MOUNTAIN VIEW, Calif., Dec. 14, 2015 /PRNewswire/ -- The U.S. healthcare industry's transition to value-based care and the regulatory penalties associated with readmissions are driving the adoption of remote patient monitoring (RPM) as a tool that will support the new healthcare environment. RPM is a critical component of telehealth services and solution value from hospital to home, in an increasingly decentralized care delivery model.
New analysis from Frost & Sullivan, US Remote Patient Monitoring Market, (http://bit.ly/1RC4s3e) forecasts a compound annual growth rate of 13.2 percent through 2020. For the purpose of this study, RPM is used to define clinical-grade monitors, peripherals, software and gateways deployed to provide precision monitoring of known indicators associated with diseases and chronic conditions.
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"Despite many successful trials, The U.S. market is currently challenged by the lack of a gold standard trial that all stakeholders endorse as proof of concept," said Frost & Sullivan Transformational Health Industry Principal Victor Camlek. "If trials and deployments of RPM systems continue to indicate successful results perhaps it will finally prove to all stakeholders that these products are of significant value and increased uptake should follow."
To achieve a competitive advantage and create value against this backdrop, RPM system providers across the U.S. will need to embrace the value of health data and analytics. The true gold will be the ability to transform the volumes of raw data into actionable intelligence.
The next phase of growth in the U.S. RPM market will derive from the need to manage seniors, and other patients who have serious chronic conditions. Additionally, there will be continued utility in post-acute care to optimally manage patients in the home over a defined period of time, preventing readmissions and other near-term adverse events. Eventually, RPM opportunities could extend to the broader population as part of the commonplace connected healthcare experience, as well as integrate with connected home concepts.
"We appear to be at an opportune time for RPM systems to thrive. 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," noted Camlek. "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."
US Remote Patient Monitoring Market is part of the Connected Health (http://ww2.frost.com/research/industry/healthcare/connected-health) Growth Partnership Service program. Frost & Sullivan's related studies include: Health Insurance Information Technology: US Overview and Outlook, 2014-2020, US Ambulatory Electronic Health Record Market: 2015 - 2020, Analysis of the Telehealth and Telecare Market in Europe, and Care Coordination Software - US Overview and Outlook, 2014 - 2020. All studies included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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US Remote Patient Monitoring Market
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SOURCE Frost & Sullivan