The global impact of COVID-19 has created a “demand shock” of interest in remote patient monitoring devices (RPM) and associated clinical services. Overall, the global telehealth and remote patient monitoring market grew 48.5% in 2020 compared to 2017-2019. Despite the subsequent decrease in the rate of telehealth expansion since 2020, the increasing prevalence rates of chronic diseases in baby boomers has offset the decline in the demand for traditional telemedicine.
Remote patient monitoring uses digital technologies by healthcare professionals to electronically capture and monitor patient health data to provide quality care and consultation. It allows for real-time data capture in naturalistic locations of the patient (e.g., home, work, play), and its real-time analytics to address emergencies and other serious clinical needs before they become more challenging to manage.
The utilization of RPM has both national and international appeal. For instance, according to the World Health Organization (WHO), around 1.13 billion patients suffer with hypertension globally. Remote monitoring of patients has benefited in obtaining real-time patient data for illnesses, such as chronic obstructive pulmonary (COPD), cancer, or diabetes resulting in timely management of the diseases. Implementing or adopting next-generation technologies has affected healthcare systems by minimizing the distance between the patient and healthcare provider. Therefore, the need for technologically advanced products has led to the development and launch of new devices.
As Fortune Business Insights predicted for the international market, the RPM device market is expected to grow from USD 30.05 billion in 2021 to USD 101.02 billion in 2028. According to a recent US Insight Partners market research study, the RPM market is expected to grow dramatically by 2028.
Driving Factors for the Growth of Remote Patient Monitoring Devices
Three key factors driving the growth of the RPM market are the growing prevalence of chronic diseases, rising awareness regarding healthcare, and surging demand for home-based treatments. However, security and privacy issues and unaddressed regulatory concerns restrain the market growth.
Growing Disease Burden in Older Populations
The spiraling costs of treating chronic illnesses in baby boomers and geriatric populations increasingly require more effective interventions. The overall success rates of better healthcare outcomes and associated clinical services are feeding another tsunami of demand for continuous monitoring of vital signs and other metrics. The dramatic increase in cardiovascular disease, diabetes, chronic obstructive lung disease (COPD), cancer, and psychiatric illness in baby boomers fuels a concomitant increase in the need for more timely, accurate, and well-documented clinical interventions.
Adoption of Sophisticated Digital Devices
Provider and patient adoption create consumer demand, which fuels device production. An internationally and diverse interprofessional set of international corporations are developing and disseminating digital devices for RPM. Favorable legislative policies in many countries and states also increase adoption by making reimbursement and access to RMP devices easier for clinicians and patients alike.
It is also expected that efficient digital healthcare will reduce the number of routine checkups before or after visiting a healthcare professional. Also, patients are expected to be able to be discharged from a clinic or hospital sooner in the trajectory of their health concerns if medical and behavioral professionals are empowered to monitor patients from their homes rather than asking for additional in-person appointments to monitor their status. Concomitant decreases in facility costs are expected, decreasing the overall expected medical and behavioral expenditure per individual. It also bears mentioning that improved internet connectivity reliability and decreasing internet costs are significant factors for the growth of the remote patient monitoring market. Despite the supply chain disruption caused by the COVID-19 pandemic, overall prospects for the growth of the remote patient monitoring market are positive.
Internationally and in the United States, increasing government support and reimbursement policies for remote patient monitoring devices allow clinicians to reduce and avoid human contact during the pandemic while experimenting with telehealth and monitoring services to deliver better care.
The rapid deployment of the remote patient monitoring market in the US was fueled by the COVID pandemic and a direct escalation of insurance reimbursement with billable CPT codes for clinicians and their staff. Medicare has led the charge with regular increases in reimbursable CPT codes associated with RPM professional services. The industry’s future growth is increasingly assured as practitioners learn how to use, improve, and get paid for RPM services.
Telehealth Growth Potential for Clinicians working with RPM
Adherence to medication and behavioral treatment regimens often requires diligence with regard to initial training and adherence to protocols by both patients and clinicians. Clinicians looking to grow their practices may want to consider developing a specialty not only in telehealth and RPM but also in evidence-based treatment protocols for one or more chronic illness categories.
To see the leading companies operating in the remote patient monitoring market, including behavioral RPM devices, visit Telehealth.org telehealth and Technology Buyers Guide. You can rate vendors with whom you’ve done business or find new ones to meet your current needs.
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