- The remote patient monitoring market is experiencing a transformation as more hospitals and healthcare providers than ever before have begun adopting these new technologies in efforts to improve the quality of patient care and ensure greater oversight while a patient resides at home. Remote patient monitoring can also lead to greater engagement and satisfaction on the part of the patient, as they would likely have a more stable and happier life at home than staying at the hospital for weeks on end.
States around the country are developing more regulations to promote the safe use of remote patient monitoring systems. Colorado, for example, has developed a Medical Assistance Program to reimburse healthcare providers with a flat fee from the state board.
There are specific requirements providers from Colorado will need to follow, which include treating patients with congestive heart failure, chronic obstructive pulmonary disease, asthma, or diabetes, monitoring the patient at least five times per week, working with patients who’ve been hospitalized twice over a one-month period, and ensuring a patient’s home has enough room for the equipment and transmission capability.
A report from market intelligence company Transparency Market Research offers more information on the remote patient monitoring devices segment and forecasts the future growth of this particular industry, according to a company press release.
The report illustrates that the remote patient monitoring devices market will rise at more than 14 percent CAGR from 2014 to 2020. This means that the market is likely to reach nearly $1 billion by 2020, rising from $0.38 billion in 2013.
Medical devices are a major profit-driven area of the healthcare industry and remote patient monitoring tools are likely to continue impacting the overall financial aspects of this field. Technologies capable of monitoring patients in real-time offer sincere advantages that offer more efficient and effective services for doctors and patients alike.
With a rise in diabetes conditions, cardiovascular health problems, and respiratory diseases taking place across the nation, remote patient monitoring will likely grow alongside to ensure consumers receive high-quality care.
“Of the key remote patient monitoring device types studied in the report, including heart monitors, breathing monitors, body temperature monitors, hematology monitors, and physical activity monitors, the segment of heart monitors accounted for the largest market share in 2013 owing to the high prevalence of cardiac diseases across the globe. The market for cardiac monitoring devices is expected to see good growth over the report’s forecast period, too, owing to the continuously expanding population of geriatrics and rising prevalence of heart conditions globally,” the press release stated.
While there are significant advantages to remote monitoring systems, there are certain barriers that may stand in the way of this market’s growth. These obstacles include lack of reimbursement or financial coverage as well as security and privacy concerns.
The Advisory Board Company recently conducted research on healthcare provider usage of remote monitoring technology. The report covers the importance on developing a clear strategy for responding to alerts as well as the need to define which exact remote monitoring systems are best for one’s patient base.
“One of the first decisions providers must make if implementing remote monitoring for patients is what type of technology they’ll use. For example, all heart failure programs use scales as the gold standard to monitor fluctuations in CHF patients’ weight. Some programs use additional devices, such as pulse oximeters or blood pressure cuffs, to monitor these patients. These devices can provide clinically valuable information to staff who are managing patients remotely,” the Advisory Board Company report stated.
“Monitoring a large volume of patient data also creates more work for remote monitoring staff, easily leading to ‘alert fatigue’ for both providers and patients. It is important that providers weigh the benefits of having increased data on patients against the drawbacks of alert fatigue.”