NA Remote Patient Monitoring Systems Market Size 2031
NA Remote Patient Monitoring Systems Market Size 2031
Segments - North America Remote Patient Monitoring Systems Market by Type of Devices (Breath Monitor, Heart Monitor, Multi-parameter Monitor, Hematology Monitor, and Others), Applications (Sleep Disorder, Diabetes Treatment, Cancer Treatment, Weight Management & Fitness Monitoring, Cardiovascular Diseases, and Others), End-users (Hospital/Clinics, Home Care Settings, and Others), and Geography (The US, Canada, Mexico, and Rest of North America) - North America Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :HC-2759
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Report Description
North America Remote Patient Monitoring Systems Market Outlook
The North America Remote Patient Monitoring Systems Market size was valued at USD 15.13 Billion in 2022 and is likely reach to USD 173.09 Billion by 2031, expanding at a CAGR of 31.1% during the forecast period, 2023 – 2031. The growth of the market is attributed to growing geriatric population and increasing demand for home-based monitoring devices.
Remote patient monitoring is a technology that collects medical data from the patients and transmit it electronically to the healthcare provider at remote location. The technology is capable of distance monitoring and analyzing physiological parameters such as blood oxygen levels, heart rate, blood pressure, blood sugar level, and vital signs.
The remote monitoring devices have improved the quality of care, patient convenience, and allow early prediction of aggravations and exacerbations. The increasing adoption of remote monitors has reduced the number of emergency department visits, and duration of hospitalization.
The high risk of developing chronic disease due to rapid urbanization and demand for improved healthcare systems has greatly influenced the manufacturing of remote monitoring systems.
The patients suffering from chronic diseases are advised to avoid physical visits to hospitals owing to the threat of getting infected, which has led hospitals to implement a remote patient monitoring systems to keep track of a patient’s health from distance.
The remote monitoring facilities have greatly reduced the expenditures on hospital visits by identifying small changes in the physiological health-related data of the patients due to self-monitoring.
Furthermore, the advanced monitoring systems have prevented avoidable hospitalizations and reduced travel expenses to receive quality medical care. Therefore, the proper implementation of remote monitoring technologies can expand access to quality healthcare, prevent spread of infection, decrease medical expenditure, assist during emergency, and save time.
The COVID-19 pandemic has affected almost every industry including the healthcare industry. The nationwide lockdowns and stringent regulations increased the demand for home-based medical facilities.
The high risk of developing serious illness due to coronavirus disease has made it challenging for several other healthcare problems for the patients having diabetes, cancer, and respiratory disorders.
Therefore, the high adoption of the telemedicine practices in order to treat the patients remotely has fuel the expansion of the market. Furthermore, the outbreak of coronavirus disease has resulted in long-term association between healthcare and non-healthcare industries to manufacture advanced integrated monitoring devices. This resulted into many opportunities for the expansion of the remote patient monitoring systems market.
North America Remote Patient Monitoring Systems Market Trends, Drivers, Restraints and Opportunities
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Increasing hospitalization of middle-aged patients suffering from cancer, diabetes, and respiratory disorders is anticipated to drive the market growth during the forecast period.
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Growing technological advancements for breath and heart monitors owing to increasing disposable income is expected to boost the market expansion during the projected period.
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Rising incidence of chronic diseases due to the lifestyle changes and increasing population are anticipated to spur the market growth in the coming years.
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High manufacturing costs, large number of under diagnosed patients, and lack of awareness is expected to hamper the market growth during the forecast period.
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Government support, growing research & development activities for technological advancement, and rising demand for affordable home care therapeutic devices are expected to create numerous opportunities for the market growth during the forecast period.
Scope of North America Remote Patient Monitoring Systems Market Report
The report on the North America remote patient monitoring systems market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Remote Patient Monitoring Systems Market -North America Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Type of Devices (Breath Monitor, Heart Monitor, Multi-parameter Monitor, Hematology Monitor, and Others), Applications (Sleep Disorder, Diabetes Treatment, Cancer Treatment, Weight Management & Fitness Monitoring, Cardiovascular Diseases, and Others), and End-users (Hospital/Clinics, Home Care Settings, and Others) |
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Geographical Scope |
The US, Canada, Mexico, and Rest of North America |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Medtronic PLC; Boston Scientific; Abbott Laboratories; Koninklijke Philips N.V.; and GE Healthcare |
North America Remote Patient Monitoring Systems Market Segment Insights
Heart monitors segment is projected to expand at a considerable CAGR
Based on type of devices, the market is segregated into breath monitors, heart monitors, multi-parameter monitors, hematology monitors, and others. The heart monitors segment is projected to expand at a considerable CAGR during the forecast period owing to the rising prevalence of heart diseases and consequent increasing death rate among middle-age population.
