Growth Opportunities in the US Remote Patient Monitoring Market, Forecast to 2023

Growth Opportunities in the US Remote Patient Monitoring Market, Forecast to 2023

The Technology Can Improve Patient Outcomes, Reduce Readmissions, and Lower Costs

RELEASE DATE
22-Mar-2019
REGION
North America
Research Code: K30B-01-00-00-00
SKU: HC03146-NA-MR_22936
$4,950.00
In stock
SKU
HC03146-NA-MR_22936
$4,950.00
DownloadLink

Pay by invoice

ENQUIRE NOW

Description

Remote patient monitoring (RPM) is gaining momentum as a variety of factors create a significant need for the value propositions that RPM promises. The report states that the overall RPM market is expected to increase at a compound annual growth rate of 19.8% from 2017 to 2023.

RPM refers to the use of telecommunications technology to enable patient monitoring devices to collect, store, and forward biometric readings to a healthcare provider. This report focuses on RPM products and services that are provided to patients who are not undergoing an in-person evaluation or in a hospital. RPM is currently a component of telehealth.

This report reviews the significant drivers that are propelling RPM. For example, the aging population and the prevalence of chronic diseases among this demographic group, and challenges to providing access to healthcare for rural populations, are driving the RPM use case. There have also been indicators that the US Centers for Medicare and Medicaid Services (CMS) is increasing the coverage for RPM on an annual basis. The CMS has added CPT codes that are making RPM more favorable to providers. In addition, private payers are demonstrating more interest in RPM. It also is becoming attractive as a benefit offered by employer health plans. Employers can use RPM to decrease medical costs.

Major questions this study will answer include: What is the current state of the US RPM market? What major trends and barriers are affecting market growth? What are the major stakeholder issues? What are the significant companies to watch in the RPM space? What is the 5-year revenue outlook for RPM solutions? Which market segments are most likely to adapt to this technology? What growth opportunities and future perspectives must RPM vendors aim for as they develop their 5-year strategic plans?

RPM will also serve to add new forms of real-time patient data that will be a vital component of population health management, clinical decision support systems, and new analytical models that will enable providers to develop better strategies to manage chronic conditions. RPM will also become a component of care coordination and patient engagement beyond the chronic condition and post-acute care models. Over time, RPM will become a vital tool for providers to improve the health of all patients.

The study also reviews the potential for RPM to be enhanced as artificial intelligence is deployed in the US healthcare industry. In addition, RPM will benefit as fifth generation (5G) wireless networks are introduced, though 5G will not reach its full potential for several years.

The evolving RPM market will consist of platforms and services that support integrated RPM systems based on the medical needs and technical capabilities of the patient. Providers have implemented RPM cautiously. However, US healthcare stakeholders are becoming more optimistic that RPM is poised to expand across the industry. This technology will progress from deployments based on avoiding readmission penalties to a scalable model that promises to improve outcomes for patients and lower the overall cost of healthcare.

The latest report from Frost & Sullivan is Growth Opportunities in the US Remote Patient Monitoring (RPM) Market, Forecast to 2023. RPM Offers Strong Potential to Improve Patient Outcomes, Reduce The Number Of Hospital Re-admissions While Lowering Cost. According to the research RPM is gaining momentum as a variety of factors are creating a significant need for the value propositions that RPM promises to offer. The report states that the overall RPM market is expected to grow by a CAGR of 19.8% from 2017 to 2023.

Author: Victor Camlek

Table of Contents

Key Findings

Key Findings (continued)

5 Growth Opportunities Critical for Future Strategy

Methodology

Scope and Segmentation

Key Questions this Study will Answer

Market Engineering Measurements

Key Companies to Watch

CEO’s Perspective

Executive Summary—3 Big Predictions

Likely Market Directions—The Analyst’s Perspective

Market Segmentation

Market Overview

RPM’s Place in the Telehealth Matrix

What is RPM?

Description of an RPM Solution

RPM Challenges that Must be Overcome

The Evolution of RPM Technology

RPM Should Interface with a Variety of IT Solutions

RPM is a Component of Healthcare’s Transformation

RPM Process Flow

5G Wireless Networks—Potential Impact on RPM

AI—Potential Impact on RPM

RPM Regulatory Environment

CMS Moving Forward on Telehealth

Recent RPM Developments from the CMS

Notable Federal Legislation that will Advance Telehealth

Telehealth Regulatory Developments at the State Level

A Telehealth Tale of Two States

Mega Trend Impact on the RPM Market

The Aging Population

The Aging Population (continued)

Rising Healthcare Costs

Rising Healthcare Costs (continued)

Rising Healthcare Costs (continued)

Rural Healthcare Access

The ‘Triple Aim’ and Consumerism

Notable Quotes from Research Interviews

Notable Quotes from Research Interviews (continued)

Notable Quotes from Research Interviews (continued)

Notable Quotes from Research Interviews (continued)

Market Drivers

Drivers Explained

Drivers Explained (continued)

