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.
Influencing Factors: U.S. Remote Patient Monitoring (RPM) Market
- 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
- Favourable 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.
Explore Premium Report on U.S. Remote Patient Monitoring (RPM) Market @ https://www.prweb.com/releases/u_s_remote_patient_monitoring_rpm_to_be_a_15_billion_opportunity_by_2025_driven_by_chronic_disease_management_post_acute_care_introduction_of_new_cpt_codes/prweb18015114.htm
Providers are Biggest Users but Other High Growth Segments Emerging
While providers will continue to produce the largest segment, other segments including health plans/payors, employers, home health agencies, and clinical trials are predicted to expand at a CAGR of 35-45% over the next 5 years.
U.S. Remote Patient Monitoring (RPM) Market – A Highly Fragmented Market
The RPM market is highly fragmented with over 200 companies vying to grab a share of this nascent market and it is critical for RPM companies to deploy well-researched pricing and go-to-market strategies. Companies from the PERS and Telehealth markets are also interested in entering the market, as seen by Teladoc’s recent acquisition of Livongo.
Key Growth Levers 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
- Partnerships with third-parties including technology companies, device manufacturers, patient care companies to provide holistic care pathway
- Strategic M&A to acquire wider coverage of geographies, disease areas and to gain scale and financial muscle
Business Models of U.S. Remote Patient Monitoring (RPM) Market
Currently, multiple business models are being deployed but Subscription Based Model is the most widely used business model in the remote patient monitoring (RPM) market. According to this model, remote patient monitoring companies provide providers access to RPM platforms and devices, which are then shared with patients for remote monitoring of their physiological parameters and vital signs.
Competitive Landscape Analysis of U.S. Remote Patient Monitoring (RPM) Market
In terms of competitive landscape, the U.S. remote patient monitoring (RPM) market is marked by presence of both established players and several small players. Some of the prominent players operating in the market U.S. remote patient monitoring (RPM) market include Vivify Health, Health Recovery Solutions, Teladoc-Livongo, Amwell, AMC Health, Careclix, Ontrak, Accuhealth, iHealth Labs and many others.
Innovative companies are differentiating from their competitors by fine-tuning their business models, refining their product & service offerings and tailoring pricing strategies based on type of customer segment, geographic coverage,the uploadarticle.com of population health metrics & continuum of care offered.
Today, there is a unique window of opportunity to tap into this high-growth RPM market by developing the right strategies and leveraging industry acumens.
For More Comprehensive Insights, Contact Us @ https://meditechinsights.com/contact-us/
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.
Associate, Medi-Tech Insights
+32 498 86 80 79