Artificial Intelligence (AI) in Remote Patient Monitoring Market
Number of pages: 100 | Report Format: PDF | Published date: April 04, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
|
Report Attribute |
Details |
|
Market Size Value in 2022 |
US$ 1.5 billion |
|
Revenue Forecast in 2031 |
US$ 11.6 billion |
|
CAGR |
25.5% |
|
Base Year For Estimation |
2022 |
|
Forecast Period |
2023-2031 |
|
Historical Year |
2021 |
|
Segments Covered |
Offering, Technology, Application, and Region |
|
Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global artificial intelligence (AI) in the remote patient monitoring market was valued at US$ 1.5 billion in 2022 and is expected to register a revenue CAGR of 25.5% to reach US$ 11.6 billion by 2031.
Artificial Intelligence (AI) in Remote Patient Monitoring Market Fundamentals
Artificial Intelligence (AI) in remote patient monitoring is increasingly used in healthcare. The popular healthcare apps help physicians keep track of patients with acute or chronic illnesses in far-flung locations, elderly patients receiving in-home care, and even hospitalized patients. The efficiency of staff time management, which relies on staff workload, is necessary for manual patient monitoring systems to be reliable. Invasive techniques that necessitate skin contact are used in conventional patient monitoring to keep track of the health state. However, technological advancements have led to the development of non-invasive patient monitoring systems that can accurately track vital signs without requiring skin contact. These systems improve efficiency and reduce the risk of infection transmission. Remote patient monitoring solutions powered by artificial intelligence (AI) offer healthcare workers many advantages. The technologies can improve quality indicators, lower hospitalization rates, and track real-time activity trends. For instance, a chatbot driven by artificial intelligence can be installed on a hospital website. The virtual health assistant can take conversation information and use machine learning (ML) and natural language processing (NLP) to guide care.
[68687]
Artificial Intelligence (AI) in Remote Patient Monitoring Market Dynamics
From categorizing physical exercise to monitoring chronic diseases and vital signs in emergencies, artificial intelligence plays various roles in remote patient monitoring. The healthcare sector is changing quickly due to large amounts of data, rising healthcare expenses, and precise patient outcomes. The need for real-time data is growing as the prevalence of chronic illnesses like diabetes, cardiovascular disease, and chronic respiratory diseases rises, which in turn is driving demand for AI technology in remote patient monitoring. The demand for AI in remote patient monitoring services is driven by the growing adoption of data-driven projects, a rise in demand for real-time information, an increase in patient registries, a surge in demand for lowering healthcare costs, and the provision of high-quality care to patients for better outcomes. Moreover, the need for AI for remote patient monitoring services is also growing due to the internet and mobile technology expansion and the growing demand for real-time data to support decision-making and deliver quality care to patients. Rising government initiatives to promote the use of AI in healthcare are positively accelerating market revenue expansion.
Additionally, there are major opportunities for artificial intelligence-powered remote patient monitoring in clinical trials. Traditional clinical trials frequently have geographical restrictions because they can only recruit willing participants from within their near vicinity. Doctors can monitor patients at home, interact with them throughout the trial, and get a clear picture of their progress with AI remote patient monitoring. Artificial intelligence optimizes study execution while lowering risks. Real-time data collection enhances decision-making and patient results. Additionally, patients can conveniently obtain their care and remotely manage their health. This significantly reduces clinical study dropout rates, benefiting patients and physicians.
However, artificial intelligence in remote patient monitoring capabilities has brought up some important issues regarding patient protection. Not all patients are comfortable using embedded vision data due to its vulnerability to attacks and lack of control over its use. This results in restraining the market revenue growth to some extent.
Artificial Intelligence (AI) in Remote Patient Monitoring Market Ecosystem
The global artificial intelligence (AI) in remote patient monitoring market is analyzed from four perspectives: offering, technology, application, and region.
Artificial Intelligence (AI) in Remote Patient Monitoring Market by Offering
[86555]
Based on the offerings, the global artificial intelligence (AI) in remote patient monitoring market is segmented into software and services.
The software segment accounted for the largest revenue share of the global artificial intelligence (AI) in remote patient monitoring market in 2022. Even though the assets are located in various physical locations, remote monitoring with AI software allows doctors to view asset information from anywhere, anytime, and on any device. As a result, it can be used to track and analyze the operation and condition of assets situated outside the workplace, such as when patients are traveling. A smart sensor installed for remote monitoring gathers and stores data from an asset digitally, reducing the possibility of errors, as opposed to manually recording data, entering it into a spreadsheet, and then conducting analysis. Additionally, gathering data with smart sensors guarantees greater accuracy than manual methods when collecting repetitive data. The doctor can constantly check on the health of your assets with software-based remote monitoring; also, anomalies can be spotted immediately. Analytics processing of this performance and health data offers additional insights on predictive maintenance, allowing fixing assets before they break and drastically reducing delay.
