Remote Patient Monitoring Market to Flourish with an Impressive CAGR During 2021-2026

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The Global Remote Patient Monitoring study deep dives into key growth levers, pricing intelligence, competitive landscape, segment analysis, product/offering mapping & untapped growth pockets.

Healthcare is a field that is quickly evolving and is set apart by incessant progressions in technology and services. A major development in this field is remote monitoring of patients which is going to offer numerous advantages in a rapidly ageing world population with increasing health complications.

The U.S. remote patient monitoring (RPM) market holds a major share in the global RPM market. The U.S. market alone is expected to be over $18 billion opportunity by 2026. It is set to witness a CAGR of ~25% (2021-2026) driven by the growing occurrence 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.

Growth Factors: Remote Patient Monitoring (RPM) Market
Development Drivers

Overview of CMS-approved extended 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 gathering and interpreting non-physiological data of respiratory system status, musculoskeletal system status, therapy adherence, and therapy response

Presentation 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

Increasing burden of chronic diseases and pressure to reduce healthcare costs

Developing acknowledgment 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

Barriers/Challenges: Remote Patient Monitoring (RPM) Market
Constant Data Monitoring – Cumbersome to screen all the data 24*7 by the physicians/clinical staff & frequent false alerts

Patient Readiness & Data Privacy Concerns – Most chronically sick individuals are older, generally less tech-savvy, and often concerned about technology intruding into their personal lives.

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Covid-19 Lends a Positive Spin to the Remote Patient Monitoring (RPM) Market
Coronavirus had a positive impact on the remote patient monitoring (RPM) market as the value of RPM services became even more apparent. The following period of development is supposed to be driven by increased adoption and utilization of remote patient monitoring services in the ongoing pandemic, and the need to reduce patient expenses and further develop results for patients with ongoing circumstances. Patient demand and financial incentives for providers and health systems are driving demand for post-acute care in areas like cardiology, orthopedics amongst others.

Remote Patient Monitoring (RPM) Market – A Highly Fragmented Market
The RPM market is exceptionally fragmented with more than 200 organizations competing for a share of this emerging market and it is critical for RPM companies to deploy well-researched pricing and go-to-market strategies. Organizations from the Telehealth market and PERS market are likewise looking at section into the market as seen by the acquisition of Livongo by Teladoc as of late.

Key Growth Devices for Remote Patient Monitoring (RPM) 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

Future Outlook of Global Remote Patient Monitoring (RPM) Market

The future prospects of the global RPM market look promising. The market is likely to increase additional momentum in the coming years due to growing investments in RPM & Telehealth, increasing focus on post-acute care, benefits of RPM such as the reduced risk of disease transmission, faster access to patient data, improved patient outcomes, freeing up of limited resources to address most serious cases & cost savings, entry of new players in the market, technological advances, the increasing role of artificial intelligence (AI) in remote patient monitoring and rising geriatric population.

Today, there is a unique opportunity to tap into this high-growth RPM market by developing the right strategies and taking advantage of the industry.

Competitive Landscape Analysis of Remote Patient Monitoring (RPM) Market
In terms of the competitive landscape, the remote patient monitoring (RPM) market is characterized by the presence of both established players and several small players. Some of the leading players operating in this market include Vivify Health, Health Recovery Solutions, Teladoc-Livongo, Amwell, AMC Health, Careclix, Ontrak, Accuhealth, iHealth Labs and many others.

Innovative companies are differentiating themselves from their competitors by fine-tuning their business models, refining their product & service offerings, and tailoring their pricing strategies to the type of customer segment, geographic coverage, population health metrics & continuum of care offered.

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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, Medical Devices & Pharma Services.

Ruta Halde
Associate, Medi-Tech Insights
+32 498 86 80 79