Market Size of North America Remote Patient Monitoring Systems Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
Forecast Data Period | 2024 - 2029 |
Market Size (2024) | USD 1.50 Billion |
Market Size (2029) | USD 3.56 Billion |
CAGR (2024 - 2029) | 18.83 % |
Major Players*Disclaimer: Major Players sorted in no particular order |
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North America Remote Patient Monitoring Market Analysis
The North America Remote Patient Monitoring Systems Market size is estimated at USD 1.5 billion in 2024, and is expected to reach USD 3.56 billion by 2029, growing at a CAGR of 18.83% during the forecast period (2024-2029).
The remote patient monitoring market in the North America region is growing at a good pace and certain factors that are driving this growth include rising incidence of chronic diseases due to the lifestyle changes in the region, an increase in the aging population and growing demand for home-based monitoring devices.
The United States, being the largest economy in this region, the country's population trend largely affects the growth of the market studied in both, positive and negative manner. For instance, the rising geriatric population in the United States is acting as a growth factor for the use of patient monitoring devices. According to the United States Bureau data, the number of Americans aged 65 years and above is projected to become more than double (from 46 million in 2016 to over 98 million by 2060), and the 65-and-older age group's share of the total population is likely to rise to nearly 24% from 15%. The growing geriatric population is more prone to diseases, which increases the usage of remote monitoring devices. Thus, the increase in the aging population is expected to boost the remote patient monitoring market in the North America region.
North America Remote Patient Monitoring Industry Segmentation
Remote patient monitoring technology comprises day-to-day monitoring devices, such as glucometers for patients with diabetes and heart or blood pressure monitors for patients getting cardiac care. Information can be sent to a physician's workplace by using telehealth communication links, by using a software application installed on the patient's internet-capable computer, smartphone, or tablet.
By Type of Device | |
Heart Monitors | |
Breath Monitors | |
Hematology Monitors | |
Multi-Parameter Monitors | |
Other Types of Devices |
By Application | |
Cancer Treatment | |
Cardiovascular Diseases | |
Diabetes Treatment | |
Sleep Disorder | |
Weight Management and Fitness Monitoring | |
Other Applications |
By End User | |
Home Care Settings | |
Hospital/Clinics | |
Others |
Geography | |||||
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North America Remote Patient Monitoring Systems Market Size Summary
The North America remote patient monitoring market is experiencing significant growth, driven by factors such as the increasing prevalence of chronic diseases linked to lifestyle changes, a rising aging population, and a growing demand for home-based monitoring devices. The United States, as the largest economy in the region, plays a pivotal role in this market's expansion. The substantial increase in the geriatric population, particularly those aged 65 and above, is a key factor propelling the adoption of remote monitoring devices. This demographic shift is accompanied by a higher susceptibility to diseases, thereby enhancing the need for continuous health monitoring solutions. Additionally, the heightened awareness and concern regarding heart health have led to a surge in the demand for heart rate monitors, further fueling market growth.
The competitive landscape of the North America remote patient monitoring market is characterized by the presence of both global and local players, including prominent companies such as Boston Scientific Corporation, Medtronic, Koninklijke Philips N.V., and GE Healthcare. The industry is marked by a moderate level of competition, with a notable trend towards partnerships and collaborations among industry participants and medical device manufacturers. These alliances aim to integrate remote patient monitoring capabilities into existing devices, thereby expanding their functionality and appeal. The market's growth trajectory is supported by the ongoing innovation and strategic initiatives undertaken by key players to enhance their product offerings and capture a larger share of the market.
North America Remote Patient Monitoring Systems Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Incidences of Chronic Diseases due to Lifestyle Changes
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1.2.2 Increase in the Aging Population
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1.2.3 Growing Demand for Home-based Monitoring Devices
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1.3 Market Restraints
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1.3.1 Resistance from the Healthcare Industry Professionals Toward the Adoption of Patient Monitoring Systems
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1.3.2 Stringent Regulatory Framework
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Type of Device
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2.1.1 Heart Monitors
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2.1.2 Breath Monitors
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2.1.3 Hematology Monitors
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2.1.4 Multi-Parameter Monitors
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2.1.5 Other Types of Devices
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2.2 By Application
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2.2.1 Cancer Treatment
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2.2.2 Cardiovascular Diseases
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2.2.3 Diabetes Treatment
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2.2.4 Sleep Disorder
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2.2.5 Weight Management and Fitness Monitoring
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2.2.6 Other Applications
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2.3 By End User
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2.3.1 Home Care Settings
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2.3.2 Hospital/Clinics
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2.3.3 Others
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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North America Remote Patient Monitoring Systems Market Size FAQs
How big is the North America Remote Patient Monitoring Systems Market?
The North America Remote Patient Monitoring Systems Market size is expected to reach USD 1.50 billion in 2024 and grow at a CAGR of 18.83% to reach USD 3.56 billion by 2029.
What is the current North America Remote Patient Monitoring Systems Market size?
In 2024, the North America Remote Patient Monitoring Systems Market size is expected to reach USD 1.50 billion.