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

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

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, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 34.9 % during the forecast period from 2024 to 2030. Remote patient monitoring (RPM) software and services help healthcare professionals monitor disease progression in patients remotely. These solutions also allow clinicians to provide care plans and self-education to patients based on their conditions.

Rising healthcare spending by governments across the globe is a major driver for market growth. 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 further boost the growth. Moreover, rising demand to curb healthcare costs is anticipated to drive growth. Remote patient monitoring software helps reduce hospital visits while also reducing the risk of disease transmission, which is anticipated to increase its adoption by patients.

Increasing adoption of RPM solutions among physicians is expected to be a key market growth driver. For instance, according to an American Medical Association survey, the adoption of RPM devices has witnessed tremendous growth in recent years. Physicians using these software and services 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 expected to boost the adoption of services. The rising number of countries providing coverage for remote patient monitoring services is anticipated to drive the market's growth. For instance, according to an article by Prevounce, as of April 2021, 26 states in the U.S. approved Medicaid coverage for remote patient monitoring. The article also states that by providing 20 minutes of remote patient monitoring a month, a Medicare receiver can get compensation of about USD 1,400 for 12 months.

Remote Patient Monitoring Software And Services Market Report Highlights

• In 2023, the services segment held the largest share of 78.2%. The rising adoption of RPM services by hospitals and doctors to reduce burden on healthcare facilities contributed to the segment’s growth
• In 2023, others application segment which includes other chronic conditions such as Alzheimer’s, hypertension, paralysis, and arthritis held the largest share of 53.5%. Factors such as higher adoption of RPM services to treat these conditions contributed to this growth
• In 2023, providers segment held the largest revenue share of 44.0%. Factors such as increasing adoption of RPM software to provide remote patient care contributed to this growth
• In 2023, North America held the largest revenue share of 51.2% due to the presence of key players and favorable government initiatives to promote adoption of RPM software and services

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