Remote patient monitoring market booming amid readmission fines, doctor shortages, report says
Fear of readmissions penalties, an increase of chronic health conditions, looming physician shortages and mobile technology advancements are driving adoption of remote patient monitoring tools, according to a new report from Frost & Sullivan that forecasts the market will grow 13.2 percent over the next five years.
"We appear to be at an opportune time for RPM systems to thrive," said Victor Camlek, health industry principal for Frost & Sullivan, said in a statement.
As a key component of telehealth, RPM tools such as clinical-grade monitors, peripherals and other software will be essential to keeping tabs on chronic conditions in a cost-effective way.
"The convergence of biometric monitoring and sensors, along with a wider end-user base of technology-comfortable patients will create an environment where clinical grade RPM will expand incrementally," said Camlek.
[See also: Remote patient monitoring steps toward new era.]
Driving RPM market growth, according to Frost & Sullivan, is the need to manage elderly and chronic condition patients, enabling post-acute care at-home and reducing readmissions and other adverse events.
"A move from an episodic model towards a dynamic continuous care model will enable the possibility of early detection and response of healthcare stakeholders to preventable crisis events," Camlek said.
For RPM developers to gain the advantage and add value, big data and analytics will need to be at the forefront, according to the report. Furthermore, the ability to transform the mass volumes of raw data into actionable methods will be the most valuable piece of the puzzle.
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"Despite many successful trials, the U.S. market is currently challenged by the lack of a gold standard trial all stakeholders endorse as proof of concept," he said.
Cost concerns and a lack of a standard reimbursement models are the largest restraints of RPM implementation, according to Frost & Sullivan. However, of those physicians surveyed, more than 75 percent found RPM to have high value.
Currently there's a limited clinical need for RPMs, but the report finds new opportunities will likely emerge.
"If trials and deployments of RPM systems continue to indicate successful results, perhaps it will finally prove to all stakeholders these products are of significant value and increased uptake should follow," said Kamlek.