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

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

Remote Patient Monitoring Software And Services Market Growth & Trends

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 2019 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 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