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The Technology Can Improve Patient Outcomes, Reduce Readmissions, and Lower Costs
22-Mar-2019
North America
Market Research
K30B-01-00-00-00
HC03146-NA-MR_22936
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
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)
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| Deliverable Type | Market Research |
|---|---|
| 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 |
Growth Opportunities in the US Remote Patient Monitoring Market, Forecast to 2023
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