The global remote monitoring market size was estimated to be USD 54.57 billion in 2023 and is expected to reach at USD 746.1 billion by 2033 with a CAGR of 26.84% during the forecast period 2023-2033. Rising mergers and acquisitions within key market players, surge in the number of individuals with heart disorders, increasing investments by major players, growing adoption of vital sign monitor in a single system, increasing demand for wireless and portable devices and the existence of complex reimbursement arrangements, rising healthcare expenditure, surging demand for low-cost treatment, increasing adoption of in-house monitoring, and RPM's increasing accuracy and efficiency.
Rising mergers and acquisitions within key market players is predicted to propel the market growth during the forecast period. For instance, in February 2021, BioTelemetry, Inc. was purchased by Philips. Philips anticipates that this acquisition will help them integrate the cardiac diagnostic and monitoring devices from BioTelemetry to its patient monitoring portfolio.
By product, special monitors was the highest revenue-grossing segment in the global remote monitoring market in 2022 owing to increasing technological advancements and rising product launches. For instance, in June 2020, Philips introduced the Avalon CL Fetal and Maternal Pod and Patch in the United States, Europe, Australia, New Zealand, and Singapore. This innovative solution enables remote monitoring to facilitate fetal and maternal monitoring. Additionally, vital sign monitors is predicted to grow at fastest CAGR during the forecast period owing to the rising incidence of cardiac conditions globally, growing adoption of more than one vital sign monitor in a single system, and surge in number of individuals with heart disorders.
By application, diabetes was the highest revenue-grossing segment in the global remote monitoring market in 2022 owing to increasing prevalence of diabetes, growing demand of continuous blood glucose monitors, and rising launch of new devices. For instance, in August 2021, Smart Meter has launched the iGlucose monitor, which is now available for individuals with gestational diabetes to effectively manage their condition. The iGlucose monitor offers a user-friendly and dependable solution for testing, monitoring, and regulating blood glucose levels. Its implementation ensures that healthcare providers have immediate access to the testing results, enhancing overall care for individuals with gestational diabetes. Additionally, cardiovascular diseases is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of chronic diseases, growing geriatric population which is more prone to cardiac arrest, and increasing demand of monitoring devices.
By end user, hospital-based patients was the highest revenue-grossing segment in the global remote monitoring market in 2022 owing to rising number of patients visiting to hospitals, increasing prevalence of chronic diseases, surge in number of diagnostic tests. Additionally, home healthcare is predicted to grow at fastest CAGR during the forecast period owing to the rising number of diabetes patients, increasing demand for in-house monitoring, and surge mergers & acquisitions within major market players. For instance, in June 2020, Royal Philips has partnered once again with the American Telemedicine Association (ATA) to further promote the utilization of telehealth in various healthcare settings, including acute, post-acute, and home care. This collaboration aims to drive the widespread adoption of telehealth solutions.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing prevalence of chronic diseases, growing demand for wireless & portable systems, rising reimbursement policies, surge in healthcare expenditure, increasing accuracy & efficiency of RPM, and growing mergers & acquisitions within market players. For instance, in July 2020, The On.Demand remote patient monitoring (RPM) and coaching platform from Envolve People Care, Inc., a Centene Corporation subsidiary, has been fully acquired by BioTelemetry. This strategic move broadens BioTelemetry's range of connected health products and services in acute care. The focus of this expansion is on offering comprehensive chronic RPM and coaching solutions for conditions such as diabetes, hypertension, and chronic heart failure. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing geriatric population, surge in prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases, and growing launch of advanced products. For instance, in April 2020, Caretaker Medical has announced the deployment of the Caretaker Remote Monitoring platform in Australia's inaugural 'virtual hospital'. The platform will be used to remotely monitor COVID-19 patients in their homes, aiming to alleviate strain on the Australian healthcare system by minimizing the need for hospital admissions.
Rising mergers and acquisitions within key market players is predicted to propel the market growth during the forecast period. For instance, in February 2021, BioTelemetry, Inc. was purchased by Philips. Philips anticipates that this acquisition will help them integrate the cardiac diagnostic and monitoring devices from BioTelemetry to its patient monitoring portfolio.
By product, special monitors was the highest revenue-grossing segment in the global remote monitoring market in 2022 owing to increasing technological advancements and rising product launches. For instance, in June 2020, Philips introduced the Avalon CL Fetal and Maternal Pod and Patch in the United States, Europe, Australia, New Zealand, and Singapore. This innovative solution enables remote monitoring to facilitate fetal and maternal monitoring. Additionally, vital sign monitors is predicted to grow at fastest CAGR during the forecast period owing to the rising incidence of cardiac conditions globally, growing adoption of more than one vital sign monitor in a single system, and surge in number of individuals with heart disorders.
