Remote Patient Monitoring Software And Services Market Expected To Fuel Industry Growth With $65.0 Billion By 2030: Grand View Research Inc.
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
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