Clairvoyance Research conducted an in-depth market analysis study of the global remote patient monitoring (RPM) market.
The Remote Patient Monitoring (RPM) Market is expected to clock US$ 729 billion by 2031 owing to Covid-19, introduction of new CPT reimbursement codes by the CMS (2019), incorporation of AI in RPM, rising demand for home-based monitoring solutions, growing investments in RPM and telehealth, technological advancements, foray of number of new players, growing market consolidation through acquisitions agreements/partnerships/collaborations, increasing prevalence of chronic & infectious diseases and growing geriatric population.
Clairvoyance Research conducted an in-depth market analysis study of the global remote patient monitoring (RPM) market. The study comprehensively analyzes the market from different perspectives and provides granular insights on hot revenue pockets, headwinds & tailwinds impacting the market, quantitative (market size & forecasts) and qualitative analysis from 'Application and End-user' perspective, business models, key strategies and competitive landscape.
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Key Market Trends
Remote patient monitoring (RPM) is playing an inevitable role in optimizing medical care and saving lives. It has opened up number of possibilities in streamlining healthcare. The technology is fast being embraced by providers, payors, health plans, employers, home health agencies (HHAs) and others (pharma companies, patients, etc.) as they recognize the value being offered by RPM services.
RPM improves patient outcomes, reduces the cost of care delivery, optimizes chronic disease management and makes healthcare accessible and affordable. RPM addition to CMS CPT codes is also making RPM more favorable to providers. The technology also helps in curtailing cost, emergency department visits, hospital readmissions & lengthy stays. It allows providers to deliver personalized monitoring plans and to track healthcare data of patient from home care settings after discharge from hospital, thereby reducing readmission rates.
Increasing role of AI in RPM is a another pivotal factor that is expected to bolster its demand in the coming years. The ongoing developments & advancements in telemonitoring devices and technologies such as AI, Internet of Things and Data analytics are expected to be most transformative for remote patient monitoring market. This transformation is likely to aid in enabling remote healthcare and early preventative intervention at a large scale. AI recognizes each patient with unique clinical, socioeconomic and experiential identity, thereby allowing healthcare professional to provide patient centered solution. The use of AI features in RPM especially in this pandemic era supports the healthcare team by identifying patient’s condition & risk factors from raw data, measures engagement effectiveness and assists to take preventative action to improve patient outcomes.
In the wake of Covid-19, several prominent players, numerous organizations and government agencies are also implementing several initiatives to fasttrack the development and launch of RPM in order to meet the need of healthcare sector amid the pandemic. For instance, in Mar 2020, Medtronic plc announced the launch of its new solution - “COVID-19 Virtual Care Evaluation and Monitoring solution” under their Medtronic Care Management Services (MCMS) business, which is designed to help assess, monitor, and triage support for patients who may be concerned about COVID-19 and their respiratory symptoms.
The global remote patient monitoring market has been analyzed from three main perspectives: Application, End User and Region.
Key Takeaways – Application Perspective
Based on application, the remote patient monitoring market has been segmented into chronic disease management, clinical trials, post-acute care and others. The chronic disease management segment holds the largest share in the market. The growth of the segment can mainly be attributed to rising prevalence of various chronic diseases and growing demand for their early detection and treatment. RPM can be used for monitoring of various chronic diseases such as cardiovascular diseases, neurological diseases, and respiratory diseases. Furthermore, it is also used in monitoring of blood glucose and blood pressure. It allows patients to remain independent, prevent complications and minimize personal costs.
Snapshot - Competitive Landscape
The remote patient monitoring market is marked by presence of prominent players such as Teladoc, Medtronic, Philips, Vivify Health, Current Health, Health Recovery Solutions (HRS), VitalTech, AMC Health, Omada Health, CareTaker Medical, Anelto and Biobeat Technologies. Other players operating in the market are EarlySense, VitalConnect, Biofourmis, CareClix, Nonin Medical, Accuhealth Technologies, Vheda Health, Validic, CareClix, CAREMINDr, among others.
For deep-rooted insights, please explore the Report: https://www.clairvoyanceresearch.com/report/remote-patient-monitoring-market-report
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