The global remote patient monitoring devices market is a rather new solution provided by the healthcare industry, owing to unique technological advancements that allow the dispensing of quality healthcare to patients who, for whatever reason, are away from a healthcare facility. Another name for remote patient monitoring is homecare telehealth. The basic concept of the global remote patient monitoring devices market involves the use of an ambulatory service that lets a patient use a medical device in a mobile manner to perform routine tests and diagnostic procedures. The procedures are all performed by a trained healthcare professional. The operative word to be used for the global remote patient monitoring devices market is “real-time”, which is the focus of all RPM services.
The Advantages of a Revamped Healthcare Sector
Of the many benefits provided by the global remote patient monitoring devices market, the most crucial one has to be the significant reduction in waiting time for patients. Remote patient monitoring uses electronic medical records and quick-response communication systems, thereby allowing medical professionals to act immediately on any case and provide the best solution that can be arranged. This also means a decent cut in the number of hospital visits that a patient has to make. All the tests and diagnostics that can be performed on a mobile floor can be done through the global remote patient monitoring devices market. Other advantages of the market include enhanced data recording at regular intervals and for prolonged periods, increase in accuracy of results, cost reduction for patients, and easy access to a patient’s historic data.
Old Drivers for a New Market
One demographic segment that is in utter need of the global remote patient monitoring devices market is the geriatric group. Their currently growing numbers can mean only one thing for this market: higher demand. The rising geriatric population around the world, and especially in North America, is in need of constant medical assistance for problems like bone disorders and cardiac diseases. In fact, the number of patients who need care in terms of cardiac diseases is increasing rapidly enough to create a large uptake of heart monitors that will be used by the global remote patient monitoring devices market. Another factor set to drive the market is the rising prevalence of chronic diseases, including diabetes, blood pressure issues, and cardiovascular problems.
North America and the impact of the PPACA
From a geographical perspective, the global remote patient monitoring devices market is dominated by North America. The region faces an already large number of patients with cardiovascular and respiratory issues; a number that is still on the rise. Now, with the initiation of the Patient Protection and Affordable Care Act (PPACA), which was created under the Hospital Readmissions Reduction Program, the U.S. government can impose a penalty to any hospital with high readmission numbers. The Act lets the government penalize a hospital for 1% of the Medicare payment per patient for all readmissions into hospitals. The penalty must be paid within 30 days as of 2013. Therefore, to reduce the number of readmissions, healthcare organizations in the U.S. are using aspects of the global remote patient monitoring devices market.
All in all, the global remote patient monitoring devices market, with its acutely high CAGR of 14.2% from 2014 to 2020, is set to show major growth. The market was already worth US$0.38 billion in 2013, and with its many market drivers, is expected to reach a high net worth of US$0.98 billion by the end of 2020. This spells good news for all the existing players and the new entrants of the global remote patient monitoring devices market, whose innovative leads are critical to the market’s growth.
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