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Remote Patient Monitoring Sector Driving Transformational Growth through Strategic Partnerships: Forecast Global, 2024 2028
Industry Convergence and Digitalization Intensify the Competitive Environment
28-Jun-2024
Global
Market Research
Remote patient monitoring (RPM) encompasses devices and IT infrastructure designed to enable clinicians to collect and monitor patients' biometric data and behaviors remotely. This infrastructure includes software, gateways, platforms, data transmission and management systems, and networks. While consumer-grade wearables, including smartphones, smartwatches, and fitness trackers, can provide similar data (e.g., heart rate, sleep quality, mobility), this study focuses exclusively on clinician-intended RPM technologies due to their higher consistency and accuracy.
RPM differs from telehealth, which primarily involves communication via video or audio between patients and clinicians. Instead, RPM focuses on the remote collection of vital statistics, biochemistry, and cardiac rhythms, along with related products and services that transmit and provide clinical insights into the collected data. Despite the integral role of EMR/EHR technology in RPM workflows, this study excludes these technologies from market calculations, treating them as separate entities.
Many consumer-grade wearables (e.g., smartphones, smartwatches, and fitness trackers) provide data similar to devices that are part of the RPM industry (e.g., heart rate and rhythm, sleep length and quality, and mobility). However, for this analysis, we limit the definition of RPM to technologies specifically intended for use by clinicians to monitor patients. While it is possible to use consumer-grade devices in medical RPM in the future, there is a wider variance in their consistency and accuracy, so clinicians do not currently widely accept them.
This global analysis provides an overview of major markets, primarily the United States due to the greater availability of data and significant growth and innovation driven by start-ups in the region. The RPM industry is segmented by care continuum and the range of products and services offered. Companies may offer a suite of products for specific points of care or specialize in products or services with broader applications. While the differentiation among these offerings is noted, Frost & Sullivan does not provide forecasts on product segmentation, as the industry predominantly sells these products and services as bundled solutions.
The comprehensive analysis equips healthcare stakeholders with critical insights to navigate the evolving RPM landscape, highlighting growth opportunities, regional trends, and business model analyses essential for strategic decision-making.
Revenue Forecast
The revenue estimate for the base year 2023 is $74.80 billion, with a CAGR of 15.0% for the study period from 2023 to 2028.
The Impact of the Top 3 Strategic Imperatives on the Remote Patient Monitoring Industry
Customer Value Chain Compression
WHY
- Remote patient monitoring (RPM) solutions are becoming more user-friendly and engaging for patients as they reduce friction and simplify the customer journey.
- Direct-to-consumer (D2C) models offer intuitive interfaces, personalized experiences, and accessibility, leading to greater patient satisfaction and adherence to remote monitoring protocols.
FROST PERSPECTIVE
- Advanced data analytics and artificial intelligence (AI) play an increasingly central role in RPM.
- The convergence of RPM with telemedicine and virtual care models is expected to accelerate, offering patients more comprehensive and convenient healthcare experiences in the next 5 years.
Innovative Business Models
WHY
- The need to align incentives with value-based care principles by tying pricing and reimbursement to patient outcomes and healthcare cost savings is increasing.
- Precision health, in combination with retail health trends, makes RPM an attractive solution for healthcare stakeholders.
FROST PERSPECTIVE
- RPM providers will likely have higher negotiation power for reimbursement agreements with payers based on their solutions' predefined performance metrics, such as reductions in hospital readmissions, improved medication adherence, or better management of chronic conditions.
Disruptive Technologies
WHY
- The growing accuracy of advanced wearable devices and Internet of Things (IoT) sensors, alongside better predictive abilities from AI algorithms and machine learning models, are strengthening the trust of clinicians and payers in RPM usage and reliability.
FROST PERSPECTIVE
- As disruptive technologies reshape the remote patient monitoring landscape, regulatory frameworks and industry standards will need to evolve to address the challenges related to data privacy, security, interoperability, and quality assurance.