Moreover, the large scale adoption of preventive care facilities is expected to increase the demand for heart rate monitors at a rapid pace in the coming years.
On the other hand, the breath monitors segment is anticipated to hold a considerable market share in coming years owing to increasing chronic respiratory diseases due to rising pollution, reduced air quality, smoking, and regular chemical interactions.
Furthermore, increasing asthmatic patients, rising demand for advanced monitors, and integration of technology such as machine learning & signal analysis are key factors that are anticipated to expand the growth of the market segment in the coming years.
Cancer treatment segment is expected to grow at a rapid pace
On the basis of applications, the market is segmented into sleep disorder, diabetes treatment, cancer treatment, weight management & fitness monitoring, cardiovascular diseases, and others. The cancer treatment segment is expected to grow at a rapid pace during the projected period due the rising number of cancer cases and growing aging population.
Additional, the increasing government initiatives and high demand for personalized medicine are the major factors that aid in the growth of the market segment in the coming years.
However, the cardiovascular diseases segment is anticipated to exhibit a substantial growth during the forecast period owing to the increasing death rate of ischemic heart disease patients. Furthermore, the rising improvements in the technologies used in the development of cardiology devices, resulting in exponential monitoring outcomes, is expected to encourage the growth of the market segment during the forecast period.
Home care settings segment is anticipated to constitute a major market share
Based on end-users, the market is divided into hospital/clinics, home care settings, and others. The home care settings segment is anticipated to constitute a major market share during the forecast period owing to the safe, cost-effective, convenient, and suitable environment provided by home care settings to the patients.
Furthermore, the high adoption of oxygen-related products in home medical equipment due to significant increase in incidence of chronic obstructive pulmonary diseases is estimated to fuel the growth of the market in the coming years.
On the other hand, the hospital/clinics segment is anticipated to exhibit a substantial growth during the projected period owing to the rising emphasis on effective and early disease diagnosis in hospitals and growing procedural volume in hospital settings.
Moreover, the high budget of hospitals for introducing various technologically advanced monitoring devices to meet the increasing demand is projected to boost the market growth in the upcoming years.
The US market is anticipated to constitute a key market share
In terms of geography, the market is classified as The US, Canada, Mexico, and Rest of North America. The US market is anticipated to constitute a key share of the market during the projected period owing to the increasing incidence of chronic diseases and rising demand for wireless & portable systems in the country.
Moreover, the presence of reimbursement structures and high demand for cost-effective medical treatments are the major reasons to propel the expansion of the market in the coming years.
However, the market in Canada is anticipated to exhibit a robust CAGR during the forecast period due to growing technological advancements to meet the demand for home care devices. Additionally, increasing hospitalization of middle-aged population with sleeping & respiratory disorders is expected to spur the market expansion during the projected timeline.
Segments
Type of Devices
- Breath Monitor
- Heart Monitor
- Multi-parameter Monitor
- Hematology Monitor
- Others
Applications
- Sleep Disorder
- Diabetes Treatment
- Cancer Treatment
- Weight Management & Fitness Monitoring
- Cardiovascular Diseases
- Others
End-users
- Hospital/Clinics
- Home Care Settings
- Others
Geography
- The US
- Canada
- Mexico
- Rest of North America
Key Players
- Medtronic PLC
- Boston Scientific
- Abbott Laboratories
- Koninklijke Philips N.V.
- GE Healthcare
Competitive Landscape
Key players competing in the North America remote patient monitoring systems market are Medtronic PLC; Boston Scientific; Abbott Laboratories; Koninklijke Philips N.V.; and GE Healthcare. Companies are focusing on business strategies, long-term agreements, and collaborating with each other to incorporate remote patient monitoring functionalities in their devices.