By application, diabetes was the highest revenue-grossing segment in the global remote monitoring market in 2022 owing to increasing prevalence of diabetes, growing demand of continuous blood glucose monitors, and rising launch of new devices. For instance, in August 2021, Smart Meter has launched the iGlucose monitor, which is now available for individuals with gestational diabetes to effectively manage their condition. The iGlucose monitor offers a user-friendly and dependable solution for testing, monitoring, and regulating blood glucose levels. Its implementation ensures that healthcare providers have immediate access to the testing results, enhancing overall care for individuals with gestational diabetes. Additionally, cardiovascular diseases is predicted to grow at fastest CAGR during the forecast period owing to the rising prevalence of chronic diseases, growing geriatric population which is more prone to cardiac arrest, and increasing demand of monitoring devices.
By end user, hospital-based patients was the highest revenue-grossing segment in the global remote monitoring market in 2022 owing to rising number of patients visiting to hospitals, increasing prevalence of chronic diseases, surge in number of diagnostic tests. Additionally, home healthcare is predicted to grow at fastest CAGR during the forecast period owing to the rising number of diabetes patients, increasing demand for in-house monitoring, and surge mergers & acquisitions within major market players. For instance, in June 2020, Royal Philips has partnered once again with the American Telemedicine Association (ATA) to further promote the utilization of telehealth in various healthcare settings, including acute, post-acute, and home care. This collaboration aims to drive the widespread adoption of telehealth solutions.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing prevalence of chronic diseases, growing demand for wireless & portable systems, rising reimbursement policies, surge in healthcare expenditure, increasing accuracy & efficiency of RPM, and growing mergers & acquisitions within market players. For instance, in July 2020, The On.Demand remote patient monitoring (RPM) and coaching platform from Envolve People Care, Inc., a Centene Corporation subsidiary, has been fully acquired by BioTelemetry. This strategic move broadens BioTelemetry's range of connected health products and services in acute care. The focus of this expansion is on offering comprehensive chronic RPM and coaching solutions for conditions such as diabetes, hypertension, and chronic heart failure. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the growing geriatric population, surge in prevalence of chronic diseases such as diabetes, cancer, and cardiovascular diseases, and growing launch of advanced products. For instance, in April 2020, Caretaker Medical has announced the deployment of the Caretaker Remote Monitoring platform in Australia's inaugural 'virtual hospital'. The platform will be used to remotely monitor COVID-19 patients in their homes, aiming to alleviate strain on the Australian healthcare system by minimizing the need for hospital admissions.
Segmentation: Remote Monitoring Market Report 2022-2033
Remote Monitoring Market Analysis & Forecast By Product 2022-2033 (Revenue USD Bn)
Special Monitors
- Fetal Heart Monitors
- Blood Glucose Monitors
- Anesthesia Monitors
- Prothrombin Monitors
- Multi Parameter Monitors (MPM)
- Respiratory Monitor
- Spirometers
- Capnographs
Vital Sign Monitors
- Heart Rate Monitor (ECG)
- Blood Pressure Monitors
- Pulse Oximeters
- Brain Monitoring (EEG)
- Temperature Monitor
- Respiratory Rate Monitor
Remote Monitoring Market Analysis & Forecast By Application 2022-2033 (Revenue USD Bn)
- Cardiovascular Diseases
- Hypertension
- Cancer
- Virus
- Diabetes
- Sleep Disorder
- Dehydration
- Bronchitis
- Weight Management and Fitness Monitoring
Infections
- Sinus Infections
- Eye Infections
- Strep Throat
Remote Monitoring Market Analysis & Forecast By End-user 2022-2033 (Revenue USD Bn)
- Ambulatory Patients
- Home Healthcare
- Hospital-based Patients
Remote Monitoring Market Analysis & Forecast by Region 2022-2033 (Revenue USD Bn)
North America
- U.S
- Canada
Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Remote Monitoring Market: Product Estimates & Trend Analysis
8. Remote Monitoring Market: Application Estimates & Trend Analysis
9. Remote Monitoring Market: End-user Estimates & Trend Analysis
10. Regional Market Analysis
11. North America Remote Monitoring Market
12. Europe Global Remote Monitoring Market
13. Asia Pacific Global Remote Monitoring Market
14. Latin America Global Remote Monitoring Market
15. MEA Global Remote Monitoring Market
16. Competitor Analysis
17. Company Profiles
Companies Mentioned
- Novartis AG
- Thermo Fisher Scientific Inc.
- Sanofi Pasteur Limited
- Merck KgaA
- Genentech Inc.
- GlaxoSmithKline plc.
- Eli Lilly and Company
- Pfizer Inc.
- Janssen Pharmaceutical Inc.
- GenScript
- New England Biolabs
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 145 |
| Published | July 2023 |
| Forecast Period | 2022 - 2033 |
| Estimated Market Value ( USD | $ 54.57 Billion |
| Forecasted Market Value ( USD | $ 746.1 Billion |
| Compound Annual Growth Rate | 26.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 11 |
