Remote Patient Monitoring Market – Global Outlook & Forecast 2021-2031

Remote Patient Monitoring Market by Application [Chronic Disease Management, Clinical Trials and Post-Acute Care], End User [Providers; Payors, Health Plans, Employers; and Home Health Agencies (HHAs)] – Global Analysis & Forecast 2021-2031

Clairvoyance Research conducted an in-depth market analysis study of the global remote patient monitoring market. According to the study, the market was valued at ~US$ 22.12 billion in 2020. The market is expected to witness a CAGR of ~37.4% from 2021 to 2031.  

Favorable reimbursement climate in key markets, growing consolidation, rising investments, technological advancements, venture of number of new players, increasing prevalence of chronic & infectious diseases, growing geriatric population, rising demand for home-based monitoring solutions and increasing role of AI in healthcare are some of the pivotal factors propelling the growth of the remote patient monitoring market. However, issues related to data security & data integration (RPM data with EHR) is likely to hinder the growth of the market to a certain extent.

With an aim to fast-track the development of remote patient monitoring (RPM) and to meet the needs of the healthcare sector, several initiatives such as providing necessary grants, permission, clearances & approvals have been instigated by various organizations and government agencies across the world. For instance, in Apr 2021, Biobeat received CE mark for its AI-powered wearable remote patient monitoring platform which offers continuous vital sign measurement and patient deterioration identification capabilities in hospital and home settings.

Prevalence of various chronic diseases has been rising worldwide and are the leading cause of death. An ageing population and changes in lifestyle are contributing to a steady growth of these long-term health problems. Moreover, sudden outbreak of various infectious diseases such as COVID-19 and H1N1 has also significantly increased the demand for better healthcare services, thereby increasing the burden on healthcare professionals. Remote patient monitoring is a technology that is being used widely to track patient data outside the standard healthcare settings. RPM increases the capacity for healthcare professionals to treat more patients, thereby allowing expanded access to care for patients worldwide. RPM also improves patient outcomes, quality of care, patient comfort, patient engagement and assures patient that they are being monitored by healthcare professionals. The benefits provided by RPM has played a key role in its adoption. Around 88% of healthcare providers have already invested in or are evaluating RPM technologies. 

The ongoing developments & advancements in telemonitoring devices and technologies such as AI, Internet of Things and Data analytics are expected to be most transformative for remote patient monitoring market in the forecast period. This transformation is likely to aid in enabling remote healthcare and early preventative intervention at a large scale. AI recognizes each patient with unique clinical, socioeconomic and experiential identity, thereby allowing healthcare professional to provide patient centered solution. The use of AI features in RPM especially in this pandemic era supports the healthcare team by identifying patient’s condition & risk factors from raw data, measures engagement effectiveness and assists to take preventative action to improve patient outcomes.

However, issues related to data security is expected to limit the adoption of remote patient monitoring to a certain extent. Most of the data collected by RPM devices are connected to the internet. Data collected by these devices qualifies as protected health information under HIPAA and similar other regulations. These devices are more prone to potential cybersecurity threats and sensitive data of patients can be stolen, putting patient’s safety and privacy at risk. As these threats and vulnerabilities cannot be eliminated, reducing cybersecurity risks is exclusively challenging.

The remote patient monitoring market is marked by presence of prominent players such as Teladoc, Medtronic, Philips, Vivify Health, Current Health, Health Recovery Solutions (HRS), VitalTech, AMC Health, Omada Health, CareTaker Medical, Anelto and Biobeat Technologies. Other players operating in the market are EarlySense, VitalConnect, Biofourmis, CareClix, Nonin Medical, Accuhealth Technologies, Vheda Health, Validic, CareClix, CAREMINDr, among others.

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