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The use of efficient remote patient monitoring (RPM*) technology will be vital to prevent healthcare systems from becoming overburdened as the global population ages, according to GlobalData, a leading data and analytics company.
Remote patient monitoring devices market to be worth $760 million by 2030
The RPM devices market was one of the fastest-growing industries of 2020 and 2021 in the battle against COVID-19, and GlobalData expects that this technology is set to become an integral part of the healthcare management of the world’s ageing population. GlobalData’s latest report, ‘Remote Patient Monitoring Devices – Thematic Research’, forecasts that this will be a driver of growth within the RPM devices market, which will be worth $760 million by 2030—up from $548.9 million in 2020.
Ashley Clarke, Medical Analyst at GlobalData, comments: “As the global population ages, there will be a greater need for healthcare support in the community, especially as we expect chronic diseases outside of the US and Europe to increase significantly. The COVID-19 pandemic has shown us just how convenient RPM device solutions can be, with many patients now actively engaged in monitoring their own health at home via mobile apps.”
GlobalData’s Marketed Products database reveals that a total of thirty seven healthcare companies across the globe launched brand new RPM devices during the pandemic—a time when hospitals were severely overburdened. Looking ahead, these types of devices may also be used to help hospitals manage increased healthcare demands.”
COVID-19 helped patients accept remote patient monitoring devices
During the pandemic, in-person appointments were limited to reduce the spread of COVID-19, and both medical device companies and patients were forced to adopt remote healthcare monitoring services. This led more patients to accept RPM devices as part of their care at home.
Clarke continues: “The pandemic put pressure on medical device companies to provide RPM devices that could deliver the same high quality of care that patients expected from in-person appointments. Further, this had to be achieved while maintaining high levels of data security and privacy. While the precision and accuracy of RPM devices are arguably not a challenge anymore, data security and reliability are still core challenges that developers of the next generation of innovative RPM devices will need to prioritize.”
Chronic disease monitoring from home, a key benefit of RPM devices
This huge shift in the number of patients using remote healthcare has resulted in a much larger target audience for RPM devices. Those with chronic conditions, or who have mobility limitations, have greater opportunity to access healthcare monitoring from home now, without the need for frequent, stressful trips to a healthcare facility. The number of diseases that can be monitored is also growing, with innovations such as Onera Health’s at-home sleep diagnostics solution providing remote polysomnography, and Eko’s/Caregility’s smart stethoscope technology offering auscultation** via telehealth platform. Such innovations will continue to open opportunities for at-home solutions to traditionally in-person healthcare.
Clarke adds: “Those with chronic diseases such as arrythmias, diabetes, and chronic kidney conditions will benefit most from RPM devices, as any change in their condition could prompt urgent medical attention. This and improved access to healthcare for rural and mobility-limited patients will continue to be major drivers of the RPM market.”
* RPM devices collect patient data such as blood pressure, heart rate, vital signs, weight, and blood sugar levels outside of a traditional healthcare setting and transmit the data to healthcare professionals for evaluation.
* The action of listening to sounds from the heart, lungs, or other organs as part of a medical diagnosis
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If you are a member of the press or media and require any further information, please get in touch, as we’re very happy to help.
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