CHICAGO, June 13, 2023 /PRNewswire/ -- According to Arizton's latest research report, the US remote patient monitoring market will grow at a CAGR of 11.167% during 2022-2028.
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Market Overview
The healthcare landscape in the United States has undergone significant transformations, from focusing on avoiding re-admissions to preventing admissions and providing remote patient treatment. This shift has resulted in increased efficiency and effectiveness within healthcare settings, ultimately enhancing the value of patient care. Healthcare settings invest in remote patient monitoring, telehealth, and advanced patient monitoring systems to support this model. Technical and software companies are crucial in facilitating this market shift.
Home patient monitoring has become a standard for adult patients requiring long-term alternatives to hospital-based treatment. Wireless patient monitoring systems to track vital signs are a growing trend in healthcare, offering numerous benefits, such as enabling enhanced home care for chronic and acute conditions. Factors related to the COVID-19 pandemic have further highlighted the potential for integrating care at home, while technological advancements have made remote patient monitoring feasible.
Healthcare systems are actively partnering with market vendors and stakeholders to raise awareness about the advantages of remote patient monitoring devices, thereby driving the market growth. Key players in the industry focus on product approval and launch initiatives to expand their product portfolios, foster technological advancements, and meet consumers' demands seeking these monitoring devices.
The COVID-19 pandemic has accelerated the healthcare landscape's shift, compelling healthcare settings to reduce costs and provide value-based treatments. This presents significant opportunities for vendors operating in the vital sign monitoring and remote patient monitoring markets to address the evolving needs of the healthcare sector. As chronic diseases account for a substantial portion of patient treatment and healthcare expenditure in the US, vital signs monitoring and remote patient monitoring devices are poised to play a crucial role in the future of the country's healthcare market.
The U.S. Remote Patient Monitoring Market Report Scope
Report Attributes | Details |
Market Size (2028) | USD 25.28 Billion |
Market Size (2022) | USD 13.40 Billion |
CAGR (2022-2028) | 11.16 % |
Base Year | 2022 |
Forecast Year | 2023-2028 |
Market Segmentation | Component, Application, End-User, and Geography |
Geographic Analysis | United States (South, West, Midwest, and Northeast) |
Market Dynamics |
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Market Opportunities
Impact of AI & IoT Drives RPM Adoption: One of the fastest-growing segments of the IoT market is healthcare devices. While remote patient monitoring, which involves IoT sensors that collect patient data such as heart rate and body temperature, is the most well-known example of IoT in healthcare, there are numerous other applications. When an IoT device captures patient data, it sends it to a software application where healthcare professionals and patients may see it. Algorithms can analyze data to make treatment recommendations or send out alarms. For instance, an IoT sensor that detects a patient's exceptionally low heart rate may send an alarm so medical personnel can intervene.
Health parameters can be self-assessed at home with the help of the remote health monitoring framework, and the information can be shared with a certified doctor who is far away. If a patient suffers from a serious medical condition, the specialist cannot help. These parameters can be communicated remotely to a doctor who can assist them from anywhere. In the worst-case scenario, even if the treatment is unavailable in their country, they can communicate with a specialist in a more technologically sophisticated country and continue the treatment. As a result, by combining remote patient monitoring with IoMT, death rates can be reduced, and improved service quality.
Rising Adoption of Telemedicine Ushering New Opportunities for Remote Monitoring: Telehealth, or healthcare enabled by technology, has begun to revolutionize the home care environment and is expected to increase significantly in the future years. Simple technology (for instance, e-mail, the Internet, and cell phones) can now monitor people's health remotely. Telephone lines or internet connections can send high-resolution visual pictures and audio. Remote monitoring will become much more common in the next years, involving more types of home equipment. Technology such as wireless electronics and digital processing will enable the connection between various devices and remote health care practitioners. Some wireless equipment, particularly meters, and monitors, will be wearable, allowing continuous monitoring or more convenient testing.
Key Highlights
- Cardiovascular diseases accounted for the largest share of the application segment and are expected to retain the leading position during the forecast period, with musculoskeletal diseases expected to grow at the highest CAGR.
