The global remote patient monitoring market is valued at USD 1093.47 Million in 2018 and expected to reach USD 3229.13 Million by 2025 with the CAGR of 16.73% over the forecast period.
Global Remote Patient Monitoring Scope:
Remote patient monitoring is a latest advancement of healthcare delivery that uses information technology to gather patient data outside of healthcare settings or hospitals. There are many benefits of remote patient monitoring (RPM) for clinicians including ease of access to patient data and the ability to offer higher-quality care to more patients with a lower amount of risk. Remote patient monitoring (RPM) uses digital tools to gather medical data from patients and passes that fact to health care professionals in a different location for assessment and recommendations. RPM technology was established in 1950, when neurological exams initiated being electronically transmitted for physician consultation. Remote patient monitoring allows healthcare providers to collect and track a patient’s medical data including weight, activity, blood pressure, heart rate and vital signs.
Global Remote Patient Monitoring Dynamics:
New advances in digital technologies that enable innovative patient care practices, rising usage of smartphones, surge in geriatric population coupled with high burden of chronic diseases and increasing healthcare cost are some major factors contributed to an increasing demand of global remote patient monitoring market. Globally, healthcare providers have started implementing new technology that enables remote patient monitoring to better track and treat patients throughout the treatment. 92 % of Americans have cell phones and 45 percent have access to a tablet computing device. Additionally, in 2015 over 50% of its 110 million patient interactions were e-visit through smartphones, kiosks, videoconferencing and other modalities.
In the COVID-19 pandemic, remote patient monitoring are more important than ever because they enable physicians to monitor patients without having to come into contact with them, thus preventing the spread of the novel coronavirus. Research has shown RPM can reduce systolic blood pressure (SBP) and diastolic blood pressure (DBP) significantly compared to usual care and self-monitoring.
Mobile enabled remote patient monitoring (mRPM):
Mobile enabled remote patient monitoring is gaining a huge attention from physicians and is expected to acquire major share during the forecast period, as they are now implementing mobile-enabled remote patient monitoring (mRPM), a technology which is more efficient and cost effective compared to standard telephonic RPM. Most importantly, mRPM doesn’t require the patient to learn a new device specifications or specialized equipment because smartphones and mobile devices are already used on a large basis. While the primary goals of an mRPM plan are relevant patient reported data capture and revenue generation and it yields enhanced patient engagement.
FCC Approved Mark in COVID-19 Telehealth Program Funding.
June 10, 2020; The Federal Communications Commission has passed the bill in funding telehealth programs to address the coronavirus pandemic with over USD 100 million in approved applications for COVID-19 Telehealth Program funding. Some healthcare providers are included in the FCC’s 10th funding announcement, reported that they will receive USD 20.18 million to develop or expand mHealth telehealth and remote patient monitoring services in respect to the coronavirus pandemic.
The healthcare industry is moving to value-based care with the increased focus on shifting from financial incentives to a healthcare model where providers are rewarded based on how their patients fare rather than by the number of visits or procedures performed. For example; around 85% of health systems and hospitals have invested or planning to invest in remote patient monitoring technology to maintenance their organizational transitions to value-based care. Remote patient monitoring (RPM) technology can significantly contribute to the success of value-based care. It includes the remote collection of patient data such as via Bluetooth enabled glucose meters or blood pressure monitors that are connected to an app, which transmits the medical data to healthcare professionals. Remote patient monitoring transitions to value based care is dramatically increasing by supporting high risk chronically ill patients who are at a risk for hospital admission. With more than 132 million Americans representing 45 % of the US population have at least 1 chronic disease and these chronic diseases kill over 1.7 million Americans every year.
Big data is already posing a positive impact on the healthcare industry in the fields of oncology, neurology, cardiology, and other specialties with more personalized therapies with diagnostic tools. Patient specific data is increasingly available via new generation of devices and applications that collect important data through wearable devices and smartphones. Big data enables healthcare professionals to accumulate and analyze large volume of new data that will open up new extents for research and treatment opportunities. Again, remote monitoring systems can help collect this information and play a key role in advancing analysis of this healthcare associated Big Data.
IoT will enable patients and healthcare providers to work together for more effective chronic disease management with open communication. By combining IoT features into medical devices, it can improve the quality and effectiveness of healthcare bringing high value care for the elderly patients who are suffering from chronic conditions and those requiring constant supervision. In recent years, there is a growing popularity in IoT driven healthcare services and wearable medical devices that integrate sensors, actuators and other mobile communications methods allowing patient data to be continuously monitored and transmitted through cloud based platforms. These devices can send immediate alert doctors and nurses of important changes in case of medical emergency.
With the advancements in wireless technology wearable devices can be used to remotely monitor a patient's physiological factors. During a coronavirus pandemic, remote monitoring medical devices have become the most vital component of healthcare. Wearable devices and sensors deliver a better potential in the collection of data and insights to improve overall therapy. It also enables the collection of objective measures of intervention effects both in clinic and in remote free clinical settings. Pharmaceutical companies can improve clinical trials and drug discovery through remote patient monitoring (RPM) by incorporating patient data with the wearable devices. Moreover, many of today’s RPM devices integrated in a comfortable wearable patch format and include medical sensors and algorithms to enhance the accuracy and availability of data for clinical use.