BRUSSELS, Aug. 22, 2022 /PRNewswire/ -- Medi-Tech Insight's latest analysis reveals a huge and an untapped growth opportunity in the global remote patient monitoring market. The global remote patient monitoring market report deep dives into key growth levers, pricing intelligence, competitive landscape, segment analysis, product/offering mapping & untapped growth pockets.
Healthcare is a field that is rapidly developing and is marked by incessant advancements in technology and services. A significant development in this field is remote monitoring of patients which offers several advantages in a fast-aging world population with growing health complications.
The global remote patient monitoring market is driven by an increasing prevalence of chronic diseases, the introduction of new CPT reimbursement codes by the CMS, the Covid-19 pandemic-driven surge to move hospital care into the home, and technological advancement in RPM hardware, software and patient care capabilities.
Major Influencing Factors: Remote Patient Monitoring (RPM) Market
Key Drivers
- Introduction of CMS-approved expanded code set for Remote Therapeutic Monitoring/Treatment Management (RTM) in 2022. The 2022 CPT reimbursement codes for RTM - 98975, 98976, 98977, 98980, +98981 allow reimbursement to providers for collecting and interpreting non-physiological data of respiratory system status, musculoskeletal system status, therapy adherence, and therapy response.
- Introduction of CPT reimbursement codes by the CMS in 2019 (CPT 99453, CPT 99454, CPT 99457) and 2020 (CPT 99458) to broaden the adoption of RPM services.
- Rising burden of chronic diseases and pressure to reduce healthcare costs.
- Growing recognition of RPM as a tool to proactively monitor and improve patient engagement, and reduce ED visits, readmissions, and lengths of stay in hospital-all of which help improve patient outcomes and contain costs, among others.
Market Barriers/Challenges: Remote Patient Monitoring (RPM) Market
- Continuous Data Monitoring - Cumbersome to monitor all the data 24*7 by the physicians/clinical staff & frequent false alerts.
- Patient Readiness & Data Privacy Concerns - Most chronically ill individuals are older, generally less tech-savvy, and often warier that technology will intrude on their personal life.
Covid-19 Pandemic Lends a Positive Spin to the Remote Patient Monitoring Market
Covid-19 pandemic had a positive impact on the global remote patient monitoring market as the value of RPM services became even more apparent. The next phase of market growth is expected to be driven by an increased adoption and utilization of remote patient monitoring services in the ongoing pandemic, and the need to reduce patient costs and improve medical outcomes for patients with chronic conditions. Patient demand and financial incentives for providers and health systems are driving demand for post-acute care in areas like cardiology, orthopedics amongst others.
Get Detailed Insights on Global RPM Market with TOC & Sample Deliverables @ https://meditechinsights.com/remote-patient-monitoring-market/
Report Attribute | Report Details |
Market Size Value by | Over $18 Billion Opportunity by 2026 |
Growth Rate (Global) | CAGR of 25% by 2026 |
Forecast Period | 2021-2026 |
Base Year | 2021 |
Quantitative Units | Revenue in USD Billion and CAGR from 2021 to 2026 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors & Trends |
Key Players Profiled | Vivify Health, Health Recovery Solutions, Teladoc-Livongo, Amwell, AMC |
Remote Patient Monitoring Market - A Highly Fragmented Market
The global RPM market is highly fragmented with over 200 companies vying to grab a share of this nascent market and it is critical for RPM companies to deploy well-researched pricing and go-to-market strategies. Companies from the Telehealth market and PERS market are also eyeing entry into the remote patient monitoring market as seen by the acquisition of Livongo by Teladoc recently.
Key Growth Levers for Remote Patient Monitoring (RPM) Companies Include:
- Offering solutions which are comprehensive, integrated, and tailored to chronic disease areas like diabetes, COPD, hypertension.
- Incorporation of AI/ML into RPM solutions to increase patient engagement & compliance.
- Going beyond capturing data and helping physicians to manage patient populations to improve outcomes and reduce costs.
Competitive Landscape Analysis: Remote Patient Monitoring Market
In terms of the competitive landscape, the remote patient monitoring market is marked by the presence of both established players and several small players. Some of the well-established players operating in the RPM market are Vivify Health, Health Recovery Solutions, Teladoc-Livongo, Amwell, AMC Health, Careclix, Ontrak, Accuhealth, iHealth Labs and many others.
Innovative companies are differentiating from their competitors by fine-tuning their business models, refining their product & service offerings, and tailoring pricing strategies based on the type of customer segment, geographic coverage, population health metrics & continuum of care offered.
Future Outlook of Remote Patient Monitoring Market
The future growth prospects of the global RPM market look promising. The RPM market is expected to gain further momentum in the upcoming years due to growing investments in RPM & Telehealth, growing focus on post-acute care, advantages of RPM such as the reduced risk of disease transmission, faster access to patient data, improved patient health outcomes, freeing up of limited resources to address most serious cases & cost savings, entry of new players in the remote patient monitoring market, technological advancements, growing prominence of artificial intelligence (AI) in remote patient monitoring market and growing geriatric population.
Today, there is a unique window of opportunity to tap into this high-growth global RPM market by developing the right business strategies and leveraging industry acumens.
Get a Customized Research Report on Remote Patient Monitoring (RPM) Market @ https://meditechinsights.com/remote-patient-monitoring-market/
About Medi-Tech Insights:
Medi-Tech Insights is a healthcare-focused business research & insights firm. Our clients include Fortune 500 companies, blue-chip Investors & hyper-growth Start-ups. We have successfully completed 100+ projects in Digital Health, Healthcare IT, Medical Technology & Pharma Services in the areas of market assessments, due diligence, competitive intelligence, market sizing and forecasting, pricing analysis & go-to-market strategy. Our methodology includes rigorous secondary research combined with deep-dive interviews with industry leading CXO, VPs and key demand/supply side decision-makers.
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