Remote patient monitoring allows the healthcare professionals to monitor disease and symptom progression remotely andengage with patients virtually to modify the care plans and provide education on self-care, based on changes in the patient’s condition. The increasing adoption of remote patient monitoring as it helps in the management of chronic disease and contributes to reducing the frequency of hospital admissions and lowers the healthcare cost thereby driving the market growth. In addition, the RPM software facilitates patient engagement by allowing the patients to connect with the care team 24/7 and provides the patients greater control over their health by providing time-to-time reminders. Also, it helps patients to manage a balanced health status at every point-of-care cycle from arising concerns, preliminary diagnosis, and quick treatment to post-discharge recovery.In addition,the outbreak of COVID-19 prompted a significant increase in the interaction of healthcare professionals with patients through RPM solutions, which allowed for continued access to timely and needed care.
The increasing digitalization and rising penetration of the internet across the globe are some of the factors impelling the market. Furthermore, rising healthcare costs and the growing need to monitor population health in real-time & accurately is supporting the adoption of RPM software solutions and applications. Also, the shift to value-based care models in developed economies and several initiatives by public & private players to further develop various applications and software for remote patient monitoring is expected to drive the segment.
The market players focusing on the development of software specifically used for various diseases such as diabetes, cancer, and cardiovascular disease among others is further fuelling the adoption of the software. For instance, The Dexcom Clarity software specifically tracks trends in blood glucose gleaned from the wearable device and provides the patient with a visual analysis of the data. Moreover, the government initiatives to support the facilitation of remote patient monitoring software are boosting the market. For instance, the U.S. FDA issued several guidelines for utilizing RPM software to facilitate the management of patients. Also, in March 2020, the U.S. Congress announced a mandatory funding authorization for USD 500 Million over 10 years to be used towards a remote healthcare program, thereby showinginterest in expanding RPM across health care institutions.
Some of the key players in the market are Medtronic Plc., GE Healthcare, Siemens Healthineers AG, Philips Healthcare, Caretaker Medical, OMRON Healthcare, and BioIntelliSense. Various strategies such as product launch, collaborations, merger and acquisitions are adopted by these key players to increase the market share. For instance, in January 2021, OMRON Healthcare introduced ‘VitalSight’, its first remote patient monitoring service andpreviewed a new app, which will increase the capabilities of every OMRON connected blood pressure monitor.
Grand View Research, Inc. has segmented the remote patient monitoring software and services market report based on type, application, end-use and region:
Type Outlook (Revenue, USD Million, 2016 - 2030)
Application Outlook (Revenue, USD Million, 2016 - 2030)
End- Use Outlook (Revenue, USD Million, 2016 - 2030)
Regional Outlook (Revenue, USD Million, 2016 - 2030)
NEED A CUSTOM REPORT?
We can customize every report - free of charge - including purchasing stand-alone sections or country-level reports, as well as offer affordable discounts for start-ups & universities.
Contact us now to get our best pricing.
ESOMAR certified & member
Leading SME award by D&B
"The quality of research they have done for us has been excellent."