Drivers Explained (continued)

Market Restraints

Restraints Explained

Restraints Explained (continued)

Market Engineering Measurements

Forecast Assumptions

Revenue Forecast

Revenue Forecast Discussion

Remote Monitors Segment—Revenue Forecast

Remote Monitors Segment—Revenue Forecast Discussion

RPM Platform Segment—Revenue Forecast

RPM Platform Segment—Revenue Forecast Discussion

RPM Data Management Segment—Revenue Forecast

RPM Data Management Segment—Revenue Forecast Discussion

RPM Services Segment—Revenue Forecast

RPM Services Segment—Revenue Forecast Discussion

Total RPM Market Penetration Analysis

Recent Notable Deals

Recent Notable Deals (continued)

Recent Notable Deals (continued)

American Well Partnership with Medtronic

Competitive Market Structure

RPM Market—Competitive Factors

Changes in the Competitive Environment

Notable RPM Market Participants

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Notable RPM Market Participants (continued)

Vendor Movements—Analyst Perspective

Top Competitors

RPM Vendor Landscape Segmentation

Growth Opportunity Evaluation As Part of Business Strategy

Levers for Growth

5 Growth Opportunities Critical for Future Strategy

RPM Market—Quantifying Major Growth Opportunities

Growth Opportunity—Extend Medical-Grade RPM Beyond Chronic Conditions and Post Acute Care

Growth Opportunity—Exploit New Technologies Today

Growth Opportunity—Increase the Pressure on Regulators

Growth Opportunity—Promote the Value of RPM: Generated Data

Growth Opportunity—Get the Payers More Onboard

3 Big Predictions

Strategic Imperatives for Success and Growth

Legal Disclaimer

Selected Sources

Selected Sources (continued)

Selected Sources (continued)

Market Engineering Methodology

List of Exhibits

List of Exhibits (continued)

Related Research
Remote patient monitoring (RPM) is gaining momentum as a variety of factors create a significant need for the value propositions that RPM promises. The report states that the overall RPM market is expected to increase at a compound annual growth rate of 19.8% from 2017 to 2023. RPM refers to the use of telecommunications technology to enable patient monitoring devices to collect, store, and forward biometric readings to a healthcare provider. This report focuses on RPM products and services that are provided to patients who are not undergoing an in-person evaluation or in a hospital. RPM is currently a component of telehealth. This report reviews the significant drivers that are propelling RPM. For example, the aging population and the prevalence of chronic diseases among this demographic group, and challenges to providing access to healthcare for rural populations, are driving the RPM use case. There have also been indicators that the US Centers for Medicare and Medicaid Services (CMS) is increasing the coverage for RPM on an annual basis. The CMS has added CPT codes that are making RPM more favorable to providers. In addition, private payers are demonstrating more interest in RPM. It also is becoming attractive as a benefit offered by employer health plans. Employers can use RPM to decrease medical costs. Major questions this study will answer include: What is the current state of the US RPM market? What major trends and barriers are affecting market growth? What are the major stakeholder issues? What are the significant companies to watch in the RPM space? What is the 5-year revenue outlook for RPM solutions? Which market segments are most likely to adapt to this technology? What growth opportunities and future perspectives must RPM vendors aim for as they develop their 5-year strategic plans? RPM will also serve to add new forms of real-time patient data that will be a vital component of population health management, clinical decision support systems, and new analytical models that will enable providers to develop better strategies to manage chronic conditions. RPM will also become a component of care coordination and patient engagement beyond the chronic condition and post-acute care models. Over time, RPM will become a vital tool for providers to improve the health of all patients. The study also reviews the potential for RPM to be enhanced as artificial intelligence is deployed in the US healthcare industry. In addition, RPM will benefit as fifth generation (5G) wireless networks are introduced, though 5G will not reach its full potential for several years. The evolving RPM market will consist of platforms and services that support integrated RPM systems based on the medical needs and technical capabilities of the patient. Providers have implemented RPM cautiously. However, US healthcare stakeholders are becoming more optimistic that RPM is poised to expand across the industry. This technology will progress from deployments based on avoiding readmission penalties to a scalable model that promises to improve outcomes for patients and lower the overall cost of healthcare. The latest report from Frost & Sullivan is Growth Opportunities in the US Remote Patient Monitoring (RPM) Market, Forecast to 2023. RPM Offers Strong Potential to Improve Patient Outcomes, Reduce The Number Of Hospital Re-admissions While Lowering Cost. According to the research RPM is gaining momentum as a variety of factors are creating a significant need for the value propositions that RPM promises to offer. The report states that the overall RPM market is expected to grow by a CAGR of 19.8% from 2017 to 2023. Author: Victor Camlek
More Information
No Index No
Podcast No
Author Victor Camlek
Industries Healthcare
WIP Number K30B-01-00-00-00
Is Prebook No
GPS Codes 9564-B1,9600-B1,9612-B1,9B07-C1