Remote patient monitoring (RPM) is a sub-category of telehealth that involves the use of connected medical devices to measure health data and software platforms to transmit data to healthcare providers, who can then analyze the information and generate actionable insights. Remote patient monitoring is majorly used in managing patients with chronic diseases where frequent health monitoring may be required. The patient health data is collected at a remote location or the patient’s house and then transmitted to the healthcare provider for further evaluation, disease diagnosis, and management.
History of Remote Patient Monitoring
Remote patient monitoring was vaguely introduced in the early 1960s when NASA monitored Alan Shepard, the first American in space, while he was in flight. This monitoring included EKG technology, a thermometer, and a respiration sensor inserted in his microphone. However, these initiatives and programs were discontinued due to certain complications in the functioning of the program. The first wearable biometric sensor was a watch designed for athletes to measure their heart rate and activity.
In recent times, the use of remote patient monitoring has increased considerably due to various factors, including the COVID-19 pandemic. The pandemic highlighted the advantages and benefits of remote patient monitoring for patients as well as healthcare providers. To further improve outcomes, market players are introducing new devices and systems instilled with newer technologies to ease the burden of chronic diseases on patients and healthcare providers. For instance, in December 2023, the AJ Hospital and Research Centre in Karnataka, India, adopted Turtle Shell Technologies Pvt Ltd’s (Dozee) (India) continuous Remote Patient Monitoring (RPM) and Early Warning System (EWS) for 50 beds in their private ward. This system enables the healthcare workers of the hospital to remotely monitor patient’s vital signs such as heart rate, respiration rate, blood pressure, SPO2 levels, and temperature.
The increased use of remote patient monitoring devices and services can significantly benefit patients by reducing hospital stays and readmissions. Healthcare providers can also keep tabs on several patients simultaneously between their hospital or clinic visits.
The growth of the remote patient monitoring market is attributed to the increasing geriatric population, rising prevalence of chronic diseases, the global shortage of healthcare professionals, growing awareness regarding the benefits of RPM such as convenience and improved patient outcomes, rising need to reduce healthcare costs, and favorable government initiatives promoting remote patient monitoring.
High Growth Potential in Developing Countries
Remote patient monitoring can be used to monitor several diseases and illnesses. This can specifically be used in cases of shortages of healthcare professionals in various institutions. According to the World Health Organization (WHO), there are approximately 23, 7, and 26 doctors per 10,000 people in China, India, and Japan, respectively. The pandemic further highlighted this shortage. As per data from the Asian Economic Integration Report 2022, an estimated 18 million additional healthcare workers were required to attend to patients during the pandemic.
The rising healthcare expenditure and the increase in the number of companies are supporting the adoption of remote patient monitoring in developed and developing countries. For instance, according to the World Bank Group, India’s current health expenditure (% GDP) was 2.96 as compared to 2.86 in 2018. In the case of Brazil, the current health expenditure (% GDP) in 2020 was 10.31 as compared to 9.46 in 2018. Several new companies are developing remote patient monitoring devices and systems to increase the operations of telehealth and remote patient monitoring. For instance, in April 2023, LifeSigns iMS (India) launched a wireless continuum care solution that provides remote patient monitoring regardless of the patient’s location and can be used in their homes, ambulances, or hospitals. This solution includes wearable sensors and cloud-based analytics to monitor up to eight vitals, which include ECG, blood pressure, SpO2, and temperature, among others.
Along with this, the increasing popularity of technological advancements will lead to an increase in the trend of monitoring patients at remote locations, therefore leading to the growth in the use of remote patient monitoring systems and devices.
Advancing Remote Patient Monitoring Through New Technologies
There have been recent technological additions in the field of remote patient monitoring. One such addition is the introduction of artificial intelligence for patient monitoring. There is a trend in the adoption of artificial intelligence (AI) and machine learning in devices for remote monitoring. Integrating AI in remote patient monitoring enables healthcare providers to manage and monitor patients with chronic conditions more efficiently. The utilization of AI enables early detection of potential health issues. For instance, DrKrumo, Inc. (U.S.) offers AI-driven Next-Gen RPM solutions that allow healthcare providers to make informed clinical decisions from the insights created by the multicast data live streaming.
Similarly, in March 2021, Dozee, India’s first contactless remote patient monitoring system, was introduced with the support of the Government of India and the Biotechnology Industry Research Associate Council (BIRAC). This system sends timely alerts and senses anomalies in the body using AI and also tracks vitals such as heart rate, respiratory rate, and myocardial performance index.
Unlocking Remote Patient Monitoring: Insights from Remote Patient Monitoring Market Analysis
Recent insights from Meticulous Research® provide valuable perspectives on the future trajectory of the Remote Patient Monitoring Market. Projections suggest a potential worth of $116.84 billion by 2031, driven by a remarkable Compound Annual Growth Rate (CAGR) of 13.7% from 2024 to 2031.
Significant trends are emerging due to the ongoing evolution of the remote patient monitoring market. In 2024, the benefits of RPM, such as convenience and improved patient outcomes, have emerged as an important aspect, propelled by the increasing prevalence of chronic diseases and the rising need to reduce healthcare costs.
As the global landscape takes shape, the North American region is expected to hold a substantial market share in 2024. Notably, influential industry players, including Medtronic plc (Ireland), OMRON Corporation (Japan), Abbott Laboratories (U.S.), and Koninklijke Philips N.V. (Netherlands), have established a broad presence across various regions, leading to the widespread adoption of remote patient monitoring worldwide. In essence, this comprehensive overview from Meticulous Research serves as a gateway into the remote patient monitoring market.
Conclusion
The increasing number of chronic diseases and the shortage of healthcare professionals have led to a rise in the use of telehealth and remote patient monitoring. Additionally, the technological advancements related to remote patient monitoring also support the growth of the market.
Access Full Report Here @ https://www.meticulousresearch.com/product/remote-patient-monitoring-market-5343
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