Overview and Scope
Remote health monitoring refers to the use of technology to monitor patients in non-clinical settings, such as the home. This healthcare delivery technique benefits patients, physicians, caregivers, and the healthcare system by leveraging technological improvements to collect patient data outside typical healthcare facilities.
Sizing and Forecast
The remote health monitoring market size has grown rapidly in recent years. It will grow from $4.84 billion in 2023 to $5.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to aging population and chronic diseases, telemedicine adoption, government initiatives and regulations, patient preference for home-based care, cost-efficiency in healthcare delivery.
The remote health monitoring market size is expected to see rapid growth in the next few years. It will grow to $9.73 billion in 2028 at a compound annual growth rate (CAGR) of 14.7%. The growth in the forecast period can be attributed to rapid expansion of iot in healthcare, integration of artificial intelligence, pandemic preparedness and response, remote patient monitoring in clinical trials, increasing focus on preventive healthcare. Major trends in the forecast period include rise of wearable technology, chronic disease management, iot connectivity, data security and privacy, remote patient monitoring in elderly care.
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Segmentation & Regional Insights
The remote health monitoring market covered in this report is segmented –
1) By Devices: Respiratory monitoring, Blood glucose monitoring, Cardiac monitoring, Multi-parameter monitoring
2) By Application: Cancer Treatment, Cardiovascular Diseases, Diabetes Treatment, Sleep Disorder, Weight Management and Fitness Monitoring, Other Applications
3) By End-User: Home Care Settings, Hospitals/Clinics, Other End-Users
North America was the largest region in the remote health monitoring market in 2023. The regions covered in the remote health monitoring market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rising global old age population is significantly contributing to the growth of the remote health monitoring market going forward. The old age population refers to people aged 65 and over. Remote health monitoring is used to remotely monitor the health of elderly people to avoid identifying relapses in conditions, therefore, enabling early intervention by tracking a person’s physiological data. For instance, in October 2022, according to data published by the world health organization (WHO), a Switzerland-based international intergovernmental organization focused on international public health, the global population aged over 60 is projected to 2.1 billion in 2050. The number of people aged 80 and more is predicted to treble between 2020 and 2050, reaching 426 million. Therefore, the rising global old age population will drive the remote health monitoring market.
Key Industry Players
Major companies operating in the remote health monitoring market are focusing on developing innovative products such as ironmed digital health platform to drive revenues in their market. ironmed digital health platform is a complete digital healthcare system that incorporates remote patient monitoring (RPM) which offers a highly configurable suite of patient-centric software solutions that enable the monitoring of patients’ acute or chronic diseases from outside of a clinical setting. For instance, in August 2023, Iron Bow Healthcare Solutions, a US- information technology solutions provider launched an ironmed digital health platform. IronMed RPM offers enhanced quality of life with a lower risk of complications, independence and empowerment to manage their condition, assurance that trained caregivers are supervising and appropriately intervening, access to training programs and evidence-based interventions. It provides a transition from episodic to continuous care for caregivers, fostering better patient adherence to treatment plans, deeper insights to make timely interventions, and increased patient/caregiver engagement. The platform covers every demand in terms of software, services, and devices.
The remote health monitoring market report table of contents includes:
1. Executive Summary
2. Remote Health Monitoring Market Characteristics
3. Remote Health Monitoring Market Trends And Strategies
4. Remote Health Monitoring Market – Macro Economic Scenario
5. Global Remote Health Monitoring Market Size and Growth
…..
31. Global Remote Health Monitoring Market Competitive Benchmarking
32. Global Remote Health Monitoring Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Remote Health Monitoring Market
34. Remote Health Monitoring Market Future Outlook and Potential Analysis
35. Appendix
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