The remote patient monitoring software & solutions market size is estimated to be USD 6,584.1 million in 2022 and is expected to witness a CAGR of 33.57% during the forecast period 2023-2033. Increasing internet usage in both developed and developing countries, rising incidence of chronic diseases, and growing geriatric population are factors contributing to the market growth. However, lack of highly qualified workers and concerns associated with system failures is expected to hinder the growth.

Increasing internet usage in both developed and developing countries is expected to propel the market growth. For instance, the number of internet users in the United States expanded from 287.9 million in 2020 to 291.4 million in 2021. This is expected that this will enhance the software’s acceptance. Furthermore, it is projected that rising government spending on healthcare IT will support industry expansion. For instance, U.S. healthcare spending surged from USD 119.5 billion in 2020 to USD 176.5 billion in 2021. It is predicted that the government’s increased spending will contribute to the infrastructure required for the implementation of RPM software and services.

The demand for RPM software is anticipated to be fuelled by the rising incidence of chronic diseases including arthritis, diabetes, Alzheimer’s, and cardiovascular diseases around the world. With 58.5 million individuals in America is suffering from arthritis, it is the most common cause of work disability, according to a CDC report. As a result, RPM software & services are anticipated to become more popular. Growth in the market is also being spurred by the increasing need to lower healthcare expenditures.

Segmentation

By Type

The market is categorized into services and software. In 2022, the services segment accounted for the highest revenue share due to the growing use of RPM software and services to lower hospital admissions. Services are the usage of patient interaction tools powered by data, prescription management, and emergency response systems. By reducing response times and allocating hospitals appropriately, emergency response systems contribute in improving the care that patients receive. On the other hand, it is projected that the software segment would experience the fastest increase during the forecast period. The segment’s rise is being supported by factors including the rising use of smartphones and the internet globally. For instance, statistics from bankmycell shows that there were 6.05 billion smartphones worldwide in 2020, and 6.37 billion in 2021.

By Application

The market is categorized into cardiovascular disease, cancer, sleep disorder, diabetes, and others. In the global market, the others segment accounted for the largest revenue share in 2022 owing to usage of RPM software and solutions for remote monitoring of chronic diseases, such as Alzheimer’s, arthritis, hypertension, and paralysis. Major factors that are projected to fuel sector expansion during the forecast period include the rising prevalence of these diseases globally and the growing geriatric population. Patients with diseases including arthritis and paralysis experience mobility problems, which is predicted to increase demand for these services and support the segment’s expansion. The diabetes segment is expected to expand at the fastest rate during the projected period. Blood glucose levels must be continuously monitored for diabetes, and this can be done remotely. The liver, eyes, heart, and kidneys can all be affected by diabetes.  This is expected to spur segment expansion during the forecast period. Partnerships between public and commercial companies to provide remote diabetes monitoring are predicted to further fuel the industry.

By End User

The market is segmented into patients, providers, payers. In 2022, the providers segment accounted for the largest revenue share owing to increased use of remote patient monitoring services by providers. For instance, 53% of doctors showed interest in employing remote monitoring services to care for their patients in 2021, according to a survey by the American Medical Association. The patients segment is expected to see the quickest CAGR during the projected period. Factors such as rising usage of the services to cut healthcare expenses and improved doctor interaction will fuel segment expansion. The adoption of remote monitoring for medical treatment was supported by 4 out of 5 Americans in 2021, according to industry reports. 85% of the participants in the study who used remote patient monitoring for medical purposes were aged 18 to 34, according to the research.

Regional Markets

In 2022, North America region accounted for the highest revenue in the remote patient monitoring software & solutions market and is expected to maintain its dominance during the forecast period. This is attributed to the use of remote patient monitoring services and the accessibility of digital infrastructure. The regional government’s actions are also anticipated to accelerate the acceptance of RPM solutions. For instance, the Rural Remote Monitoring Patient Act was introduced by U.S. lawmakers in June 2021, it is anticipated that the measure will establish a virtual health pilot programme to assist in the provision of remote patient monitoring software and services in rural regions of the U.S. The Middle East and Africa region is expected to experience considerable increase during the projection period due to growing need to control healthcare expenditures and the rising incidence of chronic diseases including type II diabetes and hypertension.

Competitor Insights

Some of the key players operating in the remote patient monitoring software & solutions market are OMRON Healthcare, Medtronic Plc., Teladoc Health Inc., GE Healthcare, Philips Healthcare, Siemens Healthineers AG, Caretaker Medical, and BioIntelliSense.

To achieve a competitive edge, these companies are implementing a variety of growth strategies. Strategic partnerships, alliances, and agreements with different businesses and research institutions are seen to be the main strategies used by companies in this sector.

• For instance, Medtronic announced a collaboration with BioIntelliSense in August 2021. Through this collaboration, Medtronic will provide 30-day post-acute hospital-to-home rights and BioButton to hospitals in the United States. A multi-parameter wearable system called BioButton monitors patients’ vital signs.

This comprehensive research report focuses on the global and regional market size and forecasts of diverse segments including type, application, and end user from 2023 to 2033.

Report Scope:

Segmentation: Remote Patient Monitoring Software & Solutions Market Report 2022 – 2033

Type (Revenue, USD Million), 2022 – 2033

• Services
• Software

Application (Revenue, USD Million), 2022 – 2033

• Cardiovascular Disease
• Cancer
• Sleep Disorder
• Diabetes
• Others

End user (Revenue, USD Million), 2022 – 2033

• Patients
• Providers
• Payers

By Region (Revenue, USD Million), 2022 – 2033

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Argentina
  • Rest of LATAM
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of MEA