The global remote patient monitoring (RPM) market is expected to grow at a CAGR of 10% from 2009 to reach $ 556.9m in 2016. The market for RPM is expected to grow due to the continuous increase in the number of patients suffering from chronic diseases such as cardiovascular disease (CVD) and diabetes. Furthermore, the rise in the elderly population in developed countries will also propel the RPM market as older patients tend to prefer in house monitoring as it reduces waiting and traveling time. This rise in chronic diseases would lead to an increase in the healthcare expenditure and would in turn increase pressure on governments and healthcare providers to find alternatives to reduce healthcare costs. RPM has been indicated to reduce the number of clinic visits and healthcare expenditure to a considerable extent, and so there would be greater incentives for governments to increase the usage of RPM. This trend is evident in the US where the Center for Technology and Aging announced in January 2010 a program called Remote Patient Monitoring Diffusion Grants Program to encourage the use of RPM among healthcare organizations.
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The global cardio RPM market is the largest segment in the RPM market and is expected to grow at a CAGR of 11% to reach $ 399.9m in 2016. The increase in the growth of cardio RPM will be linked to the rise in CVD. This rise in CVD indicates a shift in the rate of growth of patients with CVD from developed economies to emerging economies.However, the major share of the cardio RPM market would be from the US and Europe region where the level of penetration of RPM is much higher.
RPM has the potential to reduce numbers of clinic visits, which would be a primary driver for the market. Research studies conducted by Biotronik and Medtronic indicate that remote monitoring was preferred to conventional clinic check ups and has thereby brought down the number of clinic visits. It can also deliver alerts before potentially life threatening complications become visible. The efficacy of these studies is well supported by the TRUST Trials. The publication entitled: Automatic Remote Monitoring of ICD Lead and Generator Performance: The TRUST Trial has shown that the time lapse between regular clinic visits could be brought down by the Home Remote Monitoring Technology developed by Biotronik. Preliminary results from this study indicated that remote monitoring reduced the number of in person visits by 43%.
GlobalDatas new report, Remote Patient Monitoring – Global Pipeline Analysis, Opportunity Assessment and Market Forecasts to 2016 provides key data, information and analysis on the global remote patient monitoring market. The report provides market landscape, competitive landscape and market trends information on the remote patient monitoring market. The report provides comprehensive information on the key trends affecting the market, and key analytical content on the market dynamics. The report also reviews the competitive landscape and technology offerings.
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