Global Remote Patient Monitoring Software Market – Industry Trends and Forecast to 2029

Global Remote Patient Monitoring Software Market, By Types (Cloud-Based, On-Premises), Application (Medical Personnel, Guardian), End- Use (Hospital Based Patients, Ambulatory Patients, Home Healthcare) – Industry Trends and Forecast to 2029.

 Remote Patient Monitoring Software Market Analysis and Size

Remote patient monitoring (RPM) allows healthcare providers to use apps and wireless devices to monitor and collect medical and health data. It is linked to a slew of advantages. For instance, RPM improves adherence because 45% of people with chronic conditions consistently forget to take medications without assistance. Apps, Bluetooth devices, and wearable monitors are increasingly being used to connect patients to their doctors and help them stay on top of their health. According to Insider Intelligence, 30 million patients in the United States will use remote patient monitoring tools by 2024. Remote patient monitoring is convenient and effective now that everyone has a mobile device, allowing people to take control of their health.

Data Bridge Market Research analyses that the remote patient monitoring software market projected to grow during the forecast period 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

Remote Patient Monitoring Software Market Scope and Segmentation  

Market Definition

Remote patient monitoring (RPM) is a method of healthcare delivery that uses information technology innovations to allow for the streamlined collection of patient data outside of the traditional healthcare setting. Remote patient management, remote health monitoring, and remote physiologic monitoring are other terms for the same thing. Health data can be collected manually and entered into a remote patient monitoring system, or it can be collected automatically or continuously using biosensors, fitness trackers, and other wellness devices. The data is then securely transmitted to healthcare providers in another location for real-time monitoring, assessment, and intervention. A patient's heart rate, vital signs, sleep patterns, and glucose levels, among other things, may be measured by providers. Clinicians can continue to care for their patients remotely using this system.

Global Remote Patient Monitoring Software Market Dynamics

Drivers

• Increasingly wearable patient monitoring devices is a determinant

Wearable patient monitoring devices, biosensors and smart implants are used for a wide range of applications, including continuous glucose monitoring, temperature monitoring, blood pressure monitoring, and pulse oximetry. Next-generation wearable devices incorporate internet of things technology. Wearable biosensors collect vital signs such as blood pressure, weight, blood sugar, and electrocardiography (ECG), which are then transmitted via mobile wireless networks to a central server. These are the certain factors which drives the growth of the market.

• Quality healthcare at home is driving the growth

RPM technologies come into play, detecting minute changes in the patient's physiological data and encouraging self-monitoring. As a result, readmissions and avoidable hospitalizations are reduced. Furthermore, these technologies reduce the number of unnecessary doctor's office visits as well as the travel-related costs associated with receiving quality medical care. When properly implemented, RPM technologies can increase access to quality healthcare while saving time and money in the short and long term.

Opportunities

• Rising healthcare costs has shifted the focus

Rising healthcare costs, particularly in hospital settings, have shifted focus in recent years to alternative methods of treatment, such as home healthcare. As a result, effective home-use devices such as thermometers, pulse oximeters, weight scales, ECG monitors, event monitors, EEG recorders, and foetal monitors are in high demand. The sustainability of the current healthcare system is a major source of concern for governments all over the world.

Restraints/Challenges

• Shortages of healthcare industry professionals

Dearth of proper reimbursement and strict regulatory framework, shortages of healthcare industry professionals, as well as unfavourable reimbursement policies will obstruct the market's growth rate.

This remote patient monitoring software market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the remote patient monitoring software market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Remote Patient Monitoring Software Market

As a result of the pandemic, access to customers for selling and implementing patient monitoring devices (such as neuromonitoring devices and weight monitoring devices) decreased in March 2020 and throughout the second quarter of 2020, as hospitals became preoccupied with the COVID-19 pandemic. The pandemic has resulted in an increase in demand for remote monitoring and patient engagement solutions. COVID-19 has increased demand for patient monitoring systems significantly, with manufacturers increasingly focusing on expanding production to meet the growing demand for respiratory monitoring devices, multi-parameter monitoring devices, blood glucose monitoring devices, cardiac monitoring devices, temperature monitoring devices, hemodynamic/pressure monitoring devices, and fetal/neonatal monitoring devices. Furthermore, the neuromonitoring device market is expected to recover its losses in near future.

Recent developments

• In July 2020, Philips and BioIntelliSense announced a strategic collaboration to improve remote patient monitoring solutions. Philips added the BioSticker device from the latter to its portfolio of remote patient monitoring (RPM) devices, which monitor chronic conditions.
• In July 2020, BioTelemetry acquired the On.Demand remote patient monitoring (RPM) platform run by Envolve People Care Inc., a Centene Corporation subsidiary. This acquisition expands BioTelemetry's current portfolio of acute care connected health products and services to include chronic remote patient monitoring solutions, with a focus on diabetes, hypertension, and chronic heart failure.

Global Remote Patient Monitoring Software Market Scope

The remote patient monitoring software market is segmented on the basis of types, application and end- use. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Types

• Cloud-Based
• On-Premises

Application

• Medical Personnel
• Guardian

 End- Use

• Hospital Based Patients
• Ambulatory Patients
• Home Healthcare

Remote Patient Monitoring Software Market Regional Analysis/Insights

The remote patient monitoring software market is analysed and market size insights and trends are provided by country, types, application and end- use as referenced above.

The countries covered in the remote patient monitoring software market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the remote patient monitoring software market due to the increasing incidence of chronic diseases in the region and rising geriatric population, rising demand to curb healthcare costs.

Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2022 to 2029 owing to the growing medical tourism and constantly improving healthcare infrastructure.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The remote patient monitoring software market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for remote patient monitoring software market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the remote patient monitoring software market. The data is available for historic period 2010-2020.

Competitive Landscape and Remote Patient Monitoring Software Market Share Analysis

The remote patient monitoring software market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to remote patient monitoring software market.

Some of the major players operating in the remote patient monitoring software market are:

• NIHON KOHDEN CORPORATION (Japan)
• Capsule Technologies, Inc. (U.S.)
• Honeywell International Inc. (U.S.)
• Welch Allyn (U.S.)
• Medtronic (Ireland)
• Abbott (U.S.)
• Intelesens Ltd. (U.K.)
• BIOTRONIK SE & Co. KG (Germany)
• Aerotel Medical Systems Ltd. (Israel)
• General Electric (U.S.)
• Boston Scientific Corporation (U.S.)
• Koninklijke Philips N.V. (Netherlands)
• AMD Global Telemedicine (U.S.)
• Mindray Medical India Pvt. Ltd.  (China)
• LifeWatch AG (Switzerland)
• Teladoc Health, Inc. (U.S.)
• Siemens Healthineers AG (Germany)
• Caretaker Medical LLC (U.S)
• OMRON Healthcare Inc. (Japan)
• BioIntelliSense Inc. (U.S.)