Europe Remote Patient Monitoring Systems Market Size

Europe Remote Patient Monitoring Systems Market Analysis

The Europe Remote Patient Monitoring Systems Market size is estimated at USD 1.15 billion in 2024, and is expected to reach USD 2.66 billion by 2029, growing at a CAGR of 18.42% during the forecast period (2024-2029).

The healthcare sector in Europe had adversely impacted due to COVID-19 as demand was curbed, in particular during the first wave, in order to keep capacities free for COVID-19 patients as well as due to the fear of infection and hence the postponing of non-essential treatments and surgeries by patients. The income of hospitals decreased as more profitable surgeries and check-ups have been canceled so that ICU beds can be reserved for COVID-19 patients. Remote patient monitoring (RPM) is a one-to-many telemedicine solution that can rapidly increase healthcare system capacities. MedTech company COVID-19 Telemedicine ApS provides COVID-19 clinical protocols for remote screening and monitoring of patients. The European Commission-funded project COVID-19 Telemedicine started in August 2020. In addition to reducing staff exposure to contagions, the number of emergency department visits and hospitalizations, as well as the duration of hospital stays are also expected to reduce. The RPM solution provides comfort to anxious patients in home isolation and quarantine. The automated triage makes it a highly scalable and resource-efficient infectious disease management tool for COVID-19 and future pandemics. Such government-funded projects are expected to positively impact market growth. Several research articles have been released to offer light on how the epidemic has affected remote patient monitoring (RPM). For instance, according to a research study released in February 2022 titled "Remote patient monitoring in COVID-19: a critical appraisal," an RPM programme was put into place in April 2020, at the start of the COVID-19 pandemic in Belgium, to help patients who were admitted to the pulmonology ward with a COVID-19 infection, whether or not they had previously been hospitalised in an intensive care unit (ICU). The RPM programme allowed patients to monitor their vital signs at home, record symptoms using a standardised questionnaire, and communicate with the monitoring team by phone or "free text box." Advantages during the pandemic will therefore probably spur commercial expansion. Thus, COVID-19 has impacted positively the demand for remote patient monitoring solutions in Europe, and it is expected to increase with time.

The European remote patient monitoring systems market is expected to witness a healthy growth over the forecast period. Major factors, such as rising incidences of chronic diseases due to lifestyle changes, an increase in the aging population, demand for home-based monitoring devices, and ease of use and portability of devices, are likely to promote the growth of the market studied. According to Eurostat, in 2020, more than one-fifth (20.6 %) of the European population was aged 65 and over, and this number is expected to increase, thus increasing the incidences of chronic diseases in the region, thus driving the market. Remote patient monitoring is being increasingly recognized as a valuable tool for enhancing quality care in disease management. It also includes a broad spectrum of activity monitoring allowing healthcare providers, family members, or caretakers to measure the physical activities of patients, either actively or passively. The sensors worn by the individuals record the patients' vital signs and motor functions. Hence, due to the above-mentioned factors, the studied market is expected to grow significantly during the forecast period.

However, factors, such as stringent regulatory framework, and high cost of technology, are a few factors impeding the growth of the market studied.