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Home ➤ Life Science ➤ Healthcare IT ➤ AI In Remote Patient Monitoring Market
AI In Remote Patient Monitoring Market
AI In Remote Patient Monitoring Market
Published date: March 2024 • Formats:
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  • Home ➤ Life Science ➤ Healthcare IT ➤ AI In Remote Patient Monitoring Market

AI In Remote Patient Monitoring Market Analysis By Type Of Monitoring Device (Wearable, Implantable, Stationary), By Component (Hardware, Software, Services), By Technology (Machine Learning, Natural Language Processing, Computer Vision, Others) By Application (Chronic Disease Management, Geriatric Care Management, Sleep Apnea Monitoring, Fitness Monitoring, Others), By Region And Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends And Forecast 2024-2033

  • Published date: March 2024
  • Report ID: 116407
  • Number of Pages: 277
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Free Sample
  • Quick Navigation

    • Report Overview
    • Key Takeaways
    • Type of Monitoring Device Analysis
    • Component Analysis
    • Technology Analysis
    • Application Analysis
    • Key Market Segments
    • Market Driver
    • Market Restraints
    • Opportunities
    • Latest Trends
    • Impact of Macroeconomic factors
    • Regional Analysis
    • Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    The Global AI In Remote Patient Monitoring Market size is expected to be worth around USD 24 Billion by 2033, from USD 2.3 Billion in 2023, growing at a CAGR of 26.6% during the forecast period from 2024 to 2033. AI In Remote Patient Monitoring Market Growth

    Patient health data is remotely gathered and analyzed aided by AI based remote patient monitoring tools to offer personalized care, monitoring, early warning capabilities along with minimal cost. There is a significant interaction between AI based tools and telehealth to tailor care plans allowing sophisticated decision making with satisfactory data security. Healthcare sectors witnesses successful implementation of AI based remote patient monitoring tools with the improved healthcare infrastructure coupled with compliance to regulatory standards.

    The market for AI in remote patient monitoring potentially upscale with the generation of large data quantities, increasing issues associating healthcare spending and appropriate patient outcome. In addition, the market is bolstering in recent years by virtue of rising prevalence of chronic illnesses such as chronic respiratory diseases, cardiovascular diseases, diabetes accelerating the demand for AI technology in remote patient monitoring.

    • According to Diabetes Research and Clinical Practices, low and middle income nations comprise approximately 9.3% or 465 million people suffering from diabetes across the globe.

    Key Takeaways

    • Based on monitoring device analysis, wearable segment overshadowed the AI in remote patient monitoring market in 2023.
    • A remarkable market shares of 75.3% is withheld by software segment owing to its growing popularity in diseases diagnosis and precise treatment.
    • Based on technology, machine learning eventually stood upright in 2023, capturing a valuable market share.
    • Based on applications, chronic disease management segment is responsible for major growth of AI powered RPM market.
    • Rising prevalence of chronic illness and cost effectiveness of AI powered RPM solutions thrives the market significantly in recent years.
    • Limited awareness regarding AI based RPM treatments coupled with poor infrastructure of healthcare facilities pull the market in backward direction.

    Type of Monitoring Device Analysis

    Wearable segment leads the global AI in RPM market

    Based on type of monitoring devices, the AI in remote patient monitoring market is broadly categorized into Wearable, Implantable and Stationary devices segments. Amongst all the important monitoring devices, a paramount role is played by wearable device segment apprehending an astonishing market revenue share of 61.2% in the year 2023.

    The segment prevails in advancing remote patient monitoring technology. Allowing the healthcare providers to scan vital signs including heart rate, blood pressure and glucose levels oxygen saturation, wearable devices assists in analyzing patients’ health condition. Even minute changes are detected alerting healthcare providers to enable early intervention.

    • For instance, lineup of new watches including Sense 2, Inspire 2, and Versa 2 are launched by Fitbit Inc., providing advancements like heart rate sensor and monitoring of blood oxygen level.

    Component Analysis

    AI based Software solutions are primarily necessitated

    On the basis on component, the market is segmented into Hardware, Software and Services categories. Amongst all these, software segment showcased its supremacy in the global AI in remote patient monitoring market capturing an impressive market share of 75.3% in the year 2023.

    A substantial need for AI based software tools arises with the increase use of RPM Solutions, assisting the clinicians to manage patient particulars effectively. In addition, high quality patient care is offered by the clinicians irrespective of the location of patients’ residence, especially became popular during COVID 19 pandemic.

    • For instance, IntelliSpace Corsium is an AI based remote patient monitoring software launched by Philips Healthcare. The platform assists the healthcare providers to track patients with chronic conditions in real time and make informed decisions.

    Technology Analysis

    Machine learning occupied a major market portion in 2023

    Based on technology, Machine Learning, Natural Language Processing, Computer Vision and others are the diverse segments accompanied in AI in remote patient monitoring market. A superior position is bolstered by machine learning segment, retaining a remarkable market share of 53.9% in the year 2023. The segment being predominant is by virtue of its ability to analyze vast amounts of data, predict precise results and improve decision making by clinicians.

