Global Remote Patient Monitoring Software and Services Market by Product Type (Services, Software), By Application (Cardiovascular Diseases, Cancer, Diabetes, Neurological Disorders, and other applications), By End-User, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends and Forecast 2023-2032

Report Overview

In 2022, The Global Remote Patient Monitoring Software and services Market size is expected to be worth around USD 78.4 Billion by 2032 from USD 6.7 Billion in 2022, growing at a CAGR of 28.7 % during the forecast period from 2023 to 2032.

Remote patient monitoring software is a tool used by doctors to track the health of their patients outside of a hospital. This software automatically gathers data on patients’ health, including pulse rate, heart rate, blood pressure, oxygen levels, and sleep quality, via mobile devices and sensor-based wearables provided to patients.

Continuous monitoring of patients’ health through collected data helps in the early detection of potential illnesses or health issues. For instance, doctors can keep a regular check on a patient’s blood pressure to prevent conditions like heart attack or stroke.

*Actual Numbers Might Vary in the final report

Key Takeaways

• Market Growth: The remote patient monitoring market has experienced dramatic expansion due to factors including an aging population, rising prevalence of chronic illnesses, efforts to lower healthcare costs and advancements in technology.
• Chronic Disease Management: RPM solutions can be especially valuable when used to effectively manage chronic conditions like diabetes, hypertension and heart disease. Their real-time data collection capabilities and continuous health monitoring ensure effective disease control for these conditions.
• Telehealth Integration: RPM can often be integrated with telehealth platforms to allow healthcare providers to conduct virtual visits and monitor patient information remotely – improving continuity of care while decreasing in-person visits. This integration further decreases costs associated with caregiving by decreasing inefficiencies associated with individual care delivery visits.
• Wearable Devices and IoT: Wearable and Internet of Things (IoT) technology has revolutionized RPM by collecting information on various health parameters like heart rate, blood pressure, glucose levels and activity levels.
• Data Analytics and AI: Modern data analytics and artificial intelligence (AI) technologies are employed to process the vast amounts of data produced by RPM devices, helping identify trends, anomalies and early warning signs allowing timely interventions.
• Patient Engagement: For successful RPM to occur, effective patient engagement and adherence is often essential. User-friendly interfaces, mobile apps and educational content can all encourage patients to actively take part in their own healthcare journey.

Product Type Analysis

The market has been divided into two categories: services and software. In 2022, the services category dominated the global industry and contributed to over 83.20% of the total revenue. This is due to the increased use of RPM software and services to reduce hospital admissions. Some services that fall under this category include emergency response systems, medication management, and data-driven patient engagement solutions. Emergency response systems help to reduce response time and allocate hospitals appropriately, which ultimately leads to better patient treatment.

Application Analysis

In terms of application, the market is segmented into cardiovascular diseases, cancer, diabetes, neurological disorders, and other applications. Among them, other segments dominated the global market with 56.30% in 2022. The remote monitoring of chronic conditions, such as Alzheimer’s, arthritis, hypertension and paralysis through RPM software and solutions is expected to become more widely used.

This is due to the growing prevalence of these condition worldwide, as well as the increasing number of elderly people. Patients with mobility issues caused by condition such as arthritis and paralysis are likely to require these services, which will help to drive the growth in this sector.

During the forecast period, the diabetes segment is expected to experience the fastest growth rate. Diabetes necessitates consistent monitoring of blood glucose levels, which can be done remotely. Diabetes can have an impact on the functioning of the liver, eyes, heart, and kidneys. As a result, this is expected to drive segment growth during the forecast period. The partnerships formed by public and private companies to offer remote monitoring for diabetes are also expected to contribute to the growth of the segment.

End-User Analysis

On the basis of end-user, the market is categorized into payers, patients and providers. Among them, the provider’s segment dominated the market with 46.40% share in 2022. Healthcare providers, including hospitals, clinics, and physicians are expected to see growth due to increased adoption of remote patient monitoring services. A survey conducted by the American Medical Association showed that in 2021, 53% of physicians expressed interest in using remote monitoring services to better serve their patients.

It is expected that this will greatly benefit the industry in the coming years. The patient segment is projected to experience the highest rate of growth during this time. This is due to factors such as increased use of these services to lower healthcare expenses and improved communication with healthcare professionals, which will drive growth in this segment.

Key Market Segments

By Product Type

• Services
• Software

By Application

• Cardiovascular Diseases
• Cancer
• Diabetes
• Neurological Disorders
• Other Applications

By End-User

• Payers
• Patients
• Providers

Drivers

The elderly population is increasing and there is a growing demand to improve access to healthcare.

The market for remote patient monitoring is growing because of the rise in the number of elderly patients and the need for better access to healthcare. With more elderly patients requiring medical attention, remote patient monitoring systems have become increasingly popular. These systems enable elderly patients to stay connected with their doctors and receive medical care without traveling to the hospital frequently.

Moreover, the demand for remote patient monitoring systems is also driven by the need to reduce healthcare expenses and provide better care to patients in remote and rural areas.

The growth of the remote patient monitoring market is being driven by advancements in technology.

