Remote Patient Monitoring Market

Remote Patient Monitoring Market Overview

The remote patient monitoring market is estimated to be worth $10.5 billion in 2021 and is expected to grow at CAGR of 24.5% during the forecast period. In the last few years, there has been an evident rise in the global disease burden. More importantly, the inability to report a health issue to a medical practitioner in its initial stages is expected to cost over USD 90 billion in excess and more than USD 40 billion in productivity loss, each year. Moreover, a number of individuals that are required to frequent hospitals for monitoring of their health conditions, such visits cause additional financial burden. The aforementioned concerns can be mitigated by shifting to a home-based care setting. Amidst the recent initiatives in this context, remote patient monitoring (RPM) has emerged as a potent and sought-after alternative in the healthcare industry. During the COVID-19 pandemic, the healthcare industry evolved significantly, due to the need and urgency to treat patients with the aid of telemedicine and digital platforms. Remote Patient Monitoring (RPM) technologies enable monitoring of patients virtually for a wide range of diseases from anywhere around the globe. It is worth mentioning that large volumes of health data can be accessed by medical researchers on dedicated cloud servers that have been designed to comply with the Health Insurance Portability and Accountability Act (HIPAA) of 1996. In addition to improved quality of care and better access to the patients, remote patient monitoring (RPM) offers ease of implementation, leading to substantial time and cost saving (by eliminating the need for transportation and waiting in queue to meet the physician).

Considering the various advantages offered by remote patient monitoring (RPM), healthcare organizations are gradually becoming more receptive to adopting such software solutions for their regular use. As a matter of fact, the recent surge in demand for remote monitoring amidst the COVID-19 pandemic has served to create a strong case for organizations to shift to the use of remote patient monitoring consultation tools and software. In fact, a recent study stated that over 50% of the healthcare consumers would consider using remote patient monitoring (RPM) solutions as a part of their medical treatment, if recommended by their physician. Over the years, telemedicine start-ups have seen a significant growth. These companies are engaged in providing tailored solutions, along with remote access of medical care facilities to the patients. It is worth mentioning that around 90% of the healthcare organizations have either invested or intend to invest in remote patient monitoring devices. Given the rising trend of remote patient monitoring software solutions in the healthcare industry and the ongoing efforts of software providers to further improve / expand their respective offerings, we believe that the remote patient monitoring consultation tools and software providers market is likely to witness a steady market growth during the forecast period.

Key Remote Patient Monitoring Companies in Providing Consultation Tools and Software 

Examples of key companies engaged in remote patient monitoring market providing consultation tools and software (which have also been profiled in this market report; the complete list of companies is available in the full report) include BioTelemetry, LeewayHertz, Masimo, Braster, LifeWatch, Medtronic, Siemens Healthineers and Transtek Medical. This market report includes an easily searchable excel database of all the companies providing telemedicine software, worldwide.

Recent Developments in Remote Patient Monitoring Market:

Several recent developments have taken place in the field of remote patient monitoring market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.

• In July 2023, Philips collaborated with CoxHealth in order to co-design in-house virtual care solution with an aim to help improve patient outcomes and increase staff satisfaction. 
• In September 2023, Luscii entered into a strategic partnership with Jamf, aimed at expanding remote patient monitoring via iPad for millions of patients worldwide. 
• In January 2023, Jana Care inked an agreement with Roche to develop and distribute blood testing platform with an aim to improve remote care for patients suffering from chronic kidney and heart disease.

Scope of the Report

The “Remote Patient Monitoring Market: Focus on Remote Patient Monitoring, 2021-2035, Distribution by Area of  Application (Blood Glucose, Blood Pressure, Body Temperature, Electrocardiogram, Oxygen Saturation, Respiration Rate, and Others), Therapeutic Areas (Cardiovascular Disorders, Infectious Diseases, Metabolic Disorders, Oncological Disorders, Respiratory Disorder, and Others), Product / Software Purpose (Commercial Purpose and Clinical Purpose), Type of Business Model (B2B and B2C), and Geography (North America, Europe, Asia-Pacific, Latin America, and MENA)” market report features an extensive study of the current market landscape, market size, market share, market forecast, market outlook and future opportunities for the remote patient monitoring market. The market research report also features an in-depth analysis, highlighting the capabilities of various industry stakeholders engaged in remote patient monitoring market. Amongst other elements, the market research report features:

• A detailed overview of the overall market landscape of players engaged in providing remote patient monitoring consultation tools and software, along with the information on several relevant parameters, such as year of establishment, company size, location of headquarters. Further, it highlights a detailed assessment of the overall market landscape of more than 200 consultation tools and software based on several relevant parameters, such as type of software (software as a system and software as a service), area of  application (blood glucose, blood pressure, electrocardiogram (ECG), oxygen saturation, respiration rate, temperature, and others), therapeutic areas (cardiovascular disorders, infectious diseases, metabolic disorders, oncological disorders, respiratory disorder, and other disorders), product / software purpose (commercial purpose and clinical study purpose), type of telemedicine operation (store-and-forward, remote monitoring, and real-time), type of remote patient monitoring service (data collection, transmission, evaluation, and notification), type of business model (B2B and B2C). 
• Elaborate profiles of prominent players (shortlisted based on number of software being offered by mid-sized and large players established before 2010) engaged in the development of remote patient monitoring software. Each company profile features a brief overview of the company, along with information on year of establishment, number of employees, location of headquarters, key executives, financial details / information (if available), product portfolio, recent developments and an informed future outlook.
• An analysis of the recent partnerships inked between remote patient monitoring software providers, during the period 2015-2021 Additionally, it includes a brief description of the various types of partnerships models (such as product / software integration agreement, service alliance, service agreement, product / software development agreement, full business acquisition, product / software distribution agreement, product / software utlilization agreement, and product portfolio acquisition) that have been adopted by stakeholders engaged in remote patient monitoring market, during the period 2015-2021.
• A detailed analysis of various investments made by players engaged in remote patient monitoring market based on several relevant parameters, such as year of investment, number of funding instances, amount invested and type of funding (such as, venture capital, private equity, secondary offerings, debt, initial public offering (IPO), other equity, seed, grant, and others), along with information on the most active players (in terms of number of funding instances and amount raised) and most active investors (in terms of number of funding instances).
• An in-depth product competitiveness analysis of remote patient monitoring software based on supplier power (in terms of expertise of the developer) and key product-related specifications (such as status of development, HIPPA compliant, type of software, area(s) of application, number of therapeutic areas, purpose of software, number of patient monitoring related services, type of telemedicine operation, and type of business model).
• An insightful analysis highlighting the likely cost saving potential associated with the use of remote patient monitoring consultation tools and software solutions, taking into consideration various parameters, such as number of patient visits (in-patient and out-patient) and increase in efficiency by adoption of remote patient monitoring software solutions.
• An elaborate discussion on how the recent COVID-19 pandemic is likely to impact the remote patient monitoring software market, along with information on the key initiatives undertaken by players engaged in remote patient monitoring market to overcome the challenges faced due to the pandemic.
• A discussion on affiliated trends, key drivers and challenges, under a SWOT framework, which are likely to impact the industry’s evolution, along with a Harvey ball analysis, highlighting the relative effect of each SWOT parameter on the overall remote patient monitoring tools and software providers industry.

The key objective of remote patient monitoring market report is to provide a detailed market analysis in order to estimate the existing remote patient monitoring market size, market value, statistics and future opportunity for remote patient monitoring market during the forecast period. We have developed an informed estimate on the likely evolution of the market in the short to mid-term and long term, for the forecast period 2021-2035. Additionally, the market report features the likely distribution of the current and forecasted opportunity across [A] area of  application (blood glucose, blood pressure, ECG, oxygen saturation, respiration rate, temperature, and others) [B] target therapeutic area (cardiovascular disorders, infectious diseases, metabolic disorders, oncological disorders, respiratory disorder, and others), [C] software purpose (commercial purpose and clinical study purpose), [D] type of business model (B2B and B2C), and [E] key geographical regions (North America, Europe, Asia-Pacific, Latin America, and MENA (Middle East and North Africa)). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.

All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.

Frequently Asked Questions

Question 1: What is remote patient monitoring?

Answer: Remote patient monitoring (RPM) technologies enable monitoring of patients virtually for a wide range of diseases from anywhere around the globe.

Question 2: How big is the remote patient monitoring market?

Answer: The remote patient monitoring market size is estimated to be worth $10.5 billion in 2021.

Question 3: What is the projected market growth of the remote patient monitoring market?

Answer: The remote patient monitoring market is expected to grow at compounded annual growth rate (CAGR) of 24.8% during the forecast period.

Question 4: Who are the leading companies in the remote patient monitoring market?

Answer: Examples of key remote patient monitoring companies engaged in providing consultation tools and software (which have also been profiled in this market report; the complete list of companies is available in the full report) include BioTelemetry, LeewayHertz, Masimo, Braster, LifeWatch, Medtronic, Siemens Healthineers and Transtek Medical.

Question 5: How much money has been invested by stakeholders in the remote patient monitoring market?

Answer: Since 2015, close to USD 2.4 billion has been invested by stakeholders in the remote patient monitoring market, for the development of novel software solutions.

Question 6: How many companies are currently engaged in the remote patient monitoring?

Answer: Over 170 companies are currently engaged in the development of remote patient monitoring software and consultation tools.

Question 7: How many partnership deals have been inked between stakeholders engaged in the remote patient monitoring market?

Answer: Over the last few years close to 80 deals have been inked between stakeholders engaged in the remote patient monitoring market, indicating the consolidation efforts of the players in this industry.