According to FutureWise analysis the market for Remote Patient Monitoring Software and Services in 2023 is US$ 11.32 billion, and is expected to reach US$ 111.01 billion by 2031 at a CAGR of 33.00%.
Remote patient monitoring is a healthcare delivery system that allows healthcare providers to remotely monitor a patient's health status and medical condition using digital technologies. This is achieved through the use of remote monitoring devices and software that collect and transmit patient data to healthcare providers for analysis. The software used in remote patient monitoring provides real-time data on vital information, medication use, and other health metrics, allowing healthcare providers to make informed decisions about patient care. The advantages of remote patient monitoring include improved patient outcomes, decreased hospital readmissions, and increased patient engagement in their own health.
The specialised telemedicine software serves as a link between the carer and the patient by offering a framework for conversation that enables remote and ongoing patient tracking. The market for remote patient monitoring devices has undergone a significant shift as a result of COVID-19 pandemic. This change has improved recovery rates by encouraging more users to sign up for the programme. Along with increasing access and payments, it has also increased the willingness of providers to use the programme. About 100 million Americans, according to the Centers for Disease Control and Prevention, suffer from hypertension. The chance of cardiac disease is further increased by hypertension. During the COVID-19 pandemic, remote patient monitoring was heavily employed, enabling virtual treatment in other disciplines like psychiatry and cardiology. The COVID-19 pandemic and a rise in at-home care are two reasons that are expected to cause the Remote Patient Monitoring business to double in the near future. It has been demonstrated that remote patient monitoring enhances patient compliance, enhances medical administration, and lowers healthcare expenses.
The remote patient monitoring (RPM) service market has grown significantly in recent years due to advancements in technology and the increasing demand for remote healthcare services. The rise in chronic diseases, aging populations, and the need for cost-effective healthcare services are driving the growth of the RPM market. Additionally, an increasing adoption of wearable devices, such as smartwatches and fitness trackers, has also contributed to the growth of the RPM market. These devices allow healthcare providers to monitor patient’s vitals and track their health status remotely and the increasing use of telemedicine and telehealth services has made it easier for patients to access medical services from their homes, which has increased the demand for RPM services.
However, there are some restraints that must be eliminated to fully realize the potential of RPM services. For example, the limited availability of broadband connectivity in certain areas may limit the adoption of RPM services. In addition, the lack of standardization in the RPM market may limit the ability of healthcare providers to effectively exchange data between different RPM systems. Despite these challenges, the remote patient monitoring service and software market is expected to experience significant growth in the years to come, due to the increasing demand for remote healthcare services.
FutureWise Market Research has published a report that provides an insightful analysis of Remote Patient Monitoring Service & Software Market trends that are affecting the overall market growth. This report will provide a detailed analysis of market share, regional insights, and competitor analysis that includes stature of key manufacturers operational in this industry. By the end of the forecast period FutureWise research analysts projects that Remote Patient Monitoring Service & Software Market will experience a significant growth.
According to the analysis done, this report will help understand the information referring to the total valuation held by this industry. Additionally, this report will help in understanding the growth opportunities held by various segments of this market, further assist in making better strategic and expansion decisions by key stakeholders of an organization.