In recent times, the remote patient monitoring sector has witnessed an increase in technological advancements, which is contributing to the growth of the market. These systems are designed to offer healthcare access to people from remote locations, and also help to reduce costs while improving outcomes.

With the rapid advancements in technology such as the Internet of Things (IoT), cloud computing and artificial intelligence, solutions for connected health have greatly improved. The use of Bluetooth-based headsets to measure vital signs like heart rate, body temperature, and blood pressure has enabled healthcare professionals to remotely monitor their patients from any location. This has greatly enhanced patient care and management.

In addition, the emergence of smartphone applications has made remote patient monitoring more effective and convenient. One such app is My Medical, which collates health data from various sources, such as personal medical records and fitness tracking devices. This allows for personalized treatment plans to be created for patients. Overall, advancements in technology are contributing to the expansion of the remote patient monitoring market.

Restraints

Shortage of experts in the healthcare industry

The market’s expansion is being hindered by strict regulatory requirements, a shortage of qualified personnel in the healthcare sector, and unfavorable reimbursement rules that do not provide adequate compensation.

The market growth of RPM may be hindered by the high costs involved in its installation and training process.

The expenses involved in installing a remote patient monitoring system include training and installation costs, which can vary greatly depending on the system’s complexity. For a basic system that simply reports vital signs, the cost may be around $500 or less and for a more advanced system with a variety of features, the cost could exceed $10,000.

It’s important to note that advanced features like real-time data analysis and predictive maintenance may increase the cost of an RPM system. However, investing in such a system can lead to significant long-term benefits like improved asset management, reduced downtime, and higher operational efficiency.

Opportunity

Remote patient monitoring is highly effective in preventing and treating diseases.

Various remote monitoring systems are utilized depending on the application. However, the general architecture of each solution comprises the following components: Wearable and portable medical equipment are equipped with sensors to measure a patient’s vital signs. Local data archiving collects data from the patient’s sensors and communicates with centralized storage managed by the provider.

The system of organized storage gathers and saves information from a range of sources such as patient devices, analytics platforms, and e-medicine. When necessary, computer software analyzes the data from a centralized repository and informs patients, providers, and caregivers. Diagnostic applications may also be available on the patient’s device, particularly for individuals with heart problems, which can suggest the next course of action.

Trends

Increasing Adoption of remote patient monitoring software and services

Healthcare professionals can now use remote patient monitoring (RPM) software and services to monitor and treat patients outside of traditional hospital settings. This is expected to drive the growth of the market. RPM software empowers patients to stay in constant communication with medical staff members from any location, resulting in better patient engagement and improved outcomes. This is especially beneficial for individuals who face mobility challenges due to advanced age or illnesses such as paralysis.

Regional Analysis

North America Holds Significant Share of the Global Remote Patient Monitoring Software & Services Market

North America held the largest market share, with 53.5% in remote patient monitoring software & services in 2022. The market is expanding due to various factors such as the rising prevalence of chronic diseases, growing geriatric population, demand for portable and wireless systems, and the availability of a sophisticated reimbursement structure in the region.

The regional government is taking steps to promote the use of remote patient monitoring (RPM) solutions. For example, In June 2021, the U.S. representatives introduced the Rural Remote Monitoring Patient Act. The purpose of the bill was to establish a virtual health pilot program that will offer remote patient monitoring software and services in rural areas of the U.S. Its goal is to improve access to remote patient monitoring and support healthcare providers in delivering better care to their patients.

During the forecast period, the Middle East & Africa region is expected to experience significant growth due to the increasing need to control healthcare costs and the rising prevalence of chronic conditions like hypertension and type II diabetes. Moreover, the use of RPM to reduce the burden on healthcare facilities, along with the growing investments made by both public and private players to strengthen the digital healthcare system, are likely to drive industry growth in the region.

For instance, a Healthcare IT News article from June 2022 stated that virtual care, artificial intelligence, and remote patient monitoring are expected to account for 30% of hospital investments in the Middle East and North Africa.

Key Regions

• North America
  • The US
  • Canada
• Europe
  • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Russia
  • Netherland
  • Rest of Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia
  • New Zealand
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA

Key Players Analysis

Remote patient monitoring software and services market is fragmented in nature due to presence of several companies operating regionally as well as globally. The industry is facing intense competition due to the emergence of new players with innovative product offerings. Some of the dominant players of remote patent monitoring software & services market include Siemens Healthineers AG, Teladoc Health Inc., GE Healthcare, and Medtronic Plc.

Market Key Players

The following are some of the major players in the industry

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

Recent Development

• In January 2022, OMRON Healthcare, Inc. was awarded for their exceptional remote patient monitoring programs in both the US and the UK. It is believed that this recognition will aid in promoting more active healthcare management, encouraging behavioral changes to reduce health risks, strengthening the bond between patients and physicians, and advancing the company’s mission of achieving zero instances of stroke and heart attack.
• In September 2022, Medtronic has formed a partnership with Stasis Health to introduce Stasis’ new bedside patient monitoring system in India. This collaboration is expected to benefit Stasis by expanding its medical presence in the country, while also strengthening Medtronic’s position in the remote patient monitoring market.

Report Scope