Remote Patient Monitoring Platform Market Growth Exponential To 2030

Written by Harsh » Updated on: November 26th, 2024

According to the Market Statsville Group (MSG), the Global Remote Patient Monitoring (RPM) Platform Market size is expected to grow from USD 5,216.2 billion in 2022 to USD 106,947.1 billion by 2033, at a CAGR of 31.6% from 2023 to 2033. As part of the new trend, remote patient monitoring will increase healthcare providers' overall access to their patients while decreasing unnecessary visits, hospital admissions, readmissions, and the time and expenses associated with traveling for in-person appointments. The demand for long-term health care for older adults is rising along with the senior population. The U.S. Bureau of Labor Statistics projects that one of the fastest-growing occupations over the next ten years will be home health and personal care aides. However, technology is a pragmatic answer given the labor shortage.

Global Remote Patient Monitoring (RPM) Platform Market Dynamics

Drivers: Surging Incidence of Chronic Diseases across Developed and Developing Economies

The global surge in preference for remote patient monitoring (RPM) for chronic disease management coupled with the robust growth of the senior population worldwide with ailments that require quick treatments, for instance, diabetes, heart failure, and chronic obstructive pulmonary disease (COPD), and more are the key forces that stimulate the demand for remote patient monitoring platform market. RPM brings real-time patient data rapidly by eliminating the need for expensive healthcare devices and thus offering manifold advantages, such as improved access and quality of care, streamlined clinical care, improved acute management, and speedy recovery in the health status of patients. This enables the shift in trend to RPM from the traditional healthcare system, which is expected to amplify the demand for remote patient monitoring software and services. According to the International Diabetic Federation (IDF), globally, the number of adults with diabetes was about 463 million adults (20-79 years) in 2019. Also, this estimation is likely to grow to almost 700 million by 2045. Thus, it is becoming increasingly apparent that remote patient monitoring is one of the most efficient and effective ways available for chronic disease management, particularly for older adults, which drives the demand for the RPM platform market.

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Restraints: Data Security and Privacy Concern Related to this Software will Curtails the Market Growth

Despite several positive facts concerning remote patient monitoring platforms, the concerns associated with data security & privacy are the topmost factors that hamper global market growth. Audio-video-based remote-patient monitoring through the Internet increases the privacy issues that merely defined authentication and confidentiality requirements for secure Internet communication can address. Further, MPEG compression technologies can transfer high-quality audio video via the Internet platform so that a healthcare professional can use a PC or wireless mobile terminal to monitor a bedridden patient's image and vital signs. However, such systems raise security and privacy concerns. Transferring vulnerable audio-visual signals, compressed in a standard format, over the Internet transmits the risk that someone can track these transmissions, intentionally or accidentally. Security issues in the Internet's transport and network layers cause the utmost concern for healthcare and medical applications. Therefore, it has become one of the prime restraining factors responsible for the limited adoption of remote patient monitoring platform among physicians and patients.

Scope of the Global Remote Patient Monitoring (RPM) Platform Market

The study categorizes the remote patient monitoring (RPM) platform market based on application and type area at the regional and global levels.

By Type Outlook (Sales, USD Billion, 2019-2033)

Web Based

Cloud Based

By Application Outlook (Sales, USD Billion, 2019-2033)

Teenager

Middle-Aged and Elderly

By Region Outlook (Sales, USD Billion, 2019-2033)

North America

Canada

Mexico

Europe

Germany

Italy

France

Spain

Poland

Russia

The Netherlands

Norway

Czech Republic

Rest of Europe

Asia Pacific

China

Japan

India

South Korea

Indonesia

Malaysia

Thailand

Singapore

Australia & New Zealand

Rest of Asia Pacific

South America

Brazil

Argentina

Colombia

Rest of South America

The Middle East & Africa

Saudi Arabia

UAE

South Africa

Northern Africa

Rest of MEA

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Cloud Based segment accounts for the largest market share by Type

By type, segments are divides into two parts such as web based and cloud based. Cloud based segment is expected to dominate the market in 2021. Since cloud computing runs under a subscription model, healthcare providers can save money from purchasing expensive systems and equipment. Plus, by adopting a cloud server, healthcare institutions can reduce costs using the cloud provider’s resources. Further, the segment is expected to grow at the highest CAGR during the forecast period.

North America is projected to account for the highest market share by Region

Based on the regions, the global remote patient monitoring (RPM) platform market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to witness the highest market share in 2022. The main causes of regional growth are the rise in the prevalence of chronic diseases, the demand for wireless and portable systems, and the presence of sophisticated reimbursement structures designed to reduce out-of-pocket expenses. Europe, particularly the Western European nations, is anticipated to continue to rank second in revenue generation over the forecast period due to its higher mortality rate and growing demand for affordable healthcare. High-impact rendering drivers for regional growth include increasing demand for in-house monitoring, helpful central data management systems, and improving the accuracy and efficiency of remote patient monitors.

Key Market Players in the Global Remote Patient Monitoring (RPM) Platform Market

The remote patient monitoring (RPM) platform market has a significant competitor and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.

Major market players in the global remote patient monitoring (RPM) platform market are:

Baxter

Accuhealth

Athelas

HealthSnap

Optimize Health

Cadence Care

TimeDoc Health

Datos Health

Orion Health

100Plus

Huma

ChroniSense Medical

Ejenta

Cardiomo

Vitls

Neteera

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