Remote Patient Monitoring Software And Services Market Set to Witness an Uptick during 2022 to 2030

Posted by Mrudula Anil Karmarkar on March 28th, 2023

The global remote patient monitoring software and services market size is expected to reach USD 65.0 billion by 2030, registering a CAGR of 32.8% during the forecast period, according to a new report by Grand View Research, Inc. RPM software and services help the healthcare professionals to monitor disease progression in patients remotely. The solutions also allow clinicians to provide care plans and self-education to patients based on their condition. Rising healthcare spending by governments across the world is a major driver of the growth of the industry. For instance, the U.S. per capita healthcare spending increased from USD 10,921 in 2022 to USD 12,318 in 2021.

This is anticipated to boost the growth of the market during the forecast period. Moreover, the rising demand to curb healthcare costs is anticipated to drive the growth of the industry. RPM software helps reduce hospital visits while also reducing the risk of disease transmission, which is anticipated to increase its adoption by patients across the world. Increasing adoption of RPM solutions among physicians is also expected to be a key driver of industry growth. For instance, according to a survey conducted by the American Medical Association, the adoption of RPM devices has witnessed tremendous growth in recent years. The number of physicians using these services & software increased from 12% in 2016 to 30% in 2022.

The article also states that the number of physicians using digital health tools for clinical decision support has increased from 28% in 2016 to 47% in 2022. This is anticipated to boost the adoption of these services during the forecast period. A rise in the number of countries providing coverage for RPM services is further anticipated to drive the growth of the industry. For instance, according to an article by Prevounce, as of April 2021, 26 states in the U.S. have approved Medicaid coverage for remote patient monitoring. The article also states that by providing 20 minutes of RPM a month, a Medicare receiver can get compensation of about USD 1,400 for a period of 12 months.

Remote patient monitoring software & services help healthcare professionals to monitor and provide care to patients outside hospital settings. This is anticipated to drive the growth of the industry. RPM software allows patients to connect with healthcare professionals 24/7 through remote locations; this improves patient engagement and allows for a better outcome. These solutions are beneficial especially to those patients that have mobility issues due to age or certain conditions, such as paralysis.

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The adoption of RPM software and services also helps them have greater control over their health and aids doctors in communicating regular updates about their health. These factors are anticipated to drive the industry. Rising penetration of the internet across developing and developed nations globally is anticipated to boost the adoption of RPM software by patients and doctors during the forecast period. For instance, the number of internet users in the U.S. increased from 287.9 million in 2020 to 291.4 million in 2021. This is anticipated to increase the adoption of this software. Moreover, the increasing healthcare IT spending by governments globally is also anticipated to help in the growth of the market.

Remote Patient Monitoring Software And Services Market Report Highlights

• The services segment held the largest revenue share in 2021. The rising adoption of RPM services by hospitals and doctors to reduce the burden on healthcare facilities contributed to the growth of the segment
• The others segment, which includes chronic conditions such as Alzheimer’s, hypertension, paralysis, and arthritis, held the largest revenue share in 2021 due to the high adoption of RPM services to treat these conditions
• The providers segment dominated the industry in 2021 due to the increased adoption of RPM software to provide remote patient care
• North America was the largest region in 2021 due to the presence of key players and favorable government initiatives to promote the adoption of RPM services & software

For instance, U.S. healthcare spending increased from USD 119.5 billion in 2020 to USD 176.5 billion in 2021. This increased spending by the government is anticipated to help support the infrastructure needed for the implementation of RPM software and services. The growing prevalence of chronic conditions, such as cardiovascular diseases, diabetes, Alzheimer’s, and arthritis, across the globe is expected to drive the adoption of RPM software. According to an article by the CDC, arthritis is a leading cause of work disability, with 58.5 million people suffering from the condition in the U.S.; this is anticipated to increase the adoption of RPM software & services. Furthermore, the rising demand to curb healthcare costs is spearheading market growth.

The growing number of mHealth apps offering remote monitoring services is also driving the adoption of these services. The COVID-19 pandemic had a positive impact on the industry. The industry witnessed tremendous growth during the pandemic due to safety concerns. Staff shortages and demand for hospital beds in most healthcare facilities enabled some of the facilities to treat the patients in homecare settings, which increased the demand for software & services. RPM programs were used by hospitals to facilitate their early discharge. The discharged patients were then monitored remotely through this software, which facilitated the growth of the industry.

List of Key Players in the Remote Patient Monitoring Software And Services Market

• Teladoc Health, Inc.
• Medtronic Plc
• GE Healthcare
• Siemens Healthineers AG
• Philips Healthcare
• Caretaker Medical
• OMRON Healthcare
• BioIntelliSense