The U.S. Remote Patient Monitoring (RPM) market has a massive, untapped growth opportunity of over $ 10 billion, according to Medi-Tech Insights’ most recent analysis.
The U.S. Remote Patient Monitoring (RPM) market is expected to be a $15 billion opportunity by 2025. The U.S Remote Patient Monitoring (RPM) market set to witness 25% CAGR (2020-2025), driven by Chronic Disease Management, Post-acute Care, Home Health Care & Introduction of new CPT codes in RPM by CMS. In-depth analysis of key growth levers, pricing intelligence, the competitive landscape, segment analysis, product/offering mapping, and untapped growth pockets are all included in the study.
The healthcare field is one that is expanding quickly and marked by ongoing technological and service advancements Remote patient monitoring is a significant advancement in this area that offers many benefits in an ageing world population with rising 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 keep an eye on a wide range of individuals, including elderly people, accident victims, premature children, and patients with long-term illnesses.
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Influencing Factors: U.S. Remote Patient Monitoring (RPM) Market 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
- Favorable investment landscape for RPM & Telehealth
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
- Data Integration – Integrating third-party RPM data with the EHR
Covid-19 Lends a Positive Spin to the U.S. Remote Patient Monitoring (RPM) Market
Covid-19 had positive impact on the U.S. remote patient monitoring (RPM) 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.
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