Remote Patient Monitoring Software and Services Industry Hit Enormous Growth

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Table of Content

The global remote patient monitoring software and services industry revenue will attain around USD 68 billion by 2032 from USD 6.9 billion in 2022 and is poised to grow at a CAGR of 25.71% between 2023 and 2032. Remote patient monitoring software and services allow medical professionals to monitor and treat patients outside of hospitals. This should encourage the industry's growth.

Market Growth:

The demand for remote healthcare solutions has increased dramatically, as has an investment in software development for remote health monitoring.

It accurately captures the industry's interest in technology. Particularly, medical monitoring has already been adopted in 20% of American hospitals and clinics, and 23% have plans to do so in the upcoming year. In the United States alone, over 30 million individuals will make use of remote monitoring systems by 2024. And when 5G technology is more widely used, that number will rise.

A part of the larger telehealth and e-health industries is remote patient monitoring. It is a digital method for managing and keeping tabs on the health of acute (or chronic) patients as well as gathering crucial health-related data in a secure and trustworthy manner. Let's examine the advantages that make RPM systems so vital.

Regional Snapshot:

As the country with the greatest economy in this area, the United States population trend has a significant impact on the development of the industry under study, both positively and negatively. For instance, the usage of patient monitoring devices is increasing as a result of the growing elderly population in the United States. For instance, 70% of the population in China will be alive in 2022, according to figures from the United Nations Population Fund. Moreover, 13% of the population will be 65 years of age or older in 2022, according to the same source.

As a result, the growing geriatric population is more likely to develop chronic diseases that call for appropriate monitoring and diagnosis. As a result, the adoption of remote patient monitoring to regularly monitor patients' conditions and status is anticipated to rise, driving the growth of the studied industry. In addition, China has a high prevalence of chronic disorders including cancer, obesity, diabetes, and others, which are predicted to propel the development of the industry under study.

Types of Remote Patient Monitoring Software and Services

• IoT applications in medicine - They gather information from wearable technology, like smartwatches. The real-time messages and alerts from these applications encourage users to keep an eye on their symptoms and medical concerns.
• Fillable applications - Through a series of questions, they let medical professionals gather personal information about patients' symptoms and overall health. These applications are often less expensive than the earlier ones since they require less complicated software implementations.
• Live video conferences - These programs are among the most widely used RPM programs because they let doctors have live video conferences with their patients.
• Apps for Precision Care - These applications gather information for medical research. Nevertheless, interactions between patients and healthcare professionals are excluded from this type of application.

Remote Patient Monitoring Software and Services Industry Report Scope:

Market Dynamics:

Drivers: Advancement of IoT big data solutions

RPM now has more options for enhancing healthcare because of the development of IoT big data technologies. For instance, the collection of vast amounts of patient medical data through the integration of remote patient monitoring software with wearable technology. Moreover, RPM systems will leverage machine learning and artificial intelligence to enhance the effectiveness and quality of healthcare for a variety of patient populations.

By making wearable RPM devices smaller so they are less intrusive for consumers. Several vital signs can be tracked simultaneously by multifunctional trackers in distant areas. Devices for standalone remote monitoring can function independently of EMR and EHR connectivity.

Clinics and hospitals are excited to create a range of contemporary and covert wearable trackers that can easily fit into the current healthcare operations. For the foreseeable future, these developments should be taken into account while developing cutting-edge remote patient monitoring systems.

Restraints: Expert shortages in the healthcare industry

• The industry's growth will be slowed by the lack of suitable reimbursement, stringent regulatory requirements, a shortage of skilled healthcare workers, and unfavorable reimbursement standards.

Opportunities: Significant effectiveness of remote patient monitoring in preventing and treating disease

Depending on the application, several remote monitoring systems are used. The following components make up the general architecture of each solution, though: To assess a patient's vital signs, sensors are attached to wearable and portable medical equipment. Local data archiving communicates with centralized storage on the part of the provider and gathers data obtained from sensors on the patient's side.

Organized storage it gathers and saves information from a variety of sources, including patient devices, analytics platforms, and e-medicine. Computer software for data analysis when necessary, it processes data from a centralized repository and notifies patients, providers, and caregivers. On the patient's device, there may be diagnostic applications that are suggested, for instance, for those with heart problems, and that can direct what to do next.

Type Insights:

In 2022, the segment of the type of services had the most revenue. The significant industry share is due to the increased use of RPM software and services to reduce hospital admissions. Among the services provided are the use of emergency response systems, prescription management, and data-driven patient engagement solutions. On the other hand, the software sector is anticipated to have the fastest growth throughout the projected time. More people are using smartphones and the internet, which is assisting the category's growth.

End-User Insights:

In 2022, the provider segment held the highest revenue share. Some of the providers include clinics, physicians, and clinicians. One element expected to propel the segment's growth is the providers' greater usage of remote patient monitoring services. This is most likely to provide the category with a major boost during the course of the forecast period. The sector for patients is anticipated to experience the fastest CAGR over the forecast period. It is anticipated that factors like increased use of the services to reduce healthcare costs and enhanced doctor engagement would fuel sector development throughout the forecasted period.

Application Insights:

In 2022, the industry was led by the other category by application. The use of RPM software and solutions for remote monitoring of chronic conditions, such as Alzheimer's, arthritis, hypertension, and paralysis, is anticipated to boost the industry. The rising frequency of chronic ailments worldwide and the expanding elderly population are two important factors that are anticipated to fuel industry growth throughout the forecast period. The diabetes category is anticipated to grow at the fastest pace throughout the anticipated time frame. Diabetes requires ongoing blood glucose monitoring, which may be done remotely.

Recent Development:

• In August 2021, Medtronic declared a partnership with BioIntelliSense. By this partnership, Medtronic will give hospitals in the US 30-day post-acute hospital-to-home privileges as well as BioButton. Vital signs are tracked via a multi-parameter wearable gadget called a BioButton.
• In July 2020, According to Medtronic, the U.S. Food and Drug Administration and the European CE mark have both given the Linq II insertable cardiac monitor (ICM) their seals of approval. The monitor contains remote programming features that let experts observe patients and change device settings without the need for actual patients to be present in clinics and hospitals.

Major Key Players:

• Teladoc Health, Inc.
• Medtronic Plc.
• GE Healthcare
• Siemens Healthineers AG
• Philips Healthcare
• Caretaker Medical
• OMRON Healthcare
• BioIntelliSense
• Shenzhen Mindray
• Bio-Medical Electronics Co., Ltd.
• Nihon Kohden Corporation
• F. Hoffmann-La Roche Ltd
• Welch Allyn
• Smiths Medical
• Abbott
• Boston Scientific Corporation
• Honeywell
• Johnson & Johnson
• LifeWatch, Medtronic.

Market Segmentation:

By Type

• Software
• Services

By Application

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

By End User

• Payers
• Patients
• Providers

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