Skip to main content

Remote Patient Monitoring Revenue will Reach $1.15B

Clinical-grade remote patient monitoring (RPM) is a solution that involves the secure transmission of medical data collected on devices, via telecommunications services. It's enabled through text, sound, images or other digital media used for the prevention, diagnosis, treatment and follow-up of healthcare patients.

The applications of emerging technologies such as the Internet of Medical Things (IoMT), Artificial Intelligence (AI), and Big Data analytics are enabling vendors to develop new use cases for remote patient monitoring.

Remote Patient Monitoring Market Development

In recent years, venture capitalists have increasingly invested in start-ups with competencies in these areas, especially integrated and lower-cost monitors and sensors. With this development, RPM will help to shift some healthcare services from the hospital to the home.

According to the latest market study by Frost & Sullivan, RPM is forecast to become a mainstream medical service, with related revenues growing to $1.15 billion in 2023 at a strong CAGR.

"AI technology is poised to become more visible across the healthcare process and clinical workflows. There will be significant opportunities in the virtual assistant space and other data-driven AI applications," said Chandni Mathur, an analyst at Frost & Sullivan.

HealthTech vendors are also choosing the bring-your-own-device model (BYOD), giving people the flexibility of using their own hardware. Data-driven technologies such as predictive analytics and data visualization are also gaining momentum.

"Europe is an enthusiastic adopter of RPM solutions, with the highest growth expected from the United Kingdom, Germany, the Netherlands, and Sweden," noted Mathur.

Furthermore, the imminent spate of regulatory approvals across Europe for consumer-grade wearables to monitor vital signs will prove a huge growth driver over the next five years.

Outlook for Remote Patient Monitoring Growth

Going forward, it will be essential for HealthTech vendors to further explore the combination of emerging technologies to deliver innovative new services. For further growth opportunities, RPM vendors should:

  • Partner with health systems in different countries to deploy RPM solutions for data gathering and, eventually, precise risk stratification.
  • Integrate monitoring data from disparate medical-grade wearables or data collection tools into a single platform.
  • Collaborate with telemedicine providers to offer a holistic service.
  • Offer a continuous RPM system coupled with predictive AI that provides actionable insights when required and reduces manual intervention.

Popular posts from this blog

Why Healthcare and Smart City Apps Drive 5G IoT

Fifth-generation (5G) wireless technology for cellular networks is a successor to fourth-generation (4G) wireless technology. By 2023, Juniper Research anticipates that there will be over 1 billion 5G connections globally. The technology will provide the data infrastructure for the advancement of wireless communications and for new developments in the Internet of Things (IoT) -- including smart cities and healthcare. 5G IoT Market Development According to the latest worldwide market study by Juniper Research, 5G IoT connections will reach 116 million globally by 2026 -- that's increasing from just 17 million connections in 2023. Juniper analysts predict that the healthcare sector applications and government or other smart city services will drive this outstanding 1,100 percent growth over the next three years. Juniper examined 5G adoption across key industry sectors -- such as the automotive, mobile broadband, and smart homes -- and forecasts healthcare and smart cities will accoun

How Savvy Leaders Re-Imagine Work in 2023

As we look to the year ahead, there will be significant challenges and opportunities facing the Chief Human Resource Officer (CHRO) role. In order to be successful, savvy HR leaders must be prepared to take proactive steps that adapt and evolve. "HR leaders have faced an increasingly unpredictable environment amid many organizations mandating a return to office, permanently higher turnover and burnt out employees," said Emily Rose McRae, senior director at Gartner . HR Innovation Market Development One of Gartner's key predictions for 2023 is that the use of artificial intelligence (AI) and automation will continue to increase within the enlightened digital workplace. This transition will require HR leaders to develop new skills and competencies in order to effectively manage and lead teams that are increasingly relying on these enabling technologies. Additionally, HR leaders will need to ensure that their organizations are investing in the necessary infrastructure and re

Top 10 CFO Priorities Require Rethinking Finance

The Chief Financial Officer (CFO) role is essential to digital business growth. While CFOs do not get closely involved in the tactical details of the digital transformation of their functions, they still recognize its strategic importance. According to the latest survey by Gartner, CFOs are faced with the challenge of balancing the need for substantive digital business innovation with financial cost control and risk management. "CFOs will be stretched thinly across many activities in 2023. The survey revealed a wide range of actions CFOs plan to either lead or be significantly involved with," said Marko Horvat, vice president at Gartner. Survey Findings: The Top Ten Priorities Cost Optimization - Cost reduction remains the top priority for CFOs as they look for ways to cut costs and improve efficiency in their operations. This includes identifying cost-saving opportunities through automation, outsourcing, and business process improvement. Business Continuity - The global C