Remote Patient Monitoring Market Recent Trends

Access to medical treatment can now be obtained remotely thanks to the proliferation of real-time communication (RTC), which typically refers to audio or video remote communication technology in the popular imagination. RTC technology is crucial to meeting industry standards as telehealth grows in popularity and the need for healthcare services to be readily available and delivered promptly grows.

Over the past three years, the virtual care industry has seen unprecedented levels of investment and expansion as the sector has become increasingly popular. The proportion of medical claim lines associated with telehealth visits does not appear to be fluctuating much any longer, according to recent data. Since the second quarter of 2020, however, the number of telehealth visits has decreased by 37%.

Trilliant Health Reports that in 2021, about half of the patients who used telehealth did so only once. The recent drop in telehealth demand has led analysts to predict a slowdown, or at least a return to pre-pandemic levels of deal activity. The CAGR for the remote patient monitoring market between 2023 and 2030 has been revised to 11.8% from more than 18% as a result of this pattern.

Though the market growth forecast has been revised, the market did not see any major lapse in the investment rounds, credited to the high market CAGR anticipations. Some of the major investments that took place in early 2023 were:

• In May 2023, HealthSnap, a chronic disease management platform for virtual care management based in Miami, announced a $9 million funding round.
• In April 2023, Neteera and Dozee secured $13 million and $6 million for their remote patient monitoring platforms, respectively.
• Atlantic Bridge and Elkstone jointly led a funding round in March 2023 that netted Bluedrop Medical, a Galway-based MedTech start-up, €10.5 million (roughly $11.32 million). Earlier, in the same month, a connected medical device company based in Dublin, Foundry Innovation & Research 1, Limited (Fire1), concluded a $25 million financing round led by Andera Partners and Novo Holdings.

Remote Patient Monitoring Market: Top Opportunities

Effective Substitute for Workforce Shortages

In developed nations such as the United States, workforce shortages continue to impede the delivery of medical care and devastate rural healthcare. A Mercer report projects that the United States will face a shortage of more than 3.2 million low-wage healthcare employees such as medical assistants, home health aides, and nursing assistants within the next five years. The United States could face a shortage of between 37,800 and 124,000 physicians by 2034, according to data from the Association of American Medical Colleges.

In September 2022, the NHS reported that the number of overall and nursing vacancies in the United Kingdom had increased to 133,446. According to projections by The Health Foundation’s REAL Center, the NHS HCHS will face a shortage of 50,600 FTE nurses in 2023/24, and shortages will persist throughout the remainder of this decade, with a deficit of 30,300 FTE nurses by 2030/31.

In addition, the WHO anticipates a shortage of 10 million health care workers by 2030, primarily in low- and low-middle-income countries. In this scenario, remote patient monitoring technologies could alleviate the hectic schedules of healthcare professionals and reduce caregiver burnout and fatigue on hospital wards. This development presents a substantial market opportunity for remote patient monitoring.

Payers Interest towards Owning RPM Technologies

Prior to the pandemic, most payers had contractual relationships with telehealth service providers. In the years since, however, payers have moved toward possessing the technology themselves and incorporating it into a health plan. Consumers are becoming increasingly interested in monitoring health metrics such as blood sugar and blood pressure using applications and home-based tools. Owing to this trend, in the last couple of years, Cigna, Humana, and UnitedHealthcare have already expanded in the remote patient monitoring (RPM) space. This trend is expected to widen the new revenue opportunities in the remote patient monitoring market.

Remote patient monitoring market competitive landscape summary

In 2023, remote patient monitoring players are expected to rely majorly on inorganic expansion strategies to increase their revenue share. For example, In May 2023. Ucardia, a developer of software for cardiac conditioning, has announced that it has reached an agreement to acquire Phas3, a pioneer in home cardiac rehabilitation and fellow industry leader. This acquisition is anticipated to result in a comprehensive solution for providers, payers, and consumers, encompassing all aspects of cardiac rehabilitation, conditioning, and remote monitoring for cardiovascular disease (CVD) patients. MedArrive, a care management platform that provides in-home care, partnered with Ouma Health in March 2023 to provide maternal health services, including remote patient monitoring.

Royal Philips and Masimo expanded their partnership in January 2023 to enhance patient monitoring capabilities in home telehealth applications with the Masimo W1 advanced health tracking watch. Dozee announced in the same month that its MillionICU initiative has partnered with British International Investment (BII) to transform public healthcare in India. Dozee technology may enable remote monitoring of patients’ vital signs, including heart rate, respiration rate, blood pressure, blood oxygen saturation levels, temperature, and electrocardiogram (ECG). All of these inorganic strategies enable market participants to continue their expansion with fewer risks despite the economic downturn.

Remote Patient Monitoring Market’s Key Suppliers

• Medtronic plc
• Koninklijke Philips N.V.
• OMRON Corporation
• Boston Scientific Corporation
• Siemens Healthineers AG
• Abbott Laboratories
• GE Healthcare
• Cerner Corporation
• DexCom, Inc.
• Vital Connect Inc.
• Vivify Health Inc.
• Dozee (Turtle Shell Technologies Pvt Ltd)
• Resmed
• 100 plus
• A&D limited
• Aerotel medical systems
• Alivecor, inc
• Biobeat
• Cardiomo
• Nihon kohden
• Senseonics inc

Remote Patient Monitoring Market Segmentation: