Remote patient monitoring (RPM) technology is one of the instruments that US health systems and hospitals are using to enhance results and cut costs. This sort of patient care expands physicians’ reach, allows patients and caregivers to maintain a constant interaction, and provides providers with a continuous supply of real-time health data.
There will undoubtedly be a learning curve when launching an RPM program, just as there was for many clinicians and patients when introducing telehealth at the outset of the pandemic. However, if providers, payers, and patients experience the benefits, we expect those barriers to be worked out soon. Now, let us dig deeper on the top trends that drive the increasing demand for Remote Patient Monitoring (RPM) in the US market and how RPM can provide benefits to the entire health systems.
1. Demographic growth in the US
The population in the United States, by 2060, is predicted to increase by 79 million (previously 78 million) people, from about 326 million today to 404 million. The population is calculated to cross the 400-million threshold in 2058. The strongest secular trend driving growth in the patient monitoring equipment market is an aging demographic in the United States. The Census Bureau estimates that by 2030, people aged 65 and older in the United States will outnumber those aged 18 and under. The major cause of death in the United States is heart disease, accounting for over 600,000 cardiovascular fatalities each year.
Because older people commonly suffer from a greater degree of health ailments like heart diseases compared to younger people, this shifting demographic will contribute to the increasing demand for monitoring solutions to track, diagnose and provide effective treatment to these health issues. This trend control for most markets related to patient monitoring especially those related to heart disease, such as blood pressure, cardiac output, and certain segments of remote patient monitoring.
2. Global Remote Patient Monitoring (RPM) Market
The Global Remote Patient Monitoring Market size was estimated at USD 25.48 billion in 2020, is expected to reach USD 28.27 billion in 2021, and is projected to grow at a CAGR of 11.29% reaching USD 48.42 billion by 2026. The rising geriatric population and the arising need to expand healthcare access, cost benefits of remote patient monitoring. A trend of RPM is known to reduce the burden on medical resources, advancements in telecommunications, growing incidences of chronic diseases, and increasing investments in telehealth and RPM.
These are the major factors navigating the growth of this market. Based upon the product, the RPM market is divided into software, services, and devices. The software and services component accounted for the biggest share of the global market. The large share of this part is mainly due to the increased reimbursement for RPM programs and the rising number of chronic illnesses, thus leading to the growing adoption of RPM services across the globe. In terms of end-users, the global market is broadly segmented into providers, payers, patients, and other end users. On the other hand, still, the providers’ part accounted for the largest share of the global market. This can be allocated to the rising adoption of remote monitoring in chronically ill and old-aged patients, advancements in RPM monitoring devices, and the increasing number of RPM services provided by healthcare providers.
3. Chronic diseases as the leading driver of death and disability
6 in 10 adults in the US have a chronic disease, 4 in 10 adults in the US have two or more the leading causes of death and disability, and leading drivers of the nation’s $3.8 trillion in annual health care costs. Overall incurable and ongoing, chronic diseases affect approximately 133 million Americans, representing more than 40% of the total population of this country. By 2020, that number is projected to grow to an estimated 157 million, with 81 million having multiple conditions. The largest momentum for the growth of RPM is the skyrocketing occurrence of chronic disease. Many have seen firsthand how effective RPM is in managing chronic conditions and reducing readmissions. We have had pilots where we have seen a reduction in hospital visits.
We can create specific use cases for the most complex and critical diseases like diabetes, hypertension, and heart disease. These conditions are considered killers and top drivers of costs. RPM will be key to the more effective management of these conditions.
Another case, the one that is gaining a lot of attention, is in the post-discharge recovery at home. RPM allows clinicians and other care providers to pursue evaluating patients at home to make sure that they remain in stable condition to give recommendations or to proactively intervene if needed. In turn, this can reduce readmission penalties and costs, which can save hospitals tens of millions each year.
4. The long-term impact of the COVID-19 pandemic
Due to the COVID-19 pandemic, healthcare systems realized that both patients and staff are safer using RPM technology. Healthcare providers can monitor vital signs and interact with patients outside the clinical environment or from a distance using advanced medical technology like IoMT devices and AI-driven telehealth applications. It allows them to continuously deliver quality care while keeping their doctors and nurses safe from cross-infection.
With RPM growing progress, it will envision the patient’s engagement with their provider more proactively in a way that was not possible in the past. Before, a patient’s vital signs or health data were only taken at their scheduled checkups or during face-to-face appointments or visits. With RPM, patients know their providers are always paying attention to their vitals. They know that if a vital is falling out of line and crucial, their provider will reach out to see what is going on and intervene to prevent difficulty or more health problem that leads to a costly hospital visit. In other words, RPM changes the active relationship of the patient to the healthcare provider.
How DrKumo Helps
Remote Patient Monitoring as part of the new trend will improve the overall access of healthcare providers to its patient while reducing unnecessary visits, hospital admissions & readmissions, and the time and costs involved in traveling for face-to-face appointments. DrKumo deploys the most advanced and efficient RPM, and is focused on empowering patients to be more involved with their health care.
With the RPM technology trend, both patients and healthcare providers gain lots of benefits and become more informed about their health. RPM digital technology will continue to increase and update its trends to respond to the increasing demand and to the evolving technological advancements.
- Bureau, U. C. (2019, October 10). Older People Projected to Outnumber Children. gov. https://www.census.gov/newsroom/press-releases/2018/cb18-41-population-projections.html.
- Markets Ltd, R. A. (2021, October 1). Remote Patient Monitoring Market Research Report By Products Type, End-user, And Region – Global Forecast To 2026 – Cumulative Impact Of COVID-19. Remote Patient Monitoring Market Research Report by Products Type, End-user, and Region – Global Forecast to 2026 – Cumulative Impact of COVID-19. https://www.researchandmarkets.com/reports/5264375/remote-patient-monitoring-market-research-report.
- Chronic Diseases in America | CDC. (2021, January 12). Chronic Diseases in America | CDC. https://www.cdc.gov/chronicdisease/resources/infographic/chronic-diseases.htm.