Artificial Intelligence (AI) in Remote Patient Monitoring Market by Technology
Based on the technologies, the global artificial intelligence (AI) in remote patient monitoring market is segmented into machine learning, natural language processing, and others.
The machine learning segment accounts for the largest revenue share of the global artificial intelligence (AI) in remote patient monitoring market in 2022. Using specialized algorithms, machine learning, a subset of AI, can help clinicians understand complex data quickly. They can help with a patient evaluation to aid in the early prediction of health status deterioration and even categorize the various motions or activities the patient engages in. These AI algorithms can process large datasets to identify and understand complex patterns for decision-making. The development of even more potent artificial neural networks and deep learning algorithms that can manage and optimize extremely complex datasets has recently been accelerated by improvements in computational speed. Implementing an IoT model with a centralized control device and interface can automate many routine chores. This might reduce human error and improve patient protection, contributing to the segment's revenue growth.
Artificial Intelligence (AI) in Remote Patient Monitoring Market by Application
Based on the applications, the global artificial intelligence (AI) in remote patient monitoring market is segmented into pulse oximeters, blood glucose monitoring, weight monitoring, and others.
The pulse oximeter segment accounted for the largest revenue share of the global artificial intelligence (AI) in remote patient monitoring market in 2022. This segment is growing because of chronic diseases, the aging population, and the increasing prevalence of respiratory disorders globally. The market revenue will expand due to increasing healthcare spending, improvements in pulse oximeter technology, and the expansion of the medical device industry in developing nations. New and sophisticated products are being introduced due to technological advancements, which offer the pulse oximeter industry a wealth of potential possibilities. Technology advancements in pulse oximeter equipment have led to a rise in the analysis of the hemoglobin level, oxygen saturation, and pulse rate (PR). Other hemoglobin species have been added to the multiwavelength analysis's scope of detection beyond SpO2 and PR, including methemoglobin, carboxyhemoglobin, and total hemoglobin. Morphological studies of the waveform are now feasible owing to technological advancements in artificial intelligence in remote patient monitoring market. Additionally, more advanced digital pulse oximeters have been introduced to the market, which is expected to greatly increase pulse oximeter sales, where mobile phone applications are used to operate digital pulse oximeters.
Artificial Intelligence (AI) in Remote Patient Monitoring Market by Region
Based on the region, the global artificial intelligence (AI) in remote patient monitoring market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America accounted for the largest revenue share of the global artificial intelligence (AI) in remote patient monitoring market in 2022. Due to the existence of major players, North America currently dominates the market. Additionally, the development is anticipated to be supported by North America's simplified repayment laws and an increase in the prevalence of rare diseases. A well-developed healthcare infrastructure, the presence of industry titans, the launch of cutting-edge technologies, payment coverage, and other factors are all thought to be contributing to the region's high demand for sophisticated healthcare services. Increased public knowledge of diseases, their treatments, and the associated preventive measures has also significantly impacted the market. The uptake of smartphones, network improvements, and internet & social media usage drive the industry. The demand for AI-based remote patient monitoring solutions in the North American area is driven by the expansion of mHealth apps and extensive R&D in health wearables.
Competitive Landscape of Artificial Intelligence (AI) in Remote Patient Monitoring Market
Many healthcare organizations are forming alliances and partnerships with technology firms operating in artificial intelligence to take advantage of the emerging opportunity of personalized medicine. Thus, the growth of eHealth applications has enriched the value chain of the market for remote patient monitoring. Products from industry players in technology like Apple provide remote patient tracking for overall well-being. Technology firms are investing significantly in research and development to increase their remote patient monitoring market share. Several healthcare companies have improved their product portfolio by adding more security features to Al tools that abide by local and international patient privacy laws and safeguard data security. Also, the involvement of start-ups is increasing day by day. For instance, in April 2021, digital health start-up MFine launched the MFine Pulse, an app-based SPO2 (blood oxygen saturation) monitoring tool enabling users to track their oxygen saturation levels without an additional device. Using the power of smartphones and AI, MFine Pulse helps users measure oxygen saturation using the phone camera and flash.
Notable market participants operating in the Artificial Intelligence (AI) in Remote Patient Monitoring Market include:
Strategic Development in Artificial Intelligence (AI) in Remote Patient Monitoring Market
The software segment dominates the global artificial intelligence (AI) in remote patient monitoring market with the largest revenue share.
The increasing use of smartphones and advanced gadgets is the main driving force behind the significant revenue growth of global artificial intelligence (AI) in remote patient monitoring market.
The concern regarding patient data protection and lack of awareness are the restraining factors for the growth of global artificial intelligence (AI) in the remote patient monitoring market.
Key companies operating the global artificial intelligence (AI) in remote patient monitoring market are Aicure, Binah.Ai, Biofourmis, Care.Ai Inc., and Connect America LLC.
The global artificial intelligence (AI) in remote patient monitoring market is expected to grow at a revenue CAGR of 25.5% during the forecast period from 2023 to 2031.
*Insights on financial performance are subject to the availability of information in the public domain