Remote Patient Monitoring – Huge Savings in Medical Bills
The global remote patient monitoring market is predicted to grow at a compound annual growth rate (CAGR) of 22.94% to attain a market size of US$85.031 billion by the end of 2026. The market was valued at US$20.027 billion in 2019. Remote patient monitoring is a method of collecting medical and health-related data and transmitting it to a healthcare professional with the use of digital technologies. The approach is not location-specific in the least. Patients' health data can be collected from the dwelling itself, saving money on nursing and hospitalization. The most significant benefit of remote patient monitoring is a major reduction in medical costs, as this simple technology eliminates the full cost of hospitalization. The expansion of the remote patient monitoring market is aided by the support of telehealth and technological advancements in the field of health care.
The ever-increasing geriatric population provides great potential for the remote patient monitoring market during the forecasted period
The remote patient monitoring market is predicted to grow in response to the constantly increasing geriatric population. According to the World Health Organization, the proportion of people aged 65 and over climbed from 6% in 1990 to 9% in 2019, with a projected growth to 16% in 2050. As the number of individuals in the segment grows, so will the demand for remote patient monitoring systems, as the number of people suffering from chronic diseases grows. To accommodate rising demand, governments around the world will be pressured to support remote patient monitoring systems, which is expected to fuel the market expansion.
Growing awareness of healthcare in the remote patient monitoring market to create opportunities
There has been an increase in health awareness among the populace as cases of chronic illnesses such as diabetes and hypertension have increased. In addition, the number of people suffering from cardiac problems has increased dramatically in recent years. As a result of these causes, the importance of maintaining one's health has grown among people in both developed and developing countries. In recent years, there has been a substantial increase in the demand for various health monitoring equipment for tracking health status. In addition, the number of specialist clinics and home healthcare businesses has increased in countries such as the United States, India, and Canada. Remote patient monitoring expands healthcare's reach and accessibility while cutting down on unnecessary hospital visits for diagnosis, treatment, and admission. Remote patient monitoring saves a lot of time because the setup is usually done at the patient's home, reducing the time for travel and waiting. Furthermore, it aids in the significant reduction of costs associated with hospitalization, nursing, travel, and other similar expenses. In the next years, these advantages are projected to entice more patients to switch to remote monitoring systems rather than traditional methods.
Resistance and skepticism among the remote patient monitoring market
Some healthcare professionals are opposed to the remote patient monitoring system since they feel that RPM appears to be the least effective patient engagement strategy. Based on their own experiences, healthcare professionals are skeptical that technology alone would modify the behavior of high-risk patients. Doctors are also concerned about the challenges they may have in processing the data they get. Some patients are concerned that third parties may gain access to their personal health information and utilize it for nefarious purposes. RPM requires high-speed internet access, which is difficult to come by for small healthcare organizations and rural hospitals especially in developing countries. On the other hand, it is vital to remember that not everyone owns a smartphone, and that elderly people often struggle to use modern devices like cell phones. Furthermore, healthcare fraud in telehealth and telemedicine practices may stymie market growth, as difficulties such as fraudulent reimbursement claims, billing cycles, and other issues may be prominent.
The hospital and clinics segment of the market has diverse market opportunities for the remote patient monitoring industry
Because of the large number of patients and tests performed in hospitals and clinics, they are expected to have a leading market share by end-user. A large target patient population base especially in developing countries prefers hospitals. The rising emphasis on effective and early disease diagnosis in hospital settings, growing procedural volume in hospitals, and the high budget of hospitals for introducing various technical advanced patient monitoring devices are all factors that contribute to this segment's huge market share. The home care market is also expected to expand significantly in the coming years.
Rising use of blood glucose monitoring products
The patient monitoring devices market is divided into vital signs monitor, glucose monitor, blood pressure monitor, heart rate monitors, respiratory monitors, and others. Self-monitoring blood glucose systems and continuous glucose monitoring systems are examples of glucose monitoring systems. The category is predicted to rise due to rising diabetes incidences, new product launches, and rising usage of glucose monitoring devices in emerging countries. Continuous glucose monitors, which remind diabetes patients to take their insulin while allowing their physician to monitor the disease, and digital blood pressure monitors, which allow patients to remotely send their blood pressure and blood oxygen levels to physicians, are common examples of remote health monitoring devices.
Miniaturization is the next big thing in remote patient monitoring technology
Device manufacturers are reducing the size and invasiveness of their products while cooperating with new companies to boost their market share. For instance, Verily, Alphabet's life sciences business has worked with Dexton, on a new implantable diabetes sensor that delivers health data through Bluetooth to monitoring devices or smartphones. Miniaturization will increase the convenience of using remote patient monitoring devices and hence propel the industry’s growth.
The North American region is likely to dominate the industry owing to technological growth in the health sector
Based on geography, the remote patient monitoring market is segmented into North America, Europe, South America, the Middle East and African region, and the Asia Pacific. Due to increasing demand for wireless and portable systems, sharp growth in the frequency of chronic diseases, the presence of complex reimbursement structures, and a reduction in medical expenses, North America is predicted to develop rapidly. The Asia Pacific area is expected to develop significantly over the projection period, owing to increased healthcare expenditure and an increase in disposable income. Japan, China, and India are expected to drive the usage of remote patient monitoring devices as a result of the rising population and rate of urbanization.
Coronavirus Pandemic Analysis
The analysis report also provides a deep study about the impact of the covid-19 pandemic on the market of remote patient monitors, stating how the lockdown and employment have severely impacted the remote patient monitoring market owing to a positive impact on the market demand of remote patient monitoring devices. The report also how the pandemic accelerated the growth of the market.
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