Remote Patient Monitoring Software And Services Market Size, Share & Trends Analysis Report By Type (Services, Software), By End-user (Patients, Payers), By Application (CVD, Diabetes), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global remote patient monitoring software and services market size was valued at USD 6.4 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 32.8% from 2022 to 2030. 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.

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.

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.

Type Insights

On the basis of types, the industry has been further categorized into services and software. The services type segment dominated the global industry in 2021 and accounted for the maximum share of more than 81.80% of the overall revenue. The high share of this segment is attributed to the higher adoption of RPM software and services to reduce hospital admissions. Some of the services include the use of emergency response systems, medication management, and the use of data-driven patient engagement solutions. The emergency response systems help lower the response time and provide an appropriate allocation of hospitals, which, in turn, helps the patients receive better treatment.

The software segment, on the other hand, is anticipated to witness the fastest growth during the forecast period. Factors such as higher penetration of smartphones and the internet globally are favoring the growth of the segment. For instance, according to data released by bankmycell, the number of smartphones globally was 6.05 billion in 2020 and it increased to 6.37 billion in 2021. This is anticipated to boost the adoption of RPM solutions. Recent developments in 4G and 5G networks and video conferencing systems are anticipated to impel the growth of the segment during the forecast period.

End-user Insights

On the basis of end-users, the global industry has been further categorized into payers, providers, and patients. The providers' end-user segment dominated the global industry in 2021 and accounted for the largest share of more than 44.70% of the overall revenue. The providers include hospitals, clinics, physicians, and clinicians. Factors, such as higher adoption of remote patient monitoring services by the providers, are anticipated to drive the growth of the segment. For instance, according to a survey conducted by the American Medical Association, in 2021, 53% of physicians were interested in using remote monitoring services to serve their patients.

This is anticipated to provide a considerable boost to the segment during the forecast period. The patients segment is anticipated to witness the fastest CAGR during the forecast period. Factors, such as higher adoption of the services to reduce healthcare costs and better engagement with doctors, are anticipated to drive the segment growth during the forecast period. According to industry reports, in 2021, 4 out of 5 Americans were in favor of adopting remote monitoring for medical care. The report also stated that 85% of the participants that used remote patient monitoring for healthcare were between the age of 18 to 34 years.

Application Insights

By application, the others segment dominated the industry in 2021 and accounted for the largest share of more than 54.10% of the overall revenue. Higher adoption of RPM software and solutions for remote monitoring of chronic conditions, such as Alzheimer’s, arthritis, hypertension, and paralysis, is anticipated to drive the segment. The increasing prevalence of these conditions globally, combined with the increasing geriatric population, are key factors that are anticipated to boost segment growth during the forecast period. Conditions such as arthritis and paralysis cause mobility issues in patients, which is anticipated to drive the demand for these services, thereby contributing to the growth of the segment.

The diabetes segment is anticipated to witness the fastest growth rate during the forecast period. Diabetes requires continuous monitoring of blood glucose levels, which can be performed remotely. Diabetes can affect the functions of the liver, eyes, heart, and kidneys. This is anticipated to drive segment growth during the forecast period. Partnerships undertaken by public and private firms to provide remote monitoring for diabetes are anticipated to further drive the segment. For instance, the University of Mississippi Medical Center partnered with North Mississippi Primary Health Care to increase access to diabetes care management through remote monitoring. The program aims to reach at least 1,000 participants across eight cities in the U.S., which include Corinth, Ashland, Booneville, Oxford, New Albany, Ripley, Tishomingo, and Walnut.

Regional Insights

North America dominated the global industry in 2021 with a share of more than 51.00% of the overall revenue. Factors, such as the adoption of remote patient monitoring services, combined with the availability of digital infrastructure, are anticipated to drive the growth of the market in the region. Initiatives undertaken by the regional government are also projected to boost the adoption of RPM solutions. For instance, the U.S. representatives introduced Rural Remote Monitoring Patient Act in June 2021; the bill is expected to introduce a virtual health pilot program that will help provide remote patient monitoring software and services in rural states of the U.S. The bill will help improve access to remote patient monitoring and assist healthcare providers in better serving the patients.

The Middle East & Africa region is projected to witness significant growth during the forecast period owing to the rising demand to curb healthcare costs and the growing prevalence of chronic conditions, such as hypertension and type II diabetes. Furthermore, the use of RPM to reduce the burden on healthcare facilities combined with the increasing investments by public and private players to strengthen the digital healthcare system are anticipated to boost industry growth in the region. For instance, according to an article by Healthcare IT News dated June 2022, virtual care, artificial intelligence, and remote patient monitoring will account for 30% of hospital investments in the Middle East and North Africa.

Key Companies & Market Share Insights

The industry is highly competitive owing to innovative product offerings and the entry of new players. For instance, in August 2021, Medtronic announced a partnership with BioIntelliSense. Through this partnership, Medtronic will deliver BioButton to U.S. hospitals and 30-day post-acute hospital-to-home rights. BioButton is a multiple-parameter wearable system that tracks vital signs in patients. Some of the key players operating in the global remote patient monitoring software and services market:

• Teladoc Health, Inc.

• Medtronic Plc.

• GE Healthcare

• Siemens Healthineers AG

• Philips Healthcare

• Caretaker Medical

• OMRON Healthcare

• BioIntelliSense

Remote Patient Monitoring Software And Services Market Report Scope

Global Remote Patient Monitoring Software And Services Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2030. For the purpose of this study, Grand View Research has segmented the global remote patient monitoring software and services market report on the basis of type, application, end-user, and region:

• Type Outlook (Revenue, USD Million, 2016 - 2030)

  • Software

  • Services

• Application Outlook (Revenue, USD Million, 2016 - 2030)

  • Cancer

  • Cardiovascular Disease

  • Diabetes

  • Sleep Disorder

  • Others

• End-user Outlook (Revenue, USD Million, 2016 - 2030)

  • Payers

  • Patients

  • Providers

• Regional Outlook (Revenue, USD Million, 2016 - 2030)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

    • Russia

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

    • Singapore

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • UAE