- Hospitals and healthcare providers increasingly invest in remote patient monitoring technologies such as telehealth and connected devices.
- The increasing demand for healthcare services, especially from the aging population, and the rising number of home healthcare patients are contributing to the growth of the US remote patient monitoring market.
- The high adoption of telehealth and telemedicine solutions significantly contributed to the growth of AI software solutions, which will likely continue for the foreseeable future.
- The end-user segments, such as ambulatory and home healthcare settings, will likely grow at healthy rates as patient care monitoring shifts from hospital-centric to patient-centric. The increasing usage and application of advanced remote patient monitoring devices by healthcare professionals in ambulatory care settings and patients in home care settings are projected to drive both segments' growth.
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Hospitals Drive US Remote Patient Monitoring Market, Accounting for 34.04% of Market Share in 2022
The hospitals segment emerged as a prominent player in the US remote patient monitoring (RPM) market, capturing a market share of 34.04% in 2022. Healthcare systems and hospitals in the United States are strategically adopting remote patient monitoring technology to enhance patient outcomes and reduce costs. Hospitals particularly dominate the domain of cardiac monitoring equipment, leveraging their position as the primary point of contact for patients facing health challenges. With specialized machines and advanced monitoring technology, hospitals play a vital role in managing cardiovascular diseases (CVDs) and treating patients with a history of cardiac arrhythmia.
Teladoc Health, a notable player in the market, offers a comprehensive range of RPM devices and software tailored for hospitals and clinics. Their product portfolio includes Lite & Lite with Boom Camera, enabling a clear view of local care teams while monitoring precise patient vitals in crowded settings like the Neonatal Intensive Care Unit (NICU). Additionally, their compact virtual care device, the Mini, is specifically designed for behavioral health, providing improved audio and video capabilities for exam rooms and clinics. Teladoc Health's Solo Virtual Care Platform is a clinical and administrative healthcare solution, facilitating a scalable digital intake process and self-service check-in to support care coordination across healthcare networks.
As health systems face an ongoing shortage of clinicians, more hospitals are expected to embrace remote patient monitoring technology in the future. The increasing adoption of telehealth and remote patient monitoring is seen as a viable solution to address this challenge, enabling hospitals to monitor and care for patients remotely efficiently.
Key Company Profiles
- AMD Global Telemedicine
