It's truly an exciting time for the Remote Patient Monitoring (RPM) sector. A recent report by Research And Markets, released in April 2023, predicts that the RPM sector will grow by a significant 60%! The market value, which was $9.55 billion in 2022, is expected to hit an impressive $15.2 billion by 2028.
Why the sudden interest in RPM?
It’s all due to the recent Covid-19 pandemic that has swept across the world. This event has raised awareness and increased the usage of in-home monitoring devices, especially for patients that require critical care. Over the past two years, we've seen numerous success stories that resulted in enhanced healthcare, more successful health outcomes, and less need for patients' rehospitalizations. These positive experiences have led healthcare providers to recommend in-home monitoring devices to a larger segment of patients and for a wider range of health concerns.
When we look at the global population, we notice that there are more elderly people with chronic health conditions. This has fueled a growing demand for Remote Patient Monitoring (RPM). In 2022, North America led the global patient monitoring market, holding 39.48% of the market share, as reported by Bussiness Wire. The early adoption of smart technology and smartphones by the US and Canada has resulted in a higher percentage of tech-savvy seniors. This comfort level with technology has boosted, and will continue to boost, the usage of RPM and related devices.
However, the US isn't the only one riding the RPM wave. Countries like Japan, Italy, and Portugal, with a similarly growing elderly population, also embrace RPM. Moreover, we're witnessing an uptick in chronic diseases such as heart disease, cancer, and diabetes worldwide, which are major causes of death and disability.
With the Covid-19 pandemic exposing all these issues to light and highlighting the importance of RPM, many nations are developing billing structures for RPM services within their government-run healthcare systems. It's a change that's gaining momentum across the globe.
Benefits of RPM
One of the great benefits of RPM is thehome patient monitoring devices. These devices are convenient and cost-effective. They allow patients to keep a close eye on their health, right from the comfort of their own homes. Plus, they can do this every single day. What makes these devices even more remarkable is their ability to send encrypted data through a secure cloud to a patient's Primary Care Physician, helping to put many concerns about privacy to rest.
RPM is a great tool in any physician's tool bag as well because it helps with a patient's chronic condition. Healthcare providers can observe acute and chronic conditions with daily readings from their patients. And by reducing patient costs and providing healthcare providers with more information and billing opportunities, Medek RPM truly is a win-win complete solution.
Technological Advancements in RPM
All of these new features and benefits are thanks to the development of new technology in the past few years.
RPM now supports real-time data capture. Meaning physicians can be alerted promptly to potential health emergencies that might land their patients in the ER. With this fast feed of information, changes to a patient's healthcare plan can be changed.
With the rise of AI, RPM is looking more exciting than ever before! With AI integration, efficiency is reaching a new level. AI is able to help RPM providers and healthcare providers with interpreting data, spotting patterns, and making predictions, thereby reducing the burden on physicians. Not only does this mean doctors can work smarter, but it also means they can focus more on their patients, rather than just their data.
These technological advancements aren't just good news for doctors and patients. They're also expected to increase the global usage of RPM systems and, consequently, generate more revenue, according to a report from Research And Markets.