A new report from research analyst firm GBI Research predicts that by 2019 the remote patient monitoring market in the US will reach $296.5 million, up from $104.5 million in 2012. The firm believes that the market will grow at a compound annual growth rate of 16 percent over the next few years. Worldwide, GBI estimates that last year the global remote patient monitoring market was about $223 million, and it will top $620 million by 2019.
Earlier this year Kalorama Information released a report on remote patient monitoring, stating that the US market increased from $8.9 billion in 2011 to $10.6 billion in 2012, an increase of 19 percent. Kalorama’s numbers looked at what the New York-based research firm calls “advanced remote patient monitoring”, which it defines as technologies that have wireless or remote capabilities and can potentially interact directly with an EHR.
Last year healthcare providers remotely monitored about 308,000 patients worldwide for congestive heart failure (CHF), chronic obstructive pulmonary disease (COPD), diabetes, hypertension and mental health conditions, according to a January 2013 report from InMedica. By 2017 that number should spike to 1.8 million patients, the research firm predicts.
GBI points to remote monitoring of patients with diabetes and cardiovascular disease as two potential drivers of the market. The research firm also noted that a Biotronik trial on remote follow-up for patients who received implanted cardioverter defibrillators showed estimated savings per patient per year of more than $900 and more than $140 per person per year in saved transportation costs.
“However, financial issues arise, problematizing RPM use,” GBI wrote. “Hospitals also only benefit from remote monitoring if the technology reduces the length of stay, with a reduction in the number of hospitalizations generally resulting in a cut to budgets or reimbursement. Expenses are also incurred on educating patients and healthcare practitioners on how to use RPM devices, and having staff available to respond to clinician alerts.”
About a year ago GBI predicted that the global patient monitoring devices market will hit $8 billion in 2017, up from $6.1 billion in 2010. The firm pegs the device market’s CAGR at about 4 percent for the next five years. GBI notes that advancements in wireless and sensor technologies are driving the patient monitoring devices market.