- GE Healthcare
- Koninklijke Philips
- Medtronic
- ResMed
- Teledoc Health
- Vivify Health
- 100-Plus
- Abbott
- ACL Digital
- Altumview
- Baxter
- Biobeat
- Biofourmis
- BIOTRONIK
- Boston Scientific
- Cardiologs
- Cardiomo
- CAREMINDr
- CareValidate
- Datos Health
- Dexcom
- Drägerwerk AG
- F.Hoffmann-La Roche
- GrandCare Systems
- Health Recovery Solutions
- Hinge Health
- Honeywell International
- iHealth Unified Care
- Intel
- iRhythm Technologies
- Limber Health
- Masimo
- MedM
- Medopad
- ModivCare
- NIHON KOHDEN
- OMRON
- OSI Systems
- OSPLabs
- Qardio
- Resideo Technologies
- Senseonics
- TeleMedCare
- Ventricle Health
- VitalConnect
- Vitls
- VivaLNK
Market Segmentation
Component
- Services
- Devices & Software
Application
- Cardiovascular Diseases
- Respiratory Diseases
- Diabetes
- Musculoskeletal Diseases
- Others
End-User
- Hospitals
- Home Healthcare Settings
- Ambulatory Care Settings
- Long-term Care Centers
Region
- South
- Texas
- Florida
- Virginia
- Oklahoma
- New Mexico
- West
- California
- Colorado
- Nevada
- Montana
- Midwest
- Michigan
- Illinois
- Ohio
- Northeast
- New York
- Pennsylvania
- Massachusetts
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Table of Content
1 RESEARCH METHODOLOGY
2 RESEARCH OBJECTIVES
3 RESEARCH PROCESS
4 SCOPE & COVERAGE
4.1 MARKET DEFINITION
4.1.1 INCLUSIONS
4.1.2 EXCLUSIONS
4.1.3 MARKET ESTIMATION CAVEATS
4.2 BASE YEAR
4.3 SCOPE OF THE STUDY
4.3.1 MARKET SEGMENTATION BY COMPONENT
4.3.2 MARKET SEGMENTATION BY APPLICATION
4.3.3 MARKET SEGMENTATION BY END-USER
4.3.4 MARKET SEGMENTATION BY GEOGRAPHY
5 REPORT ASSUMPTIONS & CAVEATS
5.1 KEY CAVEATS
5.2 CURRENCY CONVERSION
5.3 MARKET DERIVATION
6 MARKET AT A GLANCE
7 PREMIUM INSIGHTS
7.1 OVERVIEW
7.1.1 COMPONENT INSIGHTS
7.1.2 APPLICATION INSIGHTS
7.1.3 END-USER INSIGHTS
8 INTRODUCTION
8.1 BACKGROUND
8.2 REMOTE PATIENT MONITORING: OVERVIEW
8.3 REMOTE PATIENT MONITORING: GLOBAL OUTLOOK
8.3.1 GLOBAL REMOTE PATIENT MONITORING BY GEOGRAPHY
8.4 REMOTE PATIENT MONITORING: GLOBAL VS US OUTLOOK
9 MARKET OPPORTUNITIES & TRENDS
9.1 ADVANCES IN REMOTE PATIENT MONITORING TECHNOLOGY
9.2 INCREASING DEMAND FOR WIRELESS PATIENT MONITORING AT HOME
9.3 RISE OF VIRTUAL CLINICAL TRIALS
9.4 AI & IOT DRIVES RPM ADOPTION
9.5 TELEMEDICINE USHERING NEW OPPORTUNITIES FOR REMOTE MONITORING
10 MARKET GROWTH ENABLERS
10.1 INCREASING FOCUS ON DEVELOPING SOFTWARE & APPS FOR RPM BY MANUFACTURERS
10.2 AGING POPULATION & CHRONIC DISORDERS AUGMENTING CONTINUOUS MONITORING DEMAND
10.3 INCREASING INNOVATIONS IN WEARABLE TECHNOLOGY
10.4 GROWING USE OF RPM TO MONITOR & IMPROVE PATIENT ENGAGEMENT
10.5 GROWING USE OF MOBILE TECHNOLOGIES & SMART DEVICES IN RPM
11 MARKET RESTRAINTS
11.1 REGULATORY VARIATIONS ACROSS US
11.2 LACK OF DATA ACCURACY
11.3 THREAT FROM HEALTHCARE FRAUDS
11.4 ACCESSIBILITY OR CONNECTIVITY OBSTACLES WITH PATIENTS
12 MARKET LANDSCAPE
12.1 MARKET OVERVIEW