    The segment further aids in analysis of patient data coming from diverse medical devices including sensors, monitors and wearables. Based on this data, machine learning algorithm predicts potential health risks, recognize oddities and mark any changes from patients’ regular health range, allowing healthcare providers to take informed decisions.

    Application Analysis

    AI based software solutions played pivotal role in chronic disease management

    With respect to applications, the market is bifurcated into Chronic Disease Management, Geriatric Care Management, Sleep Apnea Monitoring, Fitness Monitoring and other segments. Owing to the growing number of chronic cases, the chronic disease management segment holds a commanding position in the market place. With the heightening cases of chronic diseases, there is a rising demand for AI based remote patient monitoring tools.

    These diseases including diabetes, cardiovascular disease, and hypertension require ongoing management and monitoring. Thus, valuable insights are brought into account as AI based RPM solutions allow the healthcare providers to collect particulars on patient’s vital signs, symptom and adhere medication as and when required. Thus, these facets enable the segment to dominate the market grabbing a large market share of 55.2% in the year 2023.

    • According to International Diabetic Federation, around 5 million people will suffer from diabetes by 2022 and the number would expand to 6,487 million diabetic cases till 2030.

    AI In Remote Patient Monitoring Market Size

    Key Market Segments

    By Monitoring Device Type

    • Wearable
    • Implantable
    • Stationary

    By Component

    • Hardware
    • Software
    • Services

    By Technology

    • Machine Learning
    • Natural Language Processing
    • Computer Vision
    • Others

    By Application

    • Chronic Disease Management
    • Geriatric Care Management
    • Sleep Apnea Monitoring
    • Fitness Monitoring
    • Other

    Market Driver

    High pervasiveness of chronic diseases among geriatric population

    Rise in prevalence of chronic illnesses in elderly population being a foremost factor drives the AI in remote patient monitoring market in recent years. More the number of elderly population, more are the cases of chronic illnesses and high is the necessity for effective monitoring and management of diseases. AI in RPM aligns with this need of early complication detection and provide personalized care for patients dealing with the same.

    • United Nation Population Fund estimates 81% of China’s population living in 2022 was between the age of 15 to 65 years and remaining 15% was over 65 years in 2022.

    Technological Advancements

    The market further excels with the advancement in artificial intelligence technologies such as natural language processing and machine learning. These advance innovations enhance the capabilities of RPM platforms, allowing healthcare providers to appropriately scrutinize data leading to valuable insights.

    Cost Effective Solutions

    Al based remote patient monitoring solutions allow cost effective alternatives concealing traditional hospital visits, thereby bringing down burden on healthcare facilities. Hospital readmissions are cut off as the platform offers proactive care management and early intervention, thus reducing the associated costs.

    Market Restraints

    Lean recognition and poor infrastructure

    The market for AI in remote patient monitoring seems impeding by virtue of limited recognition regarding AI based RPM solutions coupled with improper healthcare infrastructure. This usually occur in developing countries where population is unaware regarding artificial intelligence advancements and its benefits. In addition to this, low digital literacy and poor internet connectivity further roadblocks the market reach.

    • Digital divide by Oxfam, the India Inequality report 2022 says approximately 70% of the population has poor or no connectivity to digital services, and only 30% of the population in the country are digitally literate.

    Sensitive patient data is under risk

    AI in remote patient monitoring platforms deals with sensitive patient information, raising concerns regarding data security and privacy. To bolster the market in the competitive era it is crucial to comply with the regulatory standards and ensure robust security measures. For instance, government introduced Executive Order on Maintaining American Leadership in Artificial Intelligence to limit impediments in usage of AI in the US., enhancing accessibility to high quality federal data, simultaneously maintaining privacy, safety and security and confidential protections with suitable laws and policies.

    Opportunities

    Incorporation of AI in Internet of Things and wearable devices

    The market gains tremendous growth opportunities by virtue of the integration of AI with wearable technology and Internet of Things (IoT) devices. This innovative idea enables seamless collection of data, real time monitoring and ameliorate patient engagement.

    Rising Collaborations opens up growth opportunities

    The market is witnessing growth with the rising collaborations between technology companies, healthcare providers and AI solution providers. These collaborational efforts thrive innovation and expedite market expansion. In addition, complementary strength and resources are gained aided by partnerships among major industry players, resulting into the evolution of market landscape during the foreseen period.

    Latest Trends

    The market for AI in remote patient monitoring showcased significant growth due to advancing innovation leading to improved patient outcomes. Some of the innovations display as:

    Natural Language Processing

    One of the important artificial intelligence platform, ‘Natural language processing’ are being applied to remote patient monitoring systems. The integration allows healthcare professionals to examine unorganized patient data such as medical notes and voice recordings, thereby enhancing data analysis and coming up with more valuable insights.

    Predictive Analytics

    AI algorithms enables predictive analytics to prognosticate health outcomes, recognize patients’ health risk and make proactive interventions possible. Thus, this allow detection of complications at an early stage thereby assisting the management of healthcare resources effectually.

