the region. Asia Pacific is anticipated to witness the highest growth rate during the forecast period due to increasing healthcare expenditure, growing medical tourism and rising prevalence of lifestyle diseases in the region.

Key players: Key players operating in the remote patient monitoring devices market are Abbott Laboratories, GE Healthcare, Omron Healthcare, Medtronic PLC, Nihon Kohden, Smiths Medical, Philips Healthcare, F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Siemens Healthcare GmbH and Cerena Corporation. Companies are focusing on new product launches, partnerships and mergers for strengthening their market presence.