AI in Remote Patient Monitoring Market
InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global AI in Remote Patient Monitoring Market- (By Product (Special Monitors (Anaesthesia Monitors, Blood Glucose Monitor, Cardiac Rhythm Monitor, Fetal Heart Rate Monitor, Multi-Parameter monitors, Prothrombin Monitors, Respiratory Monitor), Vital Monitors (Blood Pressure Monitor, Brain Monitor, Heart Rate Monitor, Pulse Oximeter, Respiratory Monitor, Temperature Monitor)), By Solution (Hardware, Services, Software), By Technology (Machine Learning, Natural Language Processing, Querying Method, Speech Recognition), By Application (Cancer, Cardiovascular Diseases, Dehydration, Diabetes, Infections, Respiratory Issues, Sleep Disorders, Viral Infection, Weight Management & Fitness Monitoring)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global AI in Remote Patient Monitoring Market is valued at USD 1,221.35 Mn in 2022, and it is expected to reach USD 6,896.41 Mn by 2031, with a CAGR of 21.3% during a forecast period of 2023-2031.
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Artificial intelligence (AI) in remote patient monitoring (RPM) encompasses the use of advanced AI technologies to collect and analyze patient data remotely. This capability facilitates continuous health monitoring, early identification of medical conditions, personalized treatment plans, and cost efficiencies. AI also enhances patient engagement and supports healthcare providers in making well-informed clinical decisions, while maintaining stringent standards for data security and patient privacy.
The growing demand for AI-driven remote patient monitoring services is driven by factors such as increased internet and mobile device penetration, rising healthcare expenditures, and the escalating need for real-time data to enable timely decision-making and deliver high-quality patient care. Government initiatives aimed at promoting AI adoption in healthcare have further accelerated market growth. For instance, the Executive Order on Maintaining American Leadership in Artificial Intelligence, issued in February 2019, aims to reduce barriers to AI technology deployment in the United States, improve access to high-quality, traceable federal data, and ensure compliance with privacy, confidentiality, safety, and security regulations. Additionally, a surge in corporate activity-including mergers and acquisitions, investments, and strategic partnerships-is contributing to the advancement and expansion of AI applications within the remote patient monitoring market.
List of Prominent Players in the AI in Remote Patient Monitoring Market:
• Aicurev
• Binah.Ai
• Biofourmis
• Care.Ai Inc.
• Connect America LLC
• Cardiomo Care, Inc.
• ChroniSense Medical, Ltd.
• CU-BX Automotive Technologies Ltd.
• Current Health
• Healthsaas Inc.
• Implicity
• Maya Md
• Somatix Inc.
• Ejenta, Inc.
• Feebris Ltd.
• Gyant.com, Inc.
• Huma Therapeutics Limited
• Neteera Technologies Ltd.
• iBeat, Inc.
• iHealth Labs, Inc.
Market Dynamics:
Drivers-
The remote patient monitoring market is principally propelled by the expanding elderly population and the increasing demand to enhance healthcare accessibility. The growing number of older adults requiring ongoing medical care underscores the necessity for remote patient monitoring systems. These technologies enable elderly patients to maintain consistent communication with healthcare providers and receive medical attention without the need for frequent hospital visits. Additionally, the demand for remote patient monitoring solutions is driven by the imperative to reduce healthcare costs and improve the delivery of care to patients residing in remote and rural areas.
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Challenges:
The deployment of artificial intelligence in remote patient monitoring presents notable challenges related to patient privacy and data security. The vulnerability of embedded visual data to potential cyberattacks raises concerns among some patients, limiting widespread acceptance. Consequently, these issues pose constraints on the overall revenue growth within the market.
Regional Trends:
North America has exhibited the highest compound annual growth rate (CAGR) in the remote patient monitoring market. This growth is driven by factors such as the increasing prevalence of chronic diseases linked to lifestyle changes, an aging population, and the convenience and mobility offered by remote monitoring devices. The expanding geriatric demographic, which is more susceptible to chronic conditions requiring ongoing monitoring and diagnosis, is expected to further accelerate the adoption of remote patient monitoring solutions, thereby fueling market expansion in the region.
Recent Developments:
• In June 2023, care.ai and Samsung formed a partnership to implement AI-driven patient monitoring using display technology. Samsung included the Smart Care Facility Platform of the Orlando-based startup into its screens, aiming to enhance patient monitoring inside the healthcare environment.
• In Feb 2022, Biofourmis and virtual care announced a multi-year agreement with UCI Health to facilitate continuous artificial intelligence (AI)-powered remote monitoring of acute and post-acute care patients in their homes using Biofourmis instruments. UCI Health’s legacy remote patient monitoring system will be replaced by Biofourmis’ RPM platform, which will continue monitoring appropriate patients after discharge.
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Segmentation of AI in Remote Patient Monitoring Market-
By Product-
• Special Monitors
o Anaesthesia Monitors
o Blood Glucose Monitor
o Cardiac Rhythm Monitor
o Fetal Heart Rate Monitor
o Multi-Parameter monitors
o Prothrombin Monitors
o Respiratory Monitor
• Vital Monitors
o Blood Pressure Monitor
o Brain Monitor
o Heart Rate Monitor
o Pulse Oximeter
o Respiratory Monitor
o Temperature Monitor
By Solution-
• Hardware
• Services
• Software
By Technology-
• Machine Learning
• Natural Language Processing
• Querying Method
• Speech Recognition
By Application-
• Cancer
• Cardiovascular Diseases
• Dehydration
• Diabetes
• Infections
• Respiratory Issues
• Sleep Disorders
• Viral Infection
• Weight Management & Fitness Monitoring
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of the Middle East and Africa
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
