Press Release

Medi-Tech Insights

US Remote Patient Monitoring Market is estimated to be a $15 billion opportunity by 2025 – Set to witness a 25% Growth (2020-2025)

December 8th, 2021 1:19 PM

Medi-Tech Insights latest analysis reveals a huge, untapped growth opportunity of over $10 Billion in the US Remote Patient Monitoring market.

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 technology has developed to the extent that patients can be monitored not only inside hospitals rooms but also at home with the use of modern communication and sensor technologies. Technological advancements in remote patient monitoring devices allows monitoring of multiple vital sign parameters such as blood pressure, heart rate, respiration rate, electrocardiogram reading, temperature, blood glucose levels, among others. The technology is being used to monitor a diverse group of individuals such as chronically ill patients, accident victims, elders, premature children, among others.

Influencing Factors: US Remote Patient Monitoring Market

Key Growth Drivers

  • Introduction of new CPT reimbursement codes by the CMS in 2019 (CPT 99453, CPT 99454 and 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
  • Presence of 200+ small and mid-size companies in RPM space leading to competitive environment for growth and innovation
  • Favourable investment landscape for RPM & Telehealth

Upcoming Barriers/Challenges

  • 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
  • Data Integration – Integrating third-party RPM data with the EHR

For Customized Research Report, Contact Us @ https://meditechinsights.com/contact-us/

Covid-19 Lends a Positive Spin to the US Remote Patient Monitoring Market

Covid-19 had a positive impact on the US remote patient monitoring market as value of RPM services became even more apparent. The next phase of growth is expected to be driven by increased adoption and usage of remote patient monitoring services in the ongoing pandemic, need to reduce patient costs and improve 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.

US Remote Patient Monitoring Market – A Highly Fragmented Market

The US Remote Patient Monitoring 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 Telehealth market, PERS market are also eyeing entry into the market as seen by the acquisition of Livongo by Teladoc recently.

Key Growth Levers for Remote Patient Monitoring Companies Include:

  • Offering solutions that 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
  • Partnerships with third-parties including technology companies, device manufacturers, patient care companies to provide holistic care pathway
  • Strategic M&A to acquire wider coverage of geographies, disease areas and to gain scale and financial muscle

Competitive Landscape Analysis: US Remote Patient Monitoring market

Currently, multiple business models are being deployed but Subscription Based Model is the most widely used business model in the US remote patient monitoring market. Under this model, remote patient monitoring companies provide providers access to RPM devices and platforms which in turn is shared with patients for remote monitoring their vital signs and other physiological parameters.

In terms of competitive landscape, the US remote patient monitoring market is marked by presence of both established players and several small players. Some of the prominent players operating in the remote patient monitoring market include 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 type of customer segment, geographic coverage, population health metrics & continuum of care offered.

For Detailed and Granular Insights, Get in Touch with Us @ https://meditechinsights.com/contact-us/

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