Global Remote Patient Monitoring Market is estimated to be a $18 billion opportunity and is poised to witness a CAGR of 25% by 2026
Medi-Tech Insight’s latest report reveals an untapped growth opportunity in the global remote patient monitoring market. The US RPM Market holds the highest share in the Global RPM Market.
Healthcare is a segment which is significantly growing and developing and is marked by consistent advancements in technology, product and services. Recent developments in healthcare segment is remote monitoring of patients which offers multiple advantages in a fast-growing aging population with increasing health complications.
The global remote patient monitoring market is driven by growing occurrence of chronic diseases, the introduction of new CPT reimbursement codes by CMS, the Covid-19 pandemic-driven demand to move hospital care into home healthcare and technological innovations in RPM hardware, software and patient care capabilities.
Covid-19 Fuels a Healthy Spin to the Growth of the Remote Patient Monitoring Market
Covid-19 pandemic had a favorable impact on the global remote patient monitoring market as the value of RPM services became even more essential. The next phase of the RPM market growth is forecasted to be driven by increased adoption and application of remote patient monitoring services and the demand to reduce patient costs and improve medical resulrs for patients with chronic disorders. Patient demand and financial incentives for healthcare providers and health systems are driving the market demand for post-acute care in areas like cardiology, orthopedics amongst others.
Influencing Factors: Remote Patient Monitoring Market
Leading Growth Drivers:
• Introduction of CMS-approved expanded code set for Remote Therapeutic Monitoring in 2022. The 2022 CPT reimbursement codes for RTM - 98975, 98976, 98977, 98980, +98981 allow reimbursements to all the providers for collecting and interpreting non-physiological data of respiratory system status, musculoskeletal system status, therapy adherence and therapy response.
• Growing burden of chronic diseases and pressure to reduce healthcare and medical treatment costs.
• Increasing recognition of RPM as a tool to actively monitor and improve patient engagement and reduce ED visits, readmissions and patient's stay in hospital — all of which helps to improve patient results and reduce healthcare costs.
Upcoming Market Challenges: Remote Patient Monitoring Market
• Continuous Data Monitoring - Inconvenient to monitor all data 24*7 by the staff members & frequent fake alerts.
• Patient Readiness and Data Privacy Concerns - Most chronically sick individuals are older, less techno-savvy and often wonder that technology will have a bad effect on their personal life.
Global Remote Patient Monitoring Market – A Highly Fragmented Market
The global remote patient monitoring market is a highly fragmented market with over 200 companies trying to grab a share of this growing market and it is very important for all RPM companies to deploy well-researched pricing and reliable business strategies. Companies operating in the telehealth market and the PERS market are also trying to gain entry into the remote patient monitoring market.
Competitive Landscape Analysis: Remote Patient Monitoring Market
In terms of competitive landscape analysis, the global remote patient monitoring market is marked by the presence of both established and emerging market players. Some of the well-established players operating in the global remote patient monitoring market are Vivify Health, Health Recovery Solutions, Teladoc-Livongo, Amwell, AMC Health, Careclix, Ontrak, Accuhealth, iHealth Labs.
Future Outlook of Global Remote Patient Monitoring Market
The future growth prospects of the remote patient monitoring market looks very promising. The remote patient monitoring market is estimated to gain a consistent momentum in the upcoming years due to the rising investments in RPM & Telehealth segments, increasing focus on post-acute care, multiple benefits of RPM such as the reduced risk of disease transmission, quicker access to patient data, improved patient health results, freeing up of human resources to address the most urgent cases, entry of new market players in the remote patient monitoring market, technological innovations, growing application of artificial intelligence in remote patient monitoring market and rising world population.
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