United States Remote Patient Monitoring Market Outlook Report 2023: A $25+ Billion Industry, Driven by Rise of Virtual Clinical Trials & Advances in Telemedicine
The U.S. remote patient monitoring market is expected to reach a value of $25.28 billion by 2028 from $13.4 billion in 2022, growing at a CAGR of 11.16% from 2022 to 2028
Advances in remote patient monitoring (RPM) technology have revolutionized healthcare delivery, especially in the wake of the COVID-19 pandemic. The U.S. remote patient monitoring market has experienced significant growth, with IoT-enabled monitoring devices offering expanded functionalities. By combining AI, IoT, and RPM, healthcare organizations can improve patient care and achieve better healthcare outcomes.
The demand for wireless patient monitoring at home has been increasing, providing a long-term alternative to hospital-based care. Wireless patient monitoring systems allow for the continuous monitoring of vital signs, enhancing the management of chronic and acute conditions in the comfort of one's home.
Manufacturers are increasingly focusing on developing software and apps tailored for RPM, enabling the simplified and secure management of health conditions. These solutions offer customizable data-driven solutions, from automated patient feedback protocols to machine learning algorithms, to better track patient data and behavior.
RPM has proven to be an effective tool in monitoring and improving patient engagement. By remotely collecting and reviewing patient-generated data, healthcare providers can detect changes in a patient's condition early, providing personalized and timely care. RPM allows clinicians to monitor patients in real-time, identify potential health issues, and intervene with appropriate treatment.
The growing use of mobile technologies and smart devices in RPM has further enhanced the accessibility and efficiency of healthcare delivery. Patients can track vital signs using smartphones and tablets, allowing for continuous monitoring and timely intervention. Mobile technology ensures data accuracy and consistency, facilitating informed decision-making and effective patient care.
SEGMENTATION INSIGHTS
INSIGHTS BY COMPONENT
The U.S. remote patient monitoring market by component is segmented into services, devices & software. In 2022, the software segment accounted for the largest share of the market.
Service in the remote patient monitoring market involves using telemetric technology to monitor and collect patient health data from a remote location. This technology allows medical professionals to monitor their patient's health without requiring them to enter a physical medical facility. These services provide access to real-time patient health data, such as blood pressure, blood glucose levels, body temperature, and heart rate.
In addition, telemetry technology can also be used to send alerts if an unusual change in vital signs is detected, allowing medical professionals to intervene quickly. This technology allows medical professionals to provide the best care for patients while they are away from the hospital and allows for earlier interventions when needed.
INSIGHTS BY APPLICATION
The cardiovascular diseases application segment held the largest U.S. remote patient monitoring market share in 2022, accounting for over 39%. According to the Centers for Disease Control and Prevention (CDC), approximately 11 million patients in the US suffer from cardiac dysrhythmia or arrhythmias.
An increase in the prevalence of cardiovascular diseases (CVDs) is one of the factors driving the demand for cardiac monitoring devices. Remote cardiac monitoring has become the norm for patients with heart diseases, especially using implantable cardiac devices. With easy access to real-time telemetry data, cardiologists can determine if a condition represents an emergency illness and create an essentially virtual hospital. In addition, a quarter of health agencies report that RPM reduces visits and readmissions to emergency rooms.
Further, the increased use of remote cardiac monitors to improve the detection of hypertension has been the focus of intense research activity in recent years. Remote cardiac monitors provide a viable solution for detecting hypertension at home without cumbersome and intrusive devices and procedures.
INSIGHTS BY END-USER
The U.S. remote patient monitoring market by end-user is segmented into hospitals, home healthcare settings, ambulatory care settings, and long-term care centers. The hospital's segment accounted for the largest share and dominated the segment.
The U.S. healthcare system and hospitals plan to improve outcomes and reduce costs through remote patient monitoring (RPM) technology. Hospital settings dominate cardiac monitoring equipment and are the initial point of contact for patients with health challenges. Patients with a history of cardiac arrhythmia are typically treated in hospitals.
For the monitoring of CVDs, hospitals have the most up-to-date machines and technology. Though healthcare practitioners are always looking for ways to reduce patients' time in the hospital, the COVID-19 epidemic has increased pressure on physicians to minimize contact time even more to avoid virus exposure.
REGIONAL ANALYSIS
The southern region accounted for 41% of the U.S. remote patient monitoring market in 2022 and dominated the market. The use of remote patient monitoring in Texas has steadily increased over the past few years. This technology is now being implemented in healthcare organizations across the state to help monitor, manage, and provide patient care more efficiently and effectively.
The emergence of remote patient monitoring technology and its steady increase in usage in Texas reflects the state's commitment to providing improved patient care. Remote patient monitoring has been instrumental in cutting costs, as it allows for fewer hospital and clinic visits, thus decreasing the likelihood of patient complications due to prolonged exposure and wait times in an unfamiliar setting.
Key Attributes:
Report Attribute
Details
No. of Pages
249
Forecast Period
2022 - 2028
Estimated Market Value (USD) in 2022
$13.4 Billion
Forecasted Market Value (USD) by 2028
$25.28 Billion
Compound Annual Growth Rate
11.1%
Regions Covered
United States
Market Opportunities & Trends
Advances in Remote Patient Monitoring Technology
Increasing Demand for Wireless Patient Monitoring at Home
Rise of Virtual Clinical Trials
Ai & IoT Drives Rpm Adoption
Telemedicine Ushering New Opportunities for Remote Monitoring
Market Growth Enablers
Increasing Focus on Developing Software & Apps for Rpm by Manufacturers
Aging Population & Chronic Disorders Augmenting Continuous Monitoring Demand
Increasing Innovations in Wearable Technology
Growing Use of Rpm to Monitor & Improve Patient Engagement
Growing Use of Mobile Technologies & Smart Devices in Rpm
Market Restraints
Regulatory Variations Across US
Lack of Data Accuracy
Threat from Healthcare Frauds
Accessibility or Connectivity Obstacles With Patients
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