NEW YORK, June 18, 2020 /PRNewswire/ -- The global Remote Patient Monitoring Market is forecast to reach USD 2.14 Billion by 2027, according to a new report by Reports and Data. The market in the past few years has witnessed an increase in demand owing to the growing penetration of the internet and the emergence of advanced technologies in the healthcare sector. Digital health has developed into a successful business, attracting several industries from the outside of healthcare.
Various factors have contributed to the growth of the industry. One of the major drivers for growing demand has been rapid technological advancements in different industries like artificial intelligence, which has, in turn, contributed to the growth of this industry. Apart from technological advancements, applicability, and convenience associated with the use of this service, have also acted as a significant contributing factor for this industry.
Remote patient monitoring provides the service users with the scope of using it from any location resulting in the elimination of geographic barriers associated with cardiac care and associated services. Such benefits related to the use of this service has promoted its rapid acceptance among the end-users as well as the care users.
Without artificial intelligence (AI), the industry can provide incremental improvements in efficiency. With AI's help, there can be an increase in efficiency by a huge magnitude. With AI, RPM has the potential to be a crucial part of the solution to the problem of skyrocketing healthcare costs caused by an aging population.
A New York-based startup AiCure has developed a unique mobile AI healthcare assistant in IMA. Its platform enables physicians and clinicians to monitor the changes in the patient by the change in facial expressions using facial recognition and computer vision algorithms. The company was founded in 2010 and was able to raise a total of USD 51.75 Million in funding.
The COVID-19 impact:
The COVID-19 virus pandemic has initiated a seismic wave of health anxiety and awareness, which is triggering a new category of virus-fighting tech. The lockdown to ensure social distancing has surged in the short run and the manufacturers are positive the demand for these products will surge in the long run, especially due to COVID-19. The adoption of market services will particularly witness an increase in remote areas. The support from the government across the globe will propel the market demand as well.
The remote heart rate monitor gives information on heart rate and sends results to the webserver. From the web, anyone can monitor the physical status of the patient. The system can monitor heart rates from remote places. With tools like the Apple Watch and Fitbit, people are able to monitor vital health data from anywhere in the world.
The expansion of remote cardiac monitoring has been boosted due to various driving factors. One of the significant reasons for the adoption of this system is the increase in the rate of obesity, which results in cardiovascular diseases [CVD]. Due to the rise in the rate of occurrence of CVD, remote cardiac monitoring services are becoming increasingly relevant for the healthcare sector, which is turning out to be a significant driving factor for this industry.
A vast majority, approximately 88% of hospitals have invested in remote patient monitoring technologies as part of their transition to a value-based care model. The hospitals are unable to deal with the increasing number of patients suffering from coronavirus, and remote patient monitoring can help doctors monitor more patients as compared otherwise.
Nearly 1800 hospitals use mobile applications to treat patients. Less than 25% of hospitals in the country currently leverage mobile applications to interact and monitor the patients, whereas more than 80% or 6400 hospitals report using patient portal software. North America dominated the market, with a share of 38.3% in the year 2019.
Key participants include Abbott Laboratories, GE Healthcare, Omron Corporation, Medtronic PLC, Boston Scientific Corporation, Biotronik SE & Co. KG, Nihon Kohden Corporation, General Electric Company, Masimo Corporation, and Johnson and Johnson, among others.
ResMed acquired Propeller Health for USD 225 Million. The acquisition will strengthen ResMed's portfolio into the respiratory care market. Propeller Health company designs remote patient monitoring devices for treating chronic respiratory disease.
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