Since the last decade, hospitals around the world have been facing several challenges due to the increased intake of patients.
Along with this, increased governmental pressure such as the Medicare’s Hospital Readmissions Reduction Program penalizes hospitals that have readmissions. This has led to a priority to create a system where doctors could stay connected with their patients and treat them effectively without them having to come to the clinics and hospitals.
The need for such a system gave rise to the technologies and services in Remote Patient Monitoring (RPM), where medical experts can continue to monitor patients outside the conventional settings and keep monitoring changes in health through electronics and telecommunication technologies. With an increasing number of support services such as mobile diagnostic labs and mobile imaging vans, the remote patient monitoring market has received a very positive response.
The aging population in developed countries such as the United States and Japan, home-care and remote care has arisen as a foremost option for people who cannot ambulate from one place to another. Remote patient monitoring reduced dual burdens at the same time, where patients did not have to travel in sickness and doctors remained connected saving hospital beds for serious conditions.
Monitoring of blood pressure, diabetes, post-operative guidelines for recuperation and many other functions can be carried out through RPM. Increasing patients with chronic diseases are a major driver for RPM. The market for RPM technologies and services can be divided into several segments based on its application such as vital signs monitoring, fetal and neonatal care, chronic disease management and others.
As connectivity and communication technologies advance with time, even emerging nations have begun revamping the physician-patient interaction. Remote patient monitoring market comprises of devices and technologies used in this physician-patient interaction and services provided by the other organizations in between.
Wireless communication and connectivity is a major driver for the growth of this market. The market is highly fragmented with a large number of players. Most electronics giants such as GE Healthcare, Philips Healthcare, Siemens Healthcare, and AMD Global Telemedicine are already neck to neck against each other. However, the largest revenue to be earned is from data and record management. Companies operating in this segment include Covidien, Zephyr, Wipro, telehealth USA among hundreds of others.
There are several areas of opportunity for new entrants in this field such as Electronic Medical Record Handling, E-Prescription Management and Health Alarms for remotely monitored patients. There are countless players offering alarm services as for physicians as well as patients who are on borderline hospitalization due to the severity of the condition.
The only major challenge is the severe shortage of connectivity in remote areas and developing regions. Since this technology can penetrate in urban areas, remote regions are still unwilling to adopt RPM due to skepticism and low awareness. RPM is greatly dependent on the self-motivation of the patient in managing their health.
Other challenges to this market are the lack of reimbursement protocols for RPM services as peripherals and devices tend to be expensive. North America and major European countries such as UK, Germany, and France along with several Nordic countries are already well versed with patients opting for remote monitoring services. Yet, there are ample opportunities available in the growing Latin American, Middle-East and Asian countries.
The below mentioned quantitative and qualitative analysis is subject to enhancement and refinement during the course of research.
The report analyses and estimates the market by:
- Product Segment/Sub-segment Types
- Market Share Analysis – segments, players, geographies
- Geographic Analysis
° North America
° Latin America
° Middle East
- Market Segmentation
- Drivers & inhibitors in the market
- Opportunities in the market
- Reimbursement scenario – Region-specific
- Competitive landscape – recent strategic developments