    Impact of Macroeconomic factors

    Escalation population across the globe rises the demand for AI based RPM solutions

    Growing population is the frontrunner influencing the demand for AI in remote patient monitoring solutions. The need for advanced healthcare services upscale with the growing population across the globe. Aligning effectively with this demand, AI based RPM solutions enable healthcare providers to monitor distant patients’ vital signs and health metrics.

    In addition, there heightens the need for scalable solutions to manage scaling volume of patient data without interfering healthcare resources. Thus, AI plays pivotal role in improving the efficiency of remote monitoring systems by managing routine tasks automatically, permitting healthcare professionals to put their time and focus on patients demanding quick notice.

    Regional Analysis

    North America is leading the AI in Remote Patient Monitoring Market

    In 2023, a laudable market shares of 29.9% is withheld by North America leading the AI in remote patient monitoring market. Such impressive market share is a reflection of existing significant industries in the region. The region showcased lucrative market growth due to rise in prevalence of chronic illnesses coupled with regions’ compliance with stringent regulatory standards related to AI based RPM tools and solutions.

    In addition to the aforementioned factors, North America is at forefront in adoption of smartphones, usage of internet and social media combined with network improvements, leading to rising need for AI based RPM solutions thereby fostering its market reach.

    • According to Centre for Disease Control and Prevention, Heart disease affects more than 79 million Americans and is responsible for 40% of all deaths.
    • According to Projection of Chronic Illness Prevalence and Cost Inflation, 133 million Americans, approximately half of the population suffer from at least one chronic illness including arthritis, heart disease and hypertension.

    AI In Remote Patient Monitoring Market Regions

    Key Market Players

    • North America
      • US
      • Canada
    • Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Russia
      • Netherland
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • South Korea
      • India
      • New Zealand
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Mexico
      • Rest of Latin America
    • Middle East & Africa
      • South Africa
      • Saudi Arabia
      • UAE
      • Rest of MEA

    Key Players Analysis

    Emerging key players in the market are highly investing in R&D for introduction of innovative AI based remote patient monitoring tools and solutions. In addition, they are focused on implementing the strategic growth policies to increase their market presence. Moreover, they are involved in partnerships, collaborations, mergers & acquisitions. Successful launch of advanced AI platforms which can diagnose the diseases and allow clinicians to manage appropriate patient outcomes is helping the market to foster during the forecast period.

    Top Key Players in Global AI in Remote Patient Monitoring Market

    • BPG Bio, Inc.
    • Ferrum Health
    • Caption Health Inc.
    • Sensely Inc.
    • AICure LLC
    • Medasense Biometrics ltd
    • Nuance Communications
    • Atomwise Inc.
    • International Business Machine Corp.
    • Modernizing Machine, Inc.

    Recent Developments

    • In July 2023: A collaboration established between BPGBio, Inc., (an AI based biopharma that leads in oncology, neurology, and rare diseases) and VELL Health (a tech leader in holistic health and wellness). The collaboration aims to introduce cutting edge holistic health and wellness application for people with Type 2 diabetes in Guyana.
    • In May 2023: AI powered CT system was launched by Philips, to expedite routine radiology and high volume screening programs. Aided by AI, the innovation includes a range of image-reconstruction and workflow enhancing features assisting to deliver consistency, speed, and first time right image quality.

    Report Scope

    Report Features Description
    Market Value (2023) USD 2.3 Billion
    Forecast Revenue (2033) USD 24.0 Billion
    CAGR (2024-2033) 26.6%
    Base Year for Estimation 2023
    Historic Period 2018-2022
    Forecast Period 2024-2033
    Report Coverage Revenue Forecast, Market Dynamics, Macroeconomic factors, Competitive Landscape, Recent Developments
    Segments Covered By Type of Monitoring device (Wearable, Implantable, Stationary), By Component (Hardware, Software, Services), By Technology (Machine Learning, Natural Language Processing, Computer Vision, Others) By Application (Chronic Disease Management, Geriatric Care Management, Sleep Apnea Monitoring, Fitness Monitoring, Others)
    Regional Analysis North America – US, Canada; Europe – Germany, France, The UK, Spain, Italy, Russia, Netherland, Rest of Europe; APAC – China, Japan, South Korea, India, New Zealand, Singapore, Thailand, Vietnam, Rest of APAC; Latin America – Brazil, Mexico, Rest of Latin America; Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of MEA.
    Competitive Landscape BPG Bio, Inc., Ferrum Health, Caption Health Inc., Sensely Inc., AICure LLC, Medasense Biometrics ltd, Nuance Communications, Atomwise Inc., International Bussiness Machine Corp., Modernizing Machine, Inc.
    Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase Options We have three license to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)
    AI In Remote Patient Monitoring Market
    AI In Remote Patient Monitoring Market
    Published date: March 2024
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    • BPG Bio, Inc.
    • Ferrum Health
    • Caption Health Inc.
    • Sensely Inc.
    • AICure LLC
    • Medasense Biometrics ltd
    • Nuance Communications
    • Atomwise Inc.
    • International Business Machine Corp.
    • Modernizing Machine, Inc.
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