Remote Patient Monitoring Software And Services Market Size, Share & Trends Analysis Report By Type, By Application, By End-user, By Region, And Segment Forecasts, 2024 - 2030

Market Size & Trends

The global remote patient monitoring software and services market size was estimated at USD 8.5 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 34.9% from 2024 to 2030. Remote patient monitoring (RPM) software & services help healthcare professionals to monitor and provide care to patients outside hospital settings. This is anticipated to drive market’s growth.

Remote patient monitoring software allows patients to connect with healthcare professionals 24/7 through remote locations, this improves patient engagement and allows better outcomes. These solutions are beneficial, especially to those patients who have mobility issues due to age or certain conditions such as paralysis. Adoption of RPM software and services also helps them to have greater control over their health and aids the doctors in communicating regular updates about their health. These factors are anticipated to drive the adoption of remote patient monitoring.

The market witnessed tremendous growth during the COVID-19 pandemic due to high safety concerns. Increased demand for hospital beds and staff shortages in most healthcare facilities enabled some facilities to treat patients in home care settings, which contributed to increased demand for software and services. Hospitals used RPM programs to facilitate their early discharge, and the discharged patients were then monitored remotely through this software, which facilitated the market's growth.

Application Insights

Others segment held the largest market share of 53.5% in 2023. 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 their adoption. Increasing prevalence of these conditions combined with increasing geriatric population are some other key factors that are anticipated to boost this growth. Conditions such as arthritis and paralysis cause mobility issues among patients, which is anticipated to drive the demand for RPM services and solutions, thereby contributing to segment’s growth.

Diabetes is anticipated to witness the fastest CAGR of 36.8% from 2024 to 2030. Diabetes is known to affect the functions of liver, eye, heart, and kidneys and it requires continuous monitoring of blood glucose levels, which can be performed remotely. Partnerships undertaken by public and private firms to provide remote monitoring for diabetes are anticipated to drive segment’s growth. 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.

Market Dynamics

Rising penetration of internet across developing and developed nations is anticipated to drive adoption of RPM software by patients and doctors during the forecast period. For instance, number of internet users in the U.S. increased from 287.9 million in 2020 to 291.4 million in 2021, and it is anticipated to increase the adoption of this software. Moreover, increasing healthcare IT spending by global governments is also anticipated to help boost market growth. For instance, U.S. healthcare spending increased from USD 119.5 billion in 2020 to 176.5 billion in 2021. This increased government spending is anticipated to help support the infrastructure needed to implement RPM software and services.

Growing prevalence of chronic conditions such as cardiovascular diseases, diabetes, Alzheimer’s, and arthritis among the global population is expected to drive the adoption of the RPM software. According to an article by 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 remote patient monitoring software and services. Furthermore, rising demand to curb healthcare costs is spearheading the market growth. The growing number of mHealth apps offering remote monitoring services is also driving the adoption of services.

Regional Insights

North America dominated with a revenue share of 51.2% in 2023. Factors such as adoption of remote patient monitoring services and availability of digital infrastructure are anticipated to drive this growth. Government initiatives are projected to boost adoption of RPM solutions in North America. For instance, the U.S. representatives introduced the Rural Remote Monitoring Patient Act in June 2021. This bill is expected to introduce a virtual health pilot program that helps provide RPM software and services in rural U.S. states. The bill will help improve access to RPM and assist healthcare providers in better serving the patients.

MEA is projected to witness a CAGR of 40.9% from 2024 to 2030, owing to rising demand to curb healthcare costs and growing prevalence of chronic conditions such as hypertension and type II diabetes. Furthermore, use of RPM to reduce the burden on healthcare facilities and increasing investments by public and private players to strengthen digital healthcare system is anticipated to boost regional market growth. For instance, according to an article by Healthcare IT News dated June 2022, virtual care, artificial intelligence, and remote patient monitoring are expected to account for 30% of hospital investments in Middle East and North Africa.

Type Insights

Services held the largest market share of 78.2% in 2023. Factors such as higher adoption of remote patient monitoring software and services to reduce hospital admissions are expected to contribute to this growth. Some of RPM services include use of emergency response systems, data-driven patient engagement solutions, and medication management. Emergency response systems help lower response time and provide appropriate allocation of hospitals, which in turn help the patients receive better treatment.

Software is anticipated to witness the fastest CAGR of 36.6% from 2024 to 2030. Factors such as higher penetration of smartphones and internet globally are favoring this growth. For instance, according to data released by Bankmycell, the number of smartphones globally was 6.05 billion in 2020, which 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 further propel this growth.

End-user Insights

By end-user, providers segment held the largest share of 44.0% in 2023. 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 market's growth. For instance, according to a survey by the American Medical Association, in 2021, 53% of physicians were interested in using remote monitoring services to serve patients. This is anticipated to provide a considerable boost to segment's growth during the forecast period.

Patient segment is anticipated to witness the fastest CAGR of 36.2% during the forecast period. Factors such as higher adoption of the services to reduce healthcare costs and better engagement with doctors are some of the factors that are anticipated to drive the market growth during the forecast period. According to industry reports, in 2021, 4 out of 5 Americans favored adopting remote monitoring for medical care. The report also stated that 85% of the participants who used remote patient monitoring for healthcare were between the ages of 18 to 34.

Key Companies & Market Share Insights

High competition owing to innovate product offerings by key players and entry of new players has led to high market growth.

Recent developments

• 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

• In September 2022, Watertown Regional Medical Center (WRMC) introduced a new remote care management program for patients suffering from chronic conditions such as heart failure and hypertension

Remote Patient Monitoring Software And Services Market Report Scope

Global Remote Patient Monitoring Software And Services Market Report Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each sub-segment from 2018 to 2030. For this study, Grand View Research has segmented the global remote patient monitoring software and services market report based on type, application, end-user, and region:

• Type Outlook (Revenue, USD Million, 2018 - 2030)

  • Software

  • Services

• Application Outlook (Revenue, USD Million, 2018 - 2030)

  • Cancer

  • Cardiovascular Disease

  • Diabetes

  • Sleep Disorder

  • Others

• End-user Outlook (Revenue, USD Million, 2018 - 2030)

  • Payers

  • Patients

  • Providers

• Regional Outlook (Revenue, USD Million, 2018 - 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