- In November 2021, Medtronic Plc planned to set up a global research & development centre involving an investment of around USD 159 million at Hyderabad, India. The initiative facilitated the research work for medical products to treat over 70 health conditions that include cardiac devices, cranial & spine robotics, surgical tools, insulin pumps, patient monitoring systems, and others.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Patient Monitoring Systems Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Patient Monitoring Systems Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Patient Monitoring Systems Market - Supply Chain
4.5. Global Patient Monitoring Systems Market Forecast
4.5.1. Patient Monitoring Systems Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Patient Monitoring Systems Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Patient Monitoring Systems Market Absolute $ Opportunity
5. Global Patient Monitoring Systems Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Patient Monitoring Systems Market Size and Volume Forecast by Applications
5.3.1. Sleep Disorder
5.3.2. Diabetes Treatment
5.3.3. Cancer Treatment
5.3.4. Weight Management & Fitness Monitoring
5.3.5. Cardiovascular Diseases
5.3.6. Others
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Patient Monitoring Systems Market Analysis and Forecast by End Users
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by End Users
6.2.2. Y-o-Y Growth Projections by End Users
6.3. Patient Monitoring Systems Market Size and Volume Forecast by End Users
6.3.1. Hospital/Clinics
6.3.2. Home Care Settings
6.3.3. Others
6.4. Absolute $ Opportunity Assessment by End Users
6.5. Market Attractiveness/Growth Potential Analysis by End Users
7. Global Patient Monitoring Systems Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Patient Monitoring Systems Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Patient Monitoring Systems Demand Share Forecast, 2019-2026
8. North America Patient Monitoring Systems Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Patient Monitoring Systems Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Patient Monitoring Systems Market Size and Volume Forecast by Applications
8.4.1. Sleep Disorder
8.4.2. Diabetes Treatment
8.4.3. Cancer Treatment
8.4.4. Weight Management & Fitness Monitoring
8.4.5. Cardiovascular Diseases
8.4.6. Others
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. North America Patient Monitoring Systems Market Size and Volume Forecast by End Users
8.7.1. Hospital/Clinics
8.7.2. Home Care Settings
8.7.3. Others
8.8. Basis Point Share (BPS) Analysis by End Users
8.9. Y-o-Y Growth Projections by End Users
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Patient Monitoring Systems Demand Share Forecast, 2019-2026
9. Latin America Patient Monitoring Systems Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Patient Monitoring Systems Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Patient Monitoring Systems Market Size and Volume Forecast by Applications
9.4.1. Sleep Disorder
9.4.2. Diabetes Treatment
9.4.3. Cancer Treatment
9.4.4. Weight Management & Fitness Monitoring
9.4.5. Cardiovascular Diseases
9.4.6. Others
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Latin America Patient Monitoring Systems Market Size and Volume Forecast by End Users
9.7.1. Hospital/Clinics
9.7.2. Home Care Settings
9.7.3. Others
9.8. Basis Point Share (BPS) Analysis by End Users
9.9. Y-o-Y Growth Projections by End Users
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Patient Monitoring Systems Demand Share Forecast, 2019-2026
10. Europe Patient Monitoring Systems Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Patient Monitoring Systems Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Patient Monitoring Systems Market Size and Volume Forecast by Applications
10.4.1. Sleep Disorder
10.4.2. Diabetes Treatment
10.4.3. Cancer Treatment
10.4.4. Weight Management & Fitness Monitoring
10.4.5. Cardiovascular Diseases
10.4.6. Others
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Europe Patient Monitoring Systems Market Size and Volume Forecast by End Users
10.7.1. Hospital/Clinics
10.7.2. Home Care Settings
10.7.3. Others
10.8. Basis Point Share (BPS) Analysis by End Users
10.9. Y-o-Y Growth Projections by End Users
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Patient Monitoring Systems Demand Share Forecast, 2019-2026
11. Asia Pacific Patient Monitoring Systems Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Patient Monitoring Systems Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Patient Monitoring Systems Market Size and Volume Forecast by Applications
11.4.1. Sleep Disorder
11.4.2. Diabetes Treatment
11.4.3. Cancer Treatment
11.4.4. Weight Management & Fitness Monitoring
11.4.5. Cardiovascular Diseases
11.4.6. Others
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Asia Pacific Patient Monitoring Systems Market Size and Volume Forecast by End Users
11.7.1. Hospital/Clinics
11.7.2. Home Care Settings
11.7.3. Others
11.8. Basis Point Share (BPS) Analysis by End Users
11.9. Y-o-Y Growth Projections by End Users
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Patient Monitoring Systems Demand Share Forecast, 2019-2026
12. Middle East & Africa Patient Monitoring Systems Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Patient Monitoring Systems Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Patient Monitoring Systems Market Size and Volume Forecast by Applications
12.4.1. Sleep Disorder
12.4.2. Diabetes Treatment
12.4.3. Cancer Treatment
12.4.4. Weight Management & Fitness Monitoring
12.4.5. Cardiovascular Diseases
12.4.6. Others
12.5. Basis Point Share (BPS) Analysis by Applications
12.6. Y-o-Y Growth Projections by Applications
12.7. Middle East & Africa Patient Monitoring Systems Market Size and Volume Forecast by End Users
12.7.1. Hospital/Clinics
12.7.2. Home Care Settings
12.7.3. Others
12.8. Basis Point Share (BPS) Analysis by End Users
12.9. Y-o-Y Growth Projections by End Users
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Patient Monitoring Systems Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Patient Monitoring Systems Market: Market Share Analysis
13.2. Patient Monitoring Systems Distributors and Customers
13.3. Patient Monitoring Systems Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Medtronic PLC
13.4.2. Boston Scientific
13.4.3. Abbott Laboratories
13.4.4. Koninklijke Philips N.V.
13.4.5. GE Healthcare
Methodology
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