According to the Market Statsville Group (MSG), the global remote patient monitoring (RPM) platform market size is expected to grow from USD 5,216.2 billion in 2022 to USD 106,947.1 billion by 2033, at a CAGR of 31.6% from 2023 to 2033. As part of the new trend, remote patient monitoring will increase healthcare providers' overall access to their patients while decreasing unnecessary visits, hospital admissions, readmissions, and the time and expenses associated with traveling for in-person appointments. The demand for long-term health care for older adults is rising along with the senior population. The U.S. Bureau of Labor Statistics projects that one of the fastest-growing occupations over the next ten years will be home health and personal care aides. However, technology is a pragmatic answer given the labor shortage.
Remote patient monitoring (RPM) platform is a subset of telehealth used to allow monitoring of patients outside of traditional clinical settings, such as in the remote area or in-home care, which may increase access to quality health care and curb healthcare delivery costs. Various applications of remote patient monitoring software depend on the purpose and treatment of the disease management. Recently, the adoption of AI and machine learning in the healthcare IT field has been prolonged remarkably, which helps healthcare professionals and workers to better access the bile ducts for diagnostic and therapeutic purposes. It also helps provide effective and timely disease diagnosis in order to improve treatment outcomes.
the COVID-19 pandemic is offering immense opportunities for the RPM platform, following that, social distancing is the merely existing solution developed so far which is proficient in reducing exposure. In line with this, remote patient monitoring signifies an attractive, effective, and affordable option. Moreover, this technology is of integral importance in protecting healthcare providers safe. Thus, it has led to a substantial demand for remote patient monitoring software and services during the pandemic, which has extensively impacted the market. Moreover, the announcement of national lockdown and temporary closures of various industries impacted the worldwide demand and supply, which has considerably enhanced the market's growth in 2020, and the trend is expected to continue in 2021.
The global surge in preference for remote patient monitoring (RPM) for chronic disease management coupled with the robust growth of the senior population worldwide with ailments that require quick treatments, for instance, diabetes, heart failure, and chronic obstructive pulmonary disease (COPD), and more are the key forces that stimulate the demand for remote patient monitoring platform market. RPM brings real-time patient data rapidly by eliminating the need for expensive healthcare devices and thus offering manifold advantages, such as improved access and quality of care, streamlined clinical care, improved acute management, and speedy recovery in the health status of patients. This enables the shift in trend to RPM from the traditional healthcare system, which is expected to amplify the demand for remote patient monitoring software and services. According to the International Diabetic Federation (IDF), globally, the number of adults with diabetes was about 463 million adults (20-79 years) in 2019. Also, this estimation is likely to grow to almost 700 million by 2045. Thus, it is becoming increasingly apparent that remote patient monitoring is one of the most efficient and effective ways available for chronic disease management, particularly for older adults, which drives the demand for the RPM platform market.
Despite several positive facts concerning remote patient monitoring platforms, the concerns associated with data security & privacy are the topmost factors that hamper global market growth. Audio-video-based remote-patient monitoring through the Internet increases the privacy issues that merely defined authentication and confidentiality requirements for secure Internet communication can address. Further, MPEG compression technologies can transfer high-quality audio video via the Internet platform so that a healthcare professional can use a PC or wireless mobile terminal to monitor a bedridden patient's image and vital signs. However, such systems raise security and privacy concerns. Transferring vulnerable audio-visual signals, compressed in a standard format, over the Internet transmits the risk that someone can track these transmissions, intentionally or accidentally. Security issues in the Internet's transport and network layers cause the utmost concern for healthcare and medical applications. Therefore, it has become one of the prime restraining factors responsible for the limited adoption of remote patient monitoring platform among physicians and patients.
Remote patient monitoring is a fast-moving healthcare field, and new techniques and technology integration is constantly evolving. This evolving methodology of overseeing patient care is a way to adapt to the emerging needs of patients. Also, this software is required to automate, boost and mobilize legacy solutions and medical processes accurately to transform and advance patient care delivery. Solutions such as IoT-enabled RPM, for instance, leverage sensors that are integrated with wireless communication capabilities – usually simplified via a cellular gateway – to readily gather and upload patient data to a safe, cloud-based application or platform. This allows healthcare professionals, as well as patients, to rely upon the parameters put in place to access that data along with trends, analysis, and other information that will aid proper medical treatment is managed. As a result, high-tech innovation and progressive techniques have vastly transformed the telehealth or RPM field with new treatment options, making the quality of care faster and more precise. Thus, the rising introduction of new technologies in such software and solution has served healthcare professionals to treat diseases precisely.
The study categorizes the remote patient monitoring (RPM) platform market based on application and type area at the regional and global levels.
By type, segments are divides into two parts such as web based and cloud based. Cloud based segment is expected to dominate the market in 2021. Since cloud computing runs under a subscription model, healthcare providers can save money from purchasing expensive systems and equipment. Plus, by adopting a cloud server, healthcare institutions can reduce costs using the cloud provider’s resources. Further, the segment is expected to grow at the highest CAGR during the forecast period.
Based on the regions, the global remote patient monitoring (RPM) platform market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. North America is expected to witness the highest market share in 2022. The main causes of regional growth are the rise in the prevalence of chronic diseases, the demand for wireless and portable systems, and the presence of sophisticated reimbursement structures designed to reduce out-of-pocket expenses. Europe, particularly the Western European nations, is anticipated to continue to rank second in revenue generation over the forecast period due to its higher mortality rate and growing demand for affordable healthcare. High-impact rendering drivers for regional growth include increasing demand for in-house monitoring, helpful central data management systems, and improving the accuracy and efficiency of remote patient monitors.
The remote patient monitoring (RPM) platform market has a significant competitor and extremely cutthroat in the sector are using strategies including product launches, partnerships, acquisitions, agreements, and growth to enhance their market positions. Most sector businesses focus on increasing their operations worldwide and cultivating long-lasting partnerships.
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