COVID-19 Provides a Strong Base for RPM Establishment
The future of healthcare will be driven by a wide spectrum of digital technologies, and remote patient monitoring (RPM) will certainly have a vital role to play. The value of remote patient monitoring technologies is constantly on the rise with patients’ homes increasingly getting a facelift to become personalised hospitals in the light of stupendous growth of the home healthcare segment. The arrival global COVID-19 pandemic has further uplifted the penetration potential of RPM as the healthcare system experienced tremendous burden of COVID-19 cases during the peak months of the viral outbreak, which compelled everything else to take a backseat for a while. The routine footfall at hospitals for non-emergency (rather non-COVID-19) cases witnessed a sudden dramatic plunge throughout the year 2020, and this is where the role of telehealth was underlined worldwide.
Remote Health Monitoring – a Step Ahead of Telemedicine
Around a third of total healthcare costs goes to chronic care management. Escalating need for addressing the ever-rising burden of chronic diseases on the world healthcare system, and a massive patient population that remains undiagnosed, are expected to widen the scope for growth of remote patient monitoring market. Although telemedicine promises reliable healthcare delivery without having to physically visit a healthcare facility, it is still not fully efficient when it comes to chronic patient monitoring. It indubitably emerged highly lucrative as a powerful means of delivering care during the pandemic situation, there are gaps that the healthcare system cannot afford to leave open in case of chronic healthcare management.
Patients with cardiac ailments, diabetes, hypertension, chronic respiratory condition(s), and kidney disease(s) ought to be monitored constantly for early diagnosis of any adverse signs, and symptoms. Here is when remote patient monitoring steps in as a promising technology. Remote patient monitoring in fact saw the highest adoption with an aim to monitor at-home COVID-19 patients. Some of the most widely adopted RPM devices that monitor the vital parameters of patients, include continuous glucose monitor, heart rate monitor, blood pressure monitor, weight scale, spirometer, and pulse oximeter.
RPM to Gradually Enter the Mainstream of Healthcare Delivery
Remote patient monitoring has been seeing increasing acceptance into the mainstream healthcare delivery on the back of its capability to gather, compile, and provide the vital patient data through real-time monitoring of remotely located patients. It thus plays out as a crucial factor in the process of regulating symptom(s), and preventing disease progression, completely eliminating the need for an in-person, or a virtual A/V meet between physicians, and their patients.
With early diagnosis, RPM helps healthcare providers prevent unnecessary hospital admissions or readmissions, thereby slashing overall costs. Offering a host of benefits to patients like ready expert assistance, improved patient education, genuine feedback, daily assurance, and the peace of mind, it serves to significantly improve the access to quality healthcare. On the other side, providers can experience tremendously increased efficiency in care delivery, and quality with considerably significant savings on overall costs.
Reimbursement Continues to be a Challenge
Despite a series of advantages that the RPM technology has in store for both, healthcare providers, and receivers, the existing reimbursement scenario remains a challenge facing industry participants. While telemedicine emerged as an overnight hero, receiving a solid impetus from the COVID-19 emergency, home health agencies continue to strive for a better room for RPM solutions, and services in the near future.
An acknowledgement by The Centers for Medicare & Medicaid Services (CMS) has been the key booster to telehealth as the former received heaps of patient data that the latter would be able to utilise even after the public health emergency of COVID-19 subsides in the near future. RPM is likely to exhibit greater application potential that would eventually hold a larger impact on the overall decision-making hierarchy. Like telemedicine, remote patient monitoring is also expected to see an accelerating user comfort worldwide, with CMS soon recognising the value of its effective patient outcome.
The dynamics of growth are majorly tied to the payer coverage, especially Medicare reimbursement. It emerged recently in 2019 when the first CPT codes were released by CMS for RPM services. While the coverage for Medicare has evolved since then, remote therapeutic monitoring is particularly grabbing the spotlight. Widespread adoption of RPM will thus reply on how CMS defines the platform and tackles its coverage.
Top Companies Active in Remote Patient Monitoring Space
It has been observed that a greater number of healthcare providers have been recently turning to remote patient monitoring solutions to achieve improved patient outcome at reduced overall costs. This is expected to push both the established, and newly entering players, alike, to gear up for the heating competition in global RPM market landscape. Some of the key providers of RPM solutions that have been profiled in the report, include Honeywell Life Sciences, Philips Healthcare, General Electric Company, Dexcom, Medtronic Plc, Senseonics, ResMed, Boston Scientific Corporation, Biotronik SE & Co. KG, Abbott Laboratories, Omron Corporation, Johnson and Johnson, Aerotel Medical Systems Ltd., Masimo Corporation, and Nihon Kohden Corporation.
Recent Notable Developments
Several healthcare provider brands are introducing innovative platforms, tools, and techniques to bring their exclusive RPM applications to the table. Caregivers have been strategically designing their RPM plans to cater to the needs of specific patient populations to achieve a targeted outcome. Some of the latest notable developments in remote patient monitoring space include-
Key Elements Included In The Study: Global Remote Patient Monitoring Market
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