US Remote Patient Monitoring Market is estimated to be a $15 billion opportunity by 2025 - Key Product Offerings, Competitive Landscape Analysis & Untapped Growth Pockets
Medi-Tech Insights latest research study reveals a huge, untapped growth opportunity of over $10 Billion in the US Remote Patient Monitoring (RPM) market.
Healthcare is a field that is rapidly developing and is marked by incessant advancements in technology and services. A significant development in this field is remote monitoring of patients which offers several advantages in a fast-aging world population with growing 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 monitor a diverse group of individuals such as chronically ill patients, accident victims, elders, premature children, among others.
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.
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 and Competitive Landscape
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. Under this model, remote patient monitoring companies provide providers access to RPM devices and platforms which in turn is shared with patients for remote monitoring their vital signs and other physiological parameters
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 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 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, 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.