Global Remote Data Monitoring Market, By Services (Real Time Virtual Health, Remote Patient Monitoring, Tele-ICUs), End User (Healthcare Providers, Patients, Employer Groups and Government Organizations, Payers), Deployment (Cloud-Based, On-Premises), Organization Size (Large Enterprises, Small and Medium Enterprises) – Industry Trends and Forecast to 2030.
Remote Data Monitoring Market Analysis and Size
Remote data monitoring allows healthcare providers to use apps and wireless devices to monitor and collect medical and health data. For instance, data monitoring improves adherence because 45% of people with chronic conditions consistently forget to take medications without assistance. Apps, Bluetooth devices, and wearable monitors are increasingly being used to connect patients to their doctors and help them stay on top of their health. According to Insider Intelligence, 30 million patients in the United States will use remote patient monitoring tools by 2024.
Data Bridge Market Research analyses that the remote data monitoring market which was USD 21.92 billion in 2022, is expected to reach USD 107.58 billion by 2030, at a CAGR of 22% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Remote Data Monitoring Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2023 to 2030
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Base Year
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2022
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Historic Years
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2021 (Customizable to 2015 - 2020)
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Quantitative Units
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Revenue in USD Billion, Volumes in Units, Pricing in USD
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Segments Covered
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Services (Real Time Virtual Health, Remote Patient Monitoring, Tele-ICUs), End User (Healthcare Providers, Patients, Employer Groups and Government Organizations, Payers), Deployment (Cloud-Based, On-Premises), Organization Size (Large Enterprises, Small and Medium Enterprises)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Honeywell International Inc. (U.S.), Schneider Electric (France), Zetron (U.S.), OmniSite (U.S.), Marathon Equipment (U.S.), Asentria Corporation (U.S.), NIHON KOHDEN CORPORATION (Japan), Capsule Technologies, Inc. (U.S.), Honeywell International Inc. (U.S.), Welch Allyn (U.S.), Medtronic (Ireland), Abbott (U.S.), Intelesens Ltd. (U.K.), BIOTRONIK SE & Co. KG (Germany), Aerotel Medical Systems Ltd. (Israel), General Electric (U.S.), Boston Scientific Corporation (U.S.), Koninklijke Philips N.V. (Netherlands), AMD Global Telemedicine (U.S.), Mindray Medical India Pvt. Ltd. (China) and LifeWatch AG (Switzerland)
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Market Opportunities
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Market Definition
Remote data monitoring is accomplished by using digital technologies to monitor and capture medical health-related data from patients. Electronically transmitting the information to healthcare providers for evaluation and, if necessary, recommendations and instructions. Data monitoring reduces the number of re-admissions, hospitalizations, and length of stay in the hospital, resulting in improved quality of life and cost containment.
Global Remote Data Monitoring Market Dynamics
Drivers
- Increasingly wearable patient monitoring devices
Wearable patient monitoring devices, biosensors and smart implants are used for a wide range of applications, including continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry. Next-generation wearable devices incorporate Internet of Things technology. Wearable biosensors collect vital signs such as blood pressure, weight, blood sugar, and electrocardiography (ECG), which are then transmitted via mobile wireless networks to a central server. These are the specific factors which drive the growth of the market.
- Quality healthcare at home
RPM technologies come into play, detecting minute changes in the patient's physiological data and encouraging self-monitoring. As a result, re-admissions and avoidable hospitalizations are reduced. Furthermore, these technologies reduce the number of unnecessary doctor's office visits as well as the travel-related costs associated with receiving quality medical care. When properly implemented, RPM technologies can increase access to quality healthcare while saving time and money in the short and long term.
Opportunities
- Rising healthcare costs
Rising healthcare costs, particularly in hospital settings, have shifted focus in recent years to alternative methods of treatment, such as home healthcare. As a result, effective home-use devices such as thermometers, pulse oximeters, weight scales, ECG monitors, event monitors, EEG recorders, and foetal monitors are in high demand. The sustainability of the current healthcare system is a major source of concern for governments all over the world.
Restraints/Challenges
- Shortages of healthcare industry professionals
Dearth of proper reimbursement and strict regulatory framework, shortages of healthcare industry professionals and unfavorable reimbursement policies will obstruct the market's growth rate.
This remote data monitoring market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the remote data monitoring market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
COVID-19 Impact on the Remote Data Monitoring Market
As a result of the pandemic, access to customers for selling and implementing patient monitoring devices (such as neuromonitoring devices and weight monitoring devices) decreased in March 2020 and throughout the second quarter of 2020, as hospitals became preoccupied with the COVID-19 pandemic. The pandemic has resulted in an increase in demand for remote monitoring and patient engagement solutions. COVID-19 has increased demand for remote data monitoring systems significantly with manufacturers. Increasing focus on expanding production to meet the growing demand for respiratory monitoring devices, multi-parameter monitoring devices, blood glucose monitoring devices, cardiac monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, and fetal/neonatal monitoring devices. Furthermore, the remote data monitoring market is expected to recover its losses in near future.
Recent Developments
- In August 2020, Stasis Labs launched a mobile-connected remote patient monitoring technology in hospitals and outpatient settings in the United States. The Stasis system of the company monitors critical vital parameters in its operation.
- In July 2020, Philips and BioIntelliSense collaborated to improve remote patient monitoring systems for at-risk patients from the hospital to their homes. The BioIntelliSense sensor from Philips has been added to the device for remote use.
Global Remote Data Monitoring Market Scope
The remote data monitoring market is segmented on the basis of services, deployment, organization size, and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Services
- Real Time Virtual Health
- Video communication
- Audio communication
- Chat/email communication
- Remote Patient Monitoring
- Tele-ICUs
End User
- Healthcare Providers
- Patients
- Employer Groups and Government Organizations
- Payers
Deployment
- Cloud-Based
- On-Premises
Organization Size
- Large Enterprises
- Small and Medium Enterprises
Remote Data Monitoring Market Regional Analysis/Insights
The remote data monitoring market is analyzed and market size insights and trends are provided by country, services, deployment, organization size, and end user as referenced above.
The countries covered in the remote data monitoring market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the remote data monitoring market due to the availability of improved healthcare infrastructure along with favourable government policies.
Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2023 to 2030 owing to the growth of the healthcare industry in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed base and New Technology Penetration
The remote data monitoring market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for remote data monitoring market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the remote data monitoring market. The data is available for historic period 2011-2021.
Competitive Landscape and Remote Data Monitoring Market Share Analysis
The remote data monitoring market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to remote data monitoring market.
Some of the major players operating in the remote data monitoring market are:
- Honeywell International Inc. (U.S.)
- Schneider Electric (France)
- Zetron (U.S.)
- OmniSite (U.S.)
- Marathon Equipment (U.S.)
- Asentria Corporation (U.S.)
- NIHON KOHDEN CORPORATION (Japan)
- Capsule Technologies, Inc. (U.S.)
- Honeywell International Inc. (U.S.)
- Welch Allyn (U.S.)
- Medtronic (Ireland)
- Abbott (U.S.)
- Intelesens Ltd. (U.K.)
- BIOTRONIK SE & Co. KG (Germany)
- Aerotel Medical Systems Ltd. (Israel)
- General Electric (U.S.)
- Boston Scientific Corporation (U.S.)
- Koninklijke Philips N.V. (Netherlands)
- AMD Global Telemedicine (U.S.)
- Mindray Medical India Pvt. Ltd. (China)
- LifeWatch AG (Switzerland)
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