12.2 MARKET SIZE & FORECAST
12.3 MARKET OPPORTUNITIES
12.3.1 MARKET BY COMPONENT
12.3.2 MARKET BY APPLICATION
12.3.3 MARKET BY END-USER
12.4 FIVE FORCES ANALYSIS
12.4.1 THREAT OF NEW ENTRANTS
12.4.2 BARGAINING POWER OF SUPPLIERS
12.4.3 BARGAINING POWER OF BUYERS
12.4.4 THREAT OF SUBSTITUTES
12.4.5 COMPETITIVE RIVALRY
13 COMPONENT
13.1 MARKET SNAPSHOT & GROWTH ENGINE
13.2 MARKET OVERVIEW
13.3 SERVICES
13.3.1 MARKET OVERVIEW
13.3.2 MARKET SIZE & FORECAST
13.4 DEVICES & SOFTWARE
13.4.1 MARKET OVERVIEW
13.4.2 MARKET SIZE & FORECAST
14 APPLICATION
14.1 MARKET SNAPSHOT & GROWTH ENGINE
14.2 MARKET OVERVIEW
14.3 CARDIOVASCULAR DISEASES
14.3.1 MARKET OVERVIEW
14.3.2 MARKET SIZE & FORECAST
14.4 RESPIRATORY DISEASES
14.4.1 MARKET OVERVIEW
14.4.2 MARKET SIZE & FORECAST
14.5 DIABETES
14.5.1 MARKET OVERVIEW
14.5.2 MARKET SIZE & FORECAST
14.6 MUSCULOSKELETAL DISEASES
14.6.1 MARKET OVERVIEW
14.6.2 MARKET SIZE & FORECAST
14.7 OTHERS
14.7.1 MARKET OVERVIEW
14.7.2 MARKET SIZE & FORECAST
15 END-USER
15.1 MARKET SNAPSHOT & GROWTH ENGINE
15.2 MARKET OVERVIEW
15.3 HOSPITALS
15.3.1 MARKET OVERVIEW
15.3.2 MARKET SIZE & FORECAST
15.4 HOME HEALTHCARE SETTINGS
15.4.1 MARKET OVERVIEW
15.4.2 MARKET SIZE & FORECAST
15.5 AMBULATORY SURGICAL CENTERS
15.5.1 MARKET OVERVIEW
15.5.2 MARKET SIZE & FORECAST
15.6 LONG-TERM CARE CENTERS
15.6.1 MARKET OVERVIEW
15.6.2 MARKET SIZE & FORECAST
16 COMPETITIVE LANDSCAPE
16.1 COMPETITION OVERVIEW
16.1.1 VENDORS ACTIVITIES
16.2 MARKET SHARE ANALYSIS
16.2.1 AMD GLOBAL TELEMEDICINE
16.2.2 GE HEALTHCARE
16.2.3 KONINKLIJKE PHILIPS
16.2.4 MEDTRONIC
16.2.5 RESMED
16.2.6 TELADOC HEALTH
16.2.7 VIVIFY HEALTH
17 KEY COMPANY PROFILES
17.1 AMD GLOBAL TELEMEDICINE
17.2 GE HEALTHCARE
17.3 KONINKLIJKE PHILIPS
17.4 MEDTRONIC
17.5 RESMED
17.6 TELADOC HEALTH
17.7 VIVIFY HEALTH
18 OTHER PROMINENT VENDORS
18.1 100-PLUS
18.2 ABBOTT
18.3 ACL DIGITAL
18.4 ALTUMVIEW
18.5 BAXTER
18.6 BIOBEAT
18.7 BIOFOURMIS
18.8 BIOTRONIK
18.9 BOSTON SCIENTIFIC
18.10 CARDIOLOGS
18.11 CARDIOMO
18.12 CAREMINDR
18.13 CAREVALIDATE
18.14 CLEARARCH
18.15 DATOS HEALTH
18.16 DEXCOM
18.17 DRÄGERWERK AG
18.18 F. HOFFMANN-LA ROCHE
18.19 GRANDCARE SYSTEMS
18.20 HEALTH RECOVERY SOLUTIONS
18.21 HINGE HEALTH
18.22 HONEYWELL INTERNATIONAL
18.23 IHEALTH UNIFIED CARE
18.24 INTEL
18.25 IRHYTHM TECHNOLOGIES
18.26 LIMBER HEALTH
18.27 MASIMO
18.28 MEDM
18.29 MEDOPAD
18.30 MODIVCARE
18.31 NIHON KOHDEN
18.32 OMRON
18.33 OSI SYSTEMS
18.34 OSPLABS
18.35 QARDIO
18.36 SENSEONICS
18.37 TELEMEDCARE
18.38 VENTRICLE HEALTH
18.39 VITALCONNECT
18.40 VITLS
18.41 VIVALNK
19 REPORT SUMMARY
19.1 KEY TAKEAWAYS
19.2 STRATEGIC RECOMMENDATIONS
20 QUANTITATIVE SUMMARY
20.1 MARKET BY COMPONENT
20.2 MARKET BY APPLICATION
20.3 MARKET BY END-USER
20.4 HOME HEALTHCARE SETTINGS BY REGION
20.5 HOME HEALTHCARE SETTINGS BY COMPONENT
20.6 HOME HEALTHCARE SETTINGS BY APPLICATION
21 APPENDIX
21.1 ABBREVIATIONS
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