Since the beginning of the pandemic, people have had higher expectations for the services that they can obtain in the comfort of their own homes, and healthcare is no different. The emergence of consumer health tracking technologies, along with the global health crisis, will drive remote patient monitoring to unprecedented heights in the United States. Given that social separation is the only available technique capable of reducing exposure, the COVID-19 pandemic presents enormous opportunity for remote patient monitoring technologies. In line with this, remote patient monitoring is an appealing, effective, and cost-efficient option. Furthermore, this technology is crucial in keeping healthcare providers safe. Here are the top 3 questions about the future of Remote Patient Monitoring in the United States:
1. How many people in the United States use remote patient monitoring, and how big will the market be in 2025?
From USD 23.2 billion in 2020 to USD 117.1 billion in 2025, the global remote patient monitoring market is expected to grow at a CAGR of 38.2%. This market’s growth is being fueled by the expanding elderly population, the need to extend healthcare access, the cost benefits of telehealth and remote patient monitoring, the benefits of RPM to lessen the stress on medical resources, and the increasing investments in telehealth and RPM.
The continuous need for healthcare and long-term care delivery services will rise as this demographic group grows. This will be beneficial to the field of telehealth. Remote patient monitoring, as one of the modalities of Telehealth, can improve the reach and accessibility of healthcare while minimizing unnecessary visits, hospital admissions and readmissions, as well as the time and costs associated with travelling to meet with healthcare providers.
In terms of the number of users, the global remote patient monitoring market is categorized into providers, payers, patients, and other end users. In 2019, the providers’ segment held the highest proportion of the global market. This is due to an increase in the use of remote monitoring in chronically ill and elderly patients, as well as developments in RPM monitoring devices and a growing variety of RPM services offered by providers.
North America, followed by Europe, accounted for the highest proportion of the remote patient monitoring market in 2019. The increased prevalence of chronic illnesses, the need to minimize healthcare expenditures, and the growing general and geriatric population are all factors contributing to North America’s high share of the RPM market.
2. Which trends are driving growth in the remote patient monitoring market in the United States?
The top 5 trends that are driving RPM growth are: demographic growth, cost benefits of RPM, demands for patient comfort and safety, the need to reduce stress of healthcare workers and technological advancements.
Aside from the transitory surge in demand induced by the COVID-19 pandemic, the patient monitoring equipment market is likely to develop at a moderate rate for the foreseeable future, owing to an ageing demographic that adds to the number of issues that necessitate monitoring solutions. Hospitals move towards integrated monitoring solutions to facilitate accessibility and analysis of patient data, reduce physician burnout, and reduce healthcare cost. These will be significant growth drivers for this market. Patient comfort and safety will also be an important driving factor, allowing patients to play an active role in managing their own health, making decisions together with their doctors and staying safe from the comfort of their own homes while still being monitored. Finally, as in-demand new features attract higher selling prices, technological developments in various patient monitoring equipment markets will boost growth.
3. What potential does technology present for hospitals, healthcare payers, and pharmaceutical firms?
Technology has had a significant impact on the medical industry. The medical field can create discoveries about treatments, data collection, symptom and illness research and diagnoses, cure research, and human helping gadgets by utilizing technology such as hearing or speaking devices or remote monitoring devices. The medical field has become extremely accessible to the general public because to technological advancements. Medical and health professionals can better care for patients and treat ailments with the assistance of technology especially in a few years after the pandemic.
- Medical applications: Today, everyone has a smartphone, and the best feature of any smartphone is its apps. Medical apps, which can be downloaded from specific stores on any smartphone, are even better. Through our phones, we can now keep track of our health without having to hurry to the doctor. You can use your app to track your calorie consumption, daily steps, heart rate, and talk to a doctor. You can also check your vital signs using connected devices like blood pressure monitor, pulse oximeter, smart watch or pulse oximeter.
- Remote monitoring of vital signs: Some patients are unable to walk or travel for prolonged periods of time, making frequent visits to the hospital challenging or even impossible. As a result, medical research has developed a remote monitoring equipment with the help of AI technology. This technology conserves a significant amount of energy, time, and money. The user can use this gadget to self-monitor vital signs, send these data to their doctor and communicate with their doctor about any issue they are having, whether it is high blood pressure or low glucose levels.
- Data collection: In any medical discipline, data collection is one of the most significant and vital tasks. The entire health sector is based on data because there is no remedy for any condition without it. To study any scenario or ailment and subsequently locate a viable cure, data is required. Because each patient has a distinct level of autonomy, data on illness and patients is required. Because not all medicines are suited for all patients, each patient requires a unique treatment. This is usually used in monitoring patients with chronic illnesses, post-operation, acute illnesses and hospital at home programs. Moreover, many pharmaceutical companies and research centers are using remote monitoring for decentralized clinical trials.
The increased demand for patient monitoring solutions as the American population ages and suffers from more health difficulties will be the greatest driver of growth in this market for the foreseeable future. For the foreseeable future, technological developments, demographic growths and demands for patient comfort and safety will be important growth drivers in this market. Over the projected period, the market is expected to stabilize and maintain its modest growth pattern.
- Remote Patient Monitoring Market – Global Forecast To 2025 | MarketsandMarkets. (2021, May 11). https://www.marketsandmarkets.com/Market-Reports/remote-patient-monitoring-market-77155492.html