Growth Drivers
Remote Patient Monitoring
| Driver |
|---|
| The increased prevalence of chronic diseases necessitates frequent hospital visits for the treatment and monitoring of chronic conditions. This adds to the workload for hospitals and patients. |
| Improvements in communication protocols and wearable sensors will enhance the quantity and quality of healthcare data. |
| The global population is aging, with a rising number of elderly individuals requiring healthcare assistance. RPM empowers seniors to manage their health from home, promoting independence and reducing hospital readmission rates. |
| Governments and healthcare regulatory bodies have shown increased support for RPM in recent years, including favorable reimbursement policies. |
| RPM has expanded beyond just chronic physical conditions. There is a growing focus on using RPM to monitor mental health conditions such as anxiety and depression. |
| The emergence of the remote monitoring-as-a-service (RaaS) model has made RPM more accessible to smaller healthcare providers. RaaS offers a subscription-based approach, eliminating the upfront investment costs associated with traditional RPM setups. |
Growth Restraints
Remote Patient Monitoring: Growth Restraints, Global, 2024–2028
- As RPM collects and transmits sensitive patient health data, concerns about data security and privacy breaches pose significant hurdles. Stringent data privacy regulations and the need for robust cybersecurity measures can add complexity and cost to implementing RPM solutions.
- Large care providers' lack of visualization of medical device usage hinders the effective adoption of RPM solutions.
- Inadequate standardized protocols for data collection, transmission, and analysis in RPM can create interoperability issues.
- Ensuring patient adherence to remote monitoring protocols can be challenging, as some patients may prefer in-person visits or struggle with using the remote monitoring technology effectively.
- The growing workload associated with remote monitoring, especially with the ever-increasing patient numbers and alerts to manage, can strain clinic resources and staff.
Key Competitors
- Amazon Web Services
- Google Health
- Microsoft
- Salesforce
- AMC Health
- BiolntelliSense
- Current Health by BestBuy Health
- CareSimple
- Corsano Health
- Cloud DX
- Dexcom
- Docobo
- Healthsnap
- Livongo by Teladoc Health
- Masimo
- Netereea
- PolsoHealth
- Sensible Medical
- Sibionics
- SmartQare
- Unified Care by iHealth
- Validic
- Vivalink
- Vivify Health by Optum
- Withings Health Solutions
- Avertix Medical, Inc.
- Baxter (Hillrom & Welch Allyn)
- GE Healthcare
- Honeywell
- Medtronic
- OMRON Healthcare
- Philips Healthcare
- Resideo
- Siemens Healthineers
- Amazon Web Services
- AMC Health
- Avertix Medical, Inc.
- Baxter (Hillrom & Welch Allyn)
- Biofourmis
- BioIntelliSense
- CareSimple
- Cloud DX
- Cognizant
- Dexcom
- GE Healthcare
- Google Health
- Healthfully
- Healthsnap
- Honeywell
- Livongo by Teladoc Health
- Masimo
- Microsoft
- Resideo
- Salesforce
- Stel Life
- Unified Care by iHealth
- Validic
- Vivalink
- Vivify Health by Optum
- Current Health by BestBuy Health
- Corsano Health
- Docobo
- Medtronic
- Philips Healthcare
- Siemens Healthineers
- SmartQare
- Withings Health Solutions
- Neteera
- PolsoHealth
- Sensible Medical
- OMRON Healthcare
- Sibionics
Why is it Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top 3 Strategic Imperatives on the Remote Patient Monitoring Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Scope of Analysis
Industry Segmentation
Industry Segmentation: Care Continuum
Industry Segmentation: Products and Services
Key Competitors
Key Competitors (continued)
Remote Patient Monitoring Structure
Remote Patient Monitoring Start-ups: Investment Landscape
Remote Patient Monitoring: Payer’s Role
Remote Patient Monitoring: Payer Partnerships
FDA Health Care at Home Initiative
Growth Metrics
Growth Drivers
Growth Restraints
Forecast Assumptions
Revenue Forecast
Revenue Forecast by Care Continuum
Revenue Forecast by Region
Revenue Forecast Analysis
Pricing Trends and Forecast Analysis
Competitive Environment
Revenue Share
Revenue Share Analysis
Competitive Environment—Case Studies
Competitive Environment—Case Studies (continued)
Competitive Environment—Case Studies (continued)
Growth Metrics
Revenue Forecast
Forecast Analysis
Growth Metrics
Revenue Forecast
Forecast Analysis
Forecast Analysis (continued)
Growth Metrics
Revenue Forecast
Forecast Analysis
Growth Opportunity 1: Mental and Behavioral Health
Growth Opportunity 1: Mental and Behavioral Health (continued)
Growth Opportunity 2: Immune Diseases
Growth Opportunity 2: Immune Diseases (continued)
Growth Opportunity 3: Pain Management in Women’s Health
Growth Opportunity 3: Pain Management in Women’s Health (continued)
Your Next Steps
Why Frost, Why Now?
List of Exhibits
Legal Disclaimer
List of Figures
- Remote Patient Monitoring: Growth Metrics, Global, 2023
- Remote Patient Monitoring: Growth Drivers, Global, 2024–2028
- Remote Patient Monitoring: Growth Restraints, Global, 2024–2028
- Remote Patient Monitoring: Revenue Forecast, Global, 2022–2028
- Remote Patient Monitoring: Revenue Forecast by Care Continuum, 2022–2028
- Remote Patient Monitoring: Revenue Forecast by Region, 2022–2028
- Remote Patient Monitoring: Revenue Share of Top Participants, Global, 2023
- Remote Patient Monitoring: Growth Metrics—Chronic Care, Global, 2023
- Remote Patient Monitoring: Revenue Forecast—Chronic Care, Global, 2023–2028
- Remote Patient Monitoring: Growth Metrics—Transitional Care, Global, 2023
- Remote Patient Monitoring: Revenue Forecast—Transitional Care, Global, 2022–2028
- Inpatient to Remote Patient Monitoring Workflow in Transitional Care, Global, 2023
- Remote Patient Monitoring: Growth Metrics—Critical Care, Global, 2023
- Remote Patient Monitoring: Revenue Forecast—Critical Care, Global, 2022–2028
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| Deliverable Type | Market Research |
|---|---|
| Author | Delfina Huergo |
| Industries | Healthcare |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | Remote Patient Monitoring |
| Keyword 2 | Patient care innovations |
| Keyword 3 | Monitoring technology advancements |
| List of Charts and Figures | Remote Patient Monitoring: Growth Metrics, Global, 2023~ Remote Patient Monitoring: Growth Drivers, Global, 2024–2028~ Remote Patient Monitoring: Growth Restraints, Global, 2024–2028~ Remote Patient Monitoring: Revenue Forecast, Global, 2022–2028~ Remote Patient Monitoring: Revenue Forecast by Care Continuum, 2022–2028~ Remote Patient Monitoring: Revenue Forecast by Region, 2022–2028~ Remote Patient Monitoring: Revenue Share of Top Participants, Global, 2023~ Remote Patient Monitoring: Growth Metrics—Chronic Care, Global, 2023~ Remote Patient Monitoring: Revenue Forecast—Chronic Care, Global, 2023–2028~ Remote Patient Monitoring: Growth Metrics—Transitional Care, Global, 2023~ Remote Patient Monitoring: Revenue Forecast—Transitional Care, Global, 2022–2028~ Inpatient to Remote Patient Monitoring Workflow in Transitional Care, Global, 2023~ Remote Patient Monitoring: Growth Metrics—Critical Care, Global, 2023~ Remote Patient Monitoring: Revenue Forecast—Critical Care, Global, 2022–2028~ |
| Podcast | No |
| WIP Number | KA37-